Advantages of Using a Mobile Wallet
Gone are the days of cash and checks. While mobile wallets have been around for years, their popularity is growing fast – and for good reason. With features that make payments faster, safer, and more convenient, switching to a digital wallet could have you leaving your physical wallet behind for good.
Key Points
- Mobile wallets make everyday purchases faster and more convenient by allowing you to tap your smartphone or smartwatch to pay.
- They can store important items like insurance cards, boarding passes, tickets, gift cards, and loyalty rewards all in one place.
- Mobile wallets add strong layers of security by requiring authentication (such as a passcode, fingerprint, or facial recognition) before a transaction can be completed.
CONVENIENCE
Mobile wallets make everyday transactions faster, easier, and more organized. Instead of carrying a physical wallet or cash, you can simply tap your smartphone or smartwatch to pay in stores. Once your credit or debit card is added, you can use your mobile wallet to pay bills and shop with ease. But it’s more than just a payment tool—mobile wallets can also store your insurance cards, boarding passes, hotel reservations, event tickets, gift cards, coupons, and loyalty rewards. Everything you need, all in one place and ready when you are.
SAFETY
Mobile Wallets are a form of contactless payment that has become increasingly popular during the pandemic. After loading an eligible payment card into your payment-enabled phone or wearable device, you can complete transactions by tapping your device over a contactless-enabled payment reader. A contactless payment is just that-contactless; therefore, it doesn’t require physical contact between the buyer’s smart device or credit card and the point of sale.
SECURITY
Mobile wallets provide a convenient, safer way to pay online or in-store. Your payment app (Apple Pay, Google Pay, and Samsung Pay) assigns each credit and debit card a unique number linked only to your device and wallet. When you complete a transaction using your mobile wallet, rather than the retailer receiving a 16-digit card number, they receive a randomly generated, one-time token that becomes useless after the transaction is complete. Plus, your mobile wallet requires authentication to access it, adding an extra layer of protection for both customers and retailers.
For more information on keeping your Mobile Wallet safe, visit our blog: 6 Steps to Keep Your Mobile Wallet Safe
By loading an eligible payment card into your payment-enabled phone or wearable device, you can complete transactions with checkout that is secure, convenient, and touch-free. Load your Launch Credit Cards and Launch Debit Cards to your mobile wallet today and blast through checkout!
FAQs
Can I use my mobile wallet everywhere?
You can use your mobile wallet anywhere you see the contactless payment symbol. While acceptance is widespread, some smaller retailers may not yet support contactless payments.
Will using a mobile wallet impact my rewards points or cash back?
No. You’ll still earn rewards, points, or cash back associated with your debit or credit card when you use it through your mobile wallet—just as you would if you swiped or inserted the card.
Can I temporarily disable a card in my mobile wallet?
Depending on your card issuer, you may be able to lock or suspend a card through your banking app without fully removing it from your wallet.
