Benefits of Using A Mobile Wallet

A mobile wallet is a digital app that can store different cards. Use mobile wallet for debit cards, credit cards, gift cards, boarding passes and more. These days, our cellphones are used for so much more than talking and texting. In fact, some people run their whole lives, including businesses, straight from their smartphone!

One of the most effective ways to use your phone is in paying for the goods and services that you’d ordinarily use a physical payment card for. Mobile wallets have plenty of perks, from allowing you to make safer payments when out and about, to giving you a backup in case you leave home without your actual wallet. 

Thinking about making the switch? Let’s take a look at some of the benefits of mobile wallets.

What is a mobile wallet?

A mobile wallet is a digital app that can store the different payment cards that you have. And it’s not just bank and credit cards – gift cards, loyalty cards, your ID, and even tickets like boarding passes or concert admission can be housed in your mobile wallet app.

Once you’ve loaded your cards into your mobile wallet, you’re able to use them to make purchases directly from your device. No more fishing around for your physical cards and typing in numbers! Instead, your stored cards can be used to pay for your online orders, just as you ordinarily would.

Most Apple and Android devices offer their own versions of a mobile wallet directly on their smartphones, while retailers across the world are now accepting payment both online and in-store using a mobile wallet app.

What are the benefits of using a mobile wallet?

Convenience

The biggest reason that most people choose to use a mobile wallet is for convenience. When we all carry our smartphones with us for most of the day, using a mobile wallet means that your cards are accessible whenever you need them.

If you have a smartwatch that’s linkable to your phone, you can even display your mobile wallet on your wrist. That means fewer devices or physical objects to carry around while you go about your day, but still having everything you need to make your necessary purchases.

Mobile wallets are especially convenient when it comes to storing loyalty cards. These can quickly add up when you have several grocery stores, gas stations, or other shops that you visit regularly. Instead of filling your physical wallet full to the point of bursting, your mobile wallet app can store these for you. This helps you to complete any transactions more quickly, as you’re no longer spending a few minutes searching through countless cards trying to find the right one.

Reducing health risks

Most of us probably don’t think about all the surfaces we touch while we’re running errands and buying what we need each day. With contactless mobile wallets, you can eliminate the need to physically touch payment machines and reduce your risk of catching any germs that live on these surfaces.

With a mobile wallet, you simply hold your device up to the payment terminal and the machine takes care of the rest for you. These devices use Near-Field Communication (NFC) chip technology, just like a contactless physical card does, so you don’t need to touch anything except your smart device. 

Safer shopping

A big concern for many people is how safe these technologies are. In many cases, they can actually be safer than a traditional physical card. From the practical side of things, you no longer have to worry about misplacing a card or having one stolen from your physical wallet. 

Cards also use a magnetic strip that can be easily read and copied by a scanner, where all of your card’s information is shared. That opens you up to possible identity theft, along with the hassle of having to cancel and replace your debit or credit cards. (Learn more about credit card safety tips.) 

With a mobile wallet, all of your data is encrypted. For each individual transaction, your mobile wallet generates a unique code known as a Device Account Number (DAN) to process the payment, rather than sharing your card details with the vendor. If anyone attempted to take your DAN, there’s not much they could do with it – your accounts are protected, and you don’t have to worry about someone misusing your information.

Mobile wallets also come with an added layer of security if you’re using a PIN, fingerprint, or face recognition on your smartphone or mobile device. Even if you were to lose your handset, a thief would need to bypass these extra features to access your mobile wallet. Many smartphones now also come with the option to remotely lock or wipe your device in the event of a theft.

How to setup a mobile wallet

If you already own a smartphone, smartwatch, or tablet, these devices usually come with a mobile wallet app pre-installed. All you need to do is connect your cards. Apple Pay is the system currently setup for Apple devices, while Google Pay works on Android devices, and Samsung Pay on Samsung smartphones.

Some banks now also offer their own mobile wallet options that connect directly with your checking account. First National Bank and Trust offers a mobile app for both Apple and Android phones that allows you to connect to Google Pay, Apple Pay, and Samsung Pay. Use your FNBT debit Mastercard® on your smartphone or smartwatch at any merchant that accepts contactless payments, all with the same zero-liability protections that you would have by using your physical card. 

To connect your cards, you simply launch the app and either enter the information listed on your card or take a photo of your physical card for the connection to take place. You should be able to do this for any cards that you want to include in your mobile wallet.

Once your cards are loaded, you’re ready to use your mobile wallet! Look for the contactless card symbol wherever you’re checking out and hold your device up to the payment terminal. You will likely be prompted to unlock your device using your face recognition, fingerprint, or other method, then the transaction will process as normal.

Start Using Digital Payments Today

With FNBT’s debit Mastercard, you can pay for your everyday expenses with either your physical card or your mobile wallet app. Setting up digital payments is quick and simple. Sign up today through your online banking account, or download our mobile app from the Apple and Google Play app stores.