Advantages of Using a Mobile Wallet
Gone are the days of cash and checks. Although mobile wallets are gaining popularity with the pandemic, they have been around a while. If you’ve been reluctant to jump on the mobile wallet bandwagon, we’ve got a few important advantages that may have you ditching your physical wallet for a digital one that is convenient, safe, and secure.
Mobile wallets are quickly accessible and convenient, making it easier for users to make payments for in-store purchases, instead of carrying physical wallets and cash to stores. Once credit card information is added to the mobile wallet, users can use the funds to pay bills and make purchases on the go. Not only are mobile wallets a great place to load your debit and credit cards, but you can also keep other important documents such as insurance cards, boarding passes, hotel reservations, concert & sporting event tickets, gift cards, coupons and loyalty rewards cards etc. all organized and easily accessible via your smartphone or smartwatch.
Mobile Wallets are a form of contactless payment which has become increasingly more popular during the pandemic. By loading an eligible payment card into your payment-enabled phone or wearable device, anytime you see a contactless payment symbol, you can complete transactions by tapping your payment-enabled device over a contactless-enabled payment reader. A contactless payment is just that…contactless; therefore, it doesn’t require any physical contact between the buyer’s smart device or credit card and the point of sale. Why is that safe? Do you remember the last time you sanitized your phone and credit/debit cards? YUCK!
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 with a virtual number associated only with the mobile wallet and device. When you complete a transaction using your mobile wallet, rather than the retailer receiving a 16-digit card number, they receive a randomly generated token that is technically useless after the transaction is complete. In addition to the randomly generated number, your mobile wallet can’t be used for payment without your authentication which adds an extra layer of protection for both customers and retailers.
For more information on keeping your Mobile Wallet safe, visit our 6 Steps to Keeping Your Mobile Wallet Safe Blog
By loading an eligible payment card into your payment-enabled phone or wearable device, you are able to 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!