Wallets have gone digital now too, huh?! Yessir! But what exactly is it and why should you be using it? Let’s find out!
For starters, a mobile wallet is an app that enables you to make purchases quickly and easily with your mobile device. The app stores information, such as credit and debit cards, rewards cards and more, right on your tablet or smartphone. Even better, you can now pay with your Choice One Community Credit Union VISA credit or debit card as well! If you have one of these smart devices, we only have one question: what are you waiting for?! No, seriously!
You just need to download/ access the app for your particular phone – Apple Pay/ Wallet for iPhones, Google Pay for Android ones and Samsung Pay for Samsung products. Load your card(s) and use it anywhere mobile payments are accepted! Simple.
Mobile wallets allow for fast and easy checkout and are much more secure than carrying cash and/or cards on your person. Although not all retailers accept mobile payments at this time, that number has risen every year. With millions of smartphone users in the US alone, mobile payments will only continue to grow as time goes on. App-based payment methods are here to stay, and here’s why…
Mobile Wallet Benefits
- High(er) Level of Security. Using a mobile wallet is generally safer than swiping your physical credit or debit card. We know, hard to imagine right? That’s because mobile wallets use one of the most secure payment methods around! Each digital transaction is heavily encrypted, rendering it virtually useless to a would-be thief. So, even if the retailer where you used your mobile payment system does get hacked, your credit and debit card information is still safe and sound!
- Less to Forget. With a mobile wallet, you no longer have to carry around a wallet full of cards that all look the same (like, do they only come in three colors?!), so you don’t have to worry about using the wrong one at the wrong time. Been there. Also, forget about losing it! You can’t lose or have it stolen if it’s not on your person, so say goodbye to having to go through the hassle of closing/ suspending/ reporting your lost or stolen card ever again. Nightmare, no more!
- Ease of Tracking Spending. Many mobile wallets allow you to transfer funds from various sources, from credit and debit cards to bank accounts. So, you can keep track of your spending, as well as your cards!
- Speed, Meet Convenience. When you want to make a purchase, simply open the app, select the desired card and then touch your device to the compatible card reader. Most transactions can be completed in a matter of seconds. It’s as simple as that!
- Rewards. Rewards. No fear, you can still build up your credit cards rewards points by using the card on your mobile wallet. It should be the exact same rewards as when you swipe your card, and possibly more! Furthermore, there may be cash back or discount rewards associated with the payment app as well, so safe, secure and rewarding…sign us up!
Like it? Love it? Wanna know more of it? Let’s take a gander at the various apps below:
If you have a newer model iPhone, iPad or Apple watch, Apple Pay will be the app for you. Simply find the “wallet” app on your device (it should already be on the device, right out of the box), enter your credit or debit card info, and you’re ready to go! Apple Pay works with any NFC (that’s Near Field Communication…not National Football Conference) credit card terminals. NFC is the technology that allows two devices to communicate when close, enabling contactless payments. As an added level of security, Apple requires you to authenticate using TouchID, FaceID or PIN before a payment will go through as well. So, you, and only you will be able to authorize said purchases. You can also you this same tech to make purchases inside other apps on your phone, for even smoother transactions. If you should ever lose your phone, it’s easy to remove all of the credit cards through the Find My iPhone feature. And perhaps, coolest of all, the Apple Pay feature in messages will also enable you to transfer money to friends and family, as well.
This is the rebranded mobile payment system for Android phones. It combines the peer-to-peer payments in Google Wallet with the tap-to-pay functionality of Android Pay. Google Pay works with newer model Android devices and similar to Apple Pay, it works with any NFC-enabled credit card terminals at the point of sale. Google Pay requires that your phone is unlocked with fingerprint, password, pattern or PIN before using. You can also use Google Pay to pay friends. Simply download the app and enter your card to get started!
Unlike Apple Pay and Google Pay, Samsung Pay works with almost any POS system. It works with standard magnetic-strip terminals with MST (Magnetic Secure Transmission) and EMV (Europay Mastercard Visa) readers, as well as NFC. Lots of options here! Samsung Pay works with newer Galaxy phone models and Gear watches. To confirm your purchase, Samsung will require an iris scan, fingerprint or PIN, similar to the others. Just download the app, enter your info and get going!
So which is best? Well, that’s not really a fair question. You see, it really depends you and on the type of mobile device you are using, as that will most certainly dictate the payment app you use. Samsung Pay is actually accepted in more places, because it can also be used at a terminal with a magnetic card reader, with some exceptions, but if you have iPhone, Samsung Pay isn’t going to do anything for you and vice versa.
Things to Remember When Using a Mobile Wallet
Here’s something important to keep top of mind when using a mobile wallet, keep your phone charged. Not the first thing to come to mind, amirite? Nothing like going to make a purchase with your digital card, only to find that your battery is dead! It can also be a problem if your phone or device breaks or fails, or if there is a system outage and you have no backup credit card with you. Another important thought should be Internet speed and availability for your device in an area that may not have enough towers. If you’re traveling to a more rural or remote area, for instance, you may not have the easiest time using your mobile wallet.
You always need a plan B if you know you’re going to be making a purchase. Before you use any of the apps, be sure your phone or device will work with it. Mobile wallets may not support some older phones. On the plus side, all three payment apps we mentioned above will allow you to remotely remove credit card info from your device so if you ever need to, you can with ease.
At Choice One Community Credit Union, we are committed to providing exceptional convenience and technology to our members. This includes mobile wallets, as well as a variety of other cool things!
If you’re a member of Choice One, you can now pay with your Choice One VISA credit card or debit card right from an app on your mobile phone. Whether online or in person, it’s the simpler way to pay! Just download Apple Pay, Google Pay or Samsung Pay, add your Choice One credit card info, and you’re all set.
Not a member of Choice One? Learn more about membership here.
If you are a member, but haven’t applied for a credit card, click here to learn more and apply right online!
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