Mobile Wallet—Why Should I Make the Switch?
A mobile wallet transaction is a more secure payment method than an actual card transaction.
Mobile wallet (also referred to as mobile money and mobile payments) was all the rage when first introduced into the marketplace about a decade ago. But some of the details of this new tech payment option—which we now have effortlessly at our fingertips—were lost. Although mobile wallet use is still low, the number of consumers trying out their mobile wallet for the first time continues to rise. Today, as we slowly begin to see the mobile wallet payment option at more and more stores, consumers are beginning to understand the ease and convenience of this ‘new’ option.
What is a mobile wallet transaction? Mobile wallet allows you to leave your bulky billfold at home and make payments using just your smartphone. When you add a credit, debit or reward card to your mobile wallet, the card number is stored securely via encryption. In reality, a mobile wallet transaction is a more secure payment method than an actual card transaction. When you want to make a purchase with your mobile wallet, you can, 1). choose your app and select a card at the checkout screen when you’re shopping online with your smartphone, or, 2). tap your phone to a digital payment-enabled terminal at participating merchants when checking out.
How do I access mobile wallet? You can access a mobile wallet through a variety of smartphone apps. Many companies like Apple, Samsung and Android offer versions of a mobile wallet.
IncredibleBank makes it as easy as possible for customers to make a mobile payment with their cards. Here’s why using mobile wallet, where accepted, is a fast and safe way to make a payment.
Is it really a faster method for me?
In today’s world our phones are the first thing we grab before we leave the house or get out of the car. Having your card available in your mobile wallet gives you an easy method of making a payment. Not only does it provide another option—it makes your payment faster. Especially when you’re at the store and don’t want to wait for the chip to be read on your plastic or don’t want to have to manually type in your card information during an online purchase.
When using your mobile wallet online to make a payment you no longer need to type in the card number, expiration and CVV number on the card. You simply select the mobile payment option and make your secure payment with one touch. It’s really that easy!
How is using my phone more secure?
Mobile payment methods offered by major providers are more secure than physical cards and cash. When using your mobile wallet to make a purchase at a store the card number is never shared with the store. Rather, a randomly generated token or a virtual number unique to you and your card is used. This is because mobile wallet uses methods such as encryption and tokenization to mask payment card account numbers when you enter them and when you pay.
Using your mobile wallet for online purchases, also gives you another layer of security for your payments. In order to access your mobile wallet to make a purchase you have to use your unique fingerprint. This helps protect you from increasing online fraudulent transactions. Check out our Fraud FAQs to learn more about how we protect you and your card at IncredibleBank.
What if I lose my device, wouldn’t it be better to lose my card?
The number one consumer worry is losing your phone, watch or any device with your card information stored in the mobile wallet. Rest assured, if your device is lost or stolen, we can easily and quickly delete or suspend the card remotely from your device. No one would be able to see or use the card. And, you would not need to replace your debit card. It remains safe.
The best way to keep a thief out of your phone is using two-factor authentication to unlock it—such as a PIN and/or your fingerprint, facial recognition or an iris scan. The benefit of mobile wallet is, if your device is stolen, your fingerprint is still needed to access mobile wallet. The thief cannot access your mobile wallet (without your fingerprint) and your card information is safe. Once your device is found or replaced, you can then safely and securely add the card back into your mobile wallet.
Author: Courtney Bumber
Card Product Specialist