Mobile Wallet—Why Should I Make the Switch?
It can be hard to make a change in how you make payments. You are comfortable making payments with your physical debit and credit card, so why make the change to mobile wallet?
Well, the short version is...it's faster, more secure, easy to use, and gives you more payment options should you ever leave your wallet behind or lose it.
"With a single tap, your smartphone opens a world where convenience meets security," says Philip Suckow, IncredibleBank VP, Innovation.
If you want more details...read on!
What is a mobile wallet?
A mobile wallet is a digital payment method that stores your credit card or debit card information on your mobile device, tablet or smartwatch. It allows you to make contactless purchases in store, typically using the same device you would normally use to make a regular card payment. Not sure whether the store accepts mobile wallet? Look for the contactless icon:
To make a payment in person, you simply hold your phone up to the device with the contactless symbol, verify the purchase with Face ID and follow the prompts on your phone to complete the transaction.
Mobile wallet also makes online payments on your device a breeze - simply choose the card from your mobile wallet when checking out online (where available.)
How do I access my mobile wallet?
Most smart phones already have the mobile wallet installed, including Apple Pay on iOS devices, Google Pay on Android devices, and Samsung Pay for Samsung phones. If you don't have one of these phones, or can't find the app, simply search for a mobile wallet app in your smartphone's app store.
To add cards, open your mobile wallet and look for the option to add cards. You'll either need to enter your cards manually or use your phone's camera to scan your card. You can store multiple cards, and even rewards cards, concert tickets, and more!
Depending on your phone's settings, you may need to set up biometric authentication (such as fingerprint or face recognition) to secure your mobile wallet.
Is using a mobile wallet faster than using a card?
Using a mobile wallet can indeed speed up the payment process compared to using a physical card. When you use a mobile wallet, you can simply tap your device near the payment terminal to complete the transaction. The approval process is typically faster than swiping or inserting a card or using cash.
Is using my mobile wallet more secure than using a card?
Short answer is...yes! Mobile wallets use many layers of encryption and tokenization security to ensure transactions are safe. Your data is encrypted, so your payment details aren't shared directly when you use your cards via your mobile wallet.
In fact, when you store your cards in your mobile wallet, the actual card details aren't stored on your device. Instead, a unique token is generated for each transaction.
Additionally, mobile wallets allow for contactless payments, where you don't need to physically hand your card to a cashier or insert it into a device, minimizing the risk of card skimming or cloning.
Skimming is when a fraudster installs a device on a payment terminal to capture card data. Similarly, cloning is when an electronic version of a card is created by stealing information via an electronic device.
Why should I use my mobile wallet?
Even if you aren't sold on using your mobile wallet every day, here are some scenarios where you might benefit from having your cards set up in your mobile wallet.
You forget your wallet
Uh-oh. You went to the grocery store, filled your cart to the brim, and made it through the cashier's line when you finally realize...you left your wallet at home.
No worries! If you've got your phone, you can use mobile wallet to pay for those groceries.
You're traveling abroad
Make payments in local currencies without having to exchange your cash. Plus, if you lose your wallet or have it stolen while on vacation, you'll still have payment options available.
You're at a crowded event
Pulling out a wallet and fumbling with cash and cards in a crowded setting? No thanks. Rather than worry about dropping cash or exposing your wallet to a crowd of strangers, simply pull out your phone to make payments.
You're staying at a hotel
Did you know that some hotels now offer the option to have your room key in your mobile wallet? As you head to grab some continental breakfast, don't worry about fumbling with your key - simply use the key on your phone!
There are countless more ways to use your mobile wallet - and you can use it for more than just your debit and credit cards. From concert tickets to rewards cards to hotel keys, your mobile wallet can make your life much easier.
As Paul Picucci, IncredibleBank Digital Sales Manager puts it, "If you're looking for a secure, fast, and hassle-free way to pay, mobile wallet provides your solution."
What if I lose my device?
Even if someone gains access to your phone, they won't have direct access to your card number.
Here's what to do if you lose your phone:
- Android devices: Use the "Find My Device" feature. This allows you to locate, lock, or erase your lost or stolen phone.
- Apple devices: If you've turned on the "Find My" feature on your phone, you can suspend Apple Pay by placing your device in "Lost Mode." This prevents anyone from using your mobile wallet for unauthorized transactions.
Remember, your phone itself doesn't store the assets you hold. It acts as a display, visualizing specific information for you.