What is a mobile wallet?

A mobile wallet is an app that enables payments either online or in-person through your mobile device.

So … what’s the 411?

Before you ditch your wallet, here’s what you need to know about mobile payment.

Although convenient, mobile wallets aren’t catching on with consumers. Why?

Pros:

  • Easy to use
  • Less interaction
  • Innovative

Cons:

  • Can’t use everywhere
  • Slow to catch on
  • Security risks
  • What’s the deal?

    Even though mobile pay offers access to debit, credit and loyalty cards, many retailers still don’t accept it.

    Is it safe?

    Consumers cite security concerns as a main reason they avoid mobile pay. But experts say mobile wallets may be even safer than traditional cards due to the process they use to conceal and randomize numbers during transaction.

    But there’s still a security risk, so:

  • Don’t transact on public Wi-Fi.
  • Enable remote setting so you can shut down your phone in case of emergency.
  • Password protect your phone and accounts
  • There are dozens of mobile pay options, so give it a try…but you should be extra vigilant for fraudulent account activity!

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