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Mobile technology has been the driving force behind many great advancements made in the last decade. Your smartphone is not only a phone, but also a powerful tool that can help you calculate a tip at a restaurant, take a picture anytime, or even read a book – it’s pretty amazing. You can also add make payments to that list.

 

Mobile wallets are one of the safest and most convenient ways to make payments today. Unfortunately, not everyone is taking advantage of them. If you find yourself interested in using your mobile wallet but not sure about the logistics behind it, we’ve got you covered.

 

What exactly is a mobile wallet?

A mobile wallet is a digital version of what’s in your physical wallet. The wallet exists in the form of an app on your phone. This app stores your payment information, whether you’re using a debit or credit card, and allows you to use your device to make purchases. There are a few different mobile wallets that are specific to certain devices. The most popular mobile wallets are Apple Pay®, Google Pay™, and Samsung Pay™. These mobile wallets come standard with your smartphone. Using these apps you can then use them to pay for goods and services at retailers or online, assuming they accept your device as a payment method, which most do.

 

How does the mobile wallet work?

Using the preloaded mobile wallet options, you enter your card information into the app, whether it’s a credit, debit, loyalty, or gift card. Once your information is entered, the app stores your information by displaying an image, code, or key to each stored card.

 

Why should I use a mobile wallet?

With a mobile wallet, you get safety, security, and contactless payments. Mobile payment options are faster and easier than other payment methods and all of your card information is stored in one place. No need to have the cards with you! When it comes to online shopping, your information isn’t typed in or stored onto the merchants’ websites which effectively reduces fraud. Another way they help reduce fraud is by making it very difficult to steal or copy your information compared to traditional payment methods

If you do lose your phone, you can rest assured that all your digital wallet information is safe thanks to authentication measures such as a fingerprint or face scan.

 

How do I use my mobile wallet?

When you’re ready to use your card to pay, open your mobile wallet app and put your phone near the contactless-enabled terminal.  Paying online? Open your app and choose a card at the checkout screen to securely complete an online transaction.

 

Mobile wallets are safe, secure, and convenient to use. Your information is as close as your mobile device and is encrypted for added safety. Your information is much safer in a mobile wallet since there is no magnetic strip that could be picked up by scammers. At a time when we’re all trying to minimize contact, your mobile wallet makes safe and contactless checkouts easy.

Learn more about mobile wallets and payments 

Core Bank, Bank, Omaha, NE

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