Everything You Need to Know about Mobile Wallets
The business world has certainly come a long way since the days when cash was king. In fact, there are a growing number of merchants that no longer even accept paper currency as a payment option. What is one to do? Increasingly, merchants and consumers are turning to mobile wallets, both for convenience and security. You might be wondering what all of the fuss is about. In fact, the mere thought of even using your mobile device to pay for goods and services might frighten you. To ease your mind somewhat, continue reading to learn everything that you need to know about mobile wallets. Mobile Wallets Explained: To put it simply, a mobile wallet is an application that you put on your phone to store your own personal debit and credit card information. That same device, usually a smart phone, can then be used to make purchases on the spot. At the current time, not all retailers accept mobile wallet payments. Even if your retailer does accept a mobile wallet, you will still need to have an accepted payment method stored on your device to make it work. Mobile wallets now work with most major credit cards and other third party payment channels such as PayPal. You can even store gift card information on your mobile wallet. Choosing the Right Mobile Wallet for You: While there are not a lot of options to choose from when selecting a mobile wallet, there are a few things that you will want to keep in mind. To begin, you will need to download a mobile wallet that works with your specific device. Keep in mind that some older mobile devices will not be compatible with a mobile wallet, so you would need to upgrade before you can take advantage of this new payment technology. Some phone manufacturers, such as Apple and Samsung, have their own mobile wallet app already integrated into the phone.
Setting Up Your Mobile Wallet: Once you select the mobile wallet that you wish to use, setting it up is a rather simple process. You will just open up the application and then follow the prompts to store the cards that you wish to keep there. You will need to choose one card to be your default payment option. If you wish to use another card for a particular purchase, just remember to change that setting prior to payment. Safety and Security: You might be worried about the safety and security of your information. It is comforting to note that mobile wallets are actually safer than cash and credit cards. With a mobile wallet, your information is encrypted and can only be accessed with your password or fingerprint. As with any new technology, there are certain to be some kinks to work out of your own mobile wallet until you get used to it. You also must make sure you keep your phone charged up or you will find yourself unable to pay for items at the most inopportune of moments. That being said, the convenience and security that you will have by going this route will make you rest easy at the end of the day.
Edward Schinik is the Chief Operating Officer and Chief Financial Officer with the Investment Manager.