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Member Alert: Mobile Wallets: What’s in Your Wallet?

3/28/2016

What’s in your wallet? Pretty soon – with all of the new mobile pay options – your wallet might be empty! Apple Pay, Android Pay and Samsung Pay offer easy payment with the swipe of your phone. How simple is that? Just swipe your phone and you’re done! To enjoy the freedom – and safety – of paying with your mobile wallet, there are a few things you should know.

  1. Secure your phone & treat it like a wallet. It might be easier to keep your phone unlocked but using a passcode keeps your pay application safe if you happen to put down your phone. And, for that matter, don’t just put your phone down and step out of the room. Treat it like a wallet.
  2. Use trusted apps. There will be more players in the market as mobile wallet usage continues to rise. Use only applications that you trust or can verify.
  3. Keep your contacts to yourself. Mobile apps are going to ask to use your contacts or for you to sign in via social media accounts. You can’t blame a business for reaching out to others for more sales but you can choose to keep your contacts to yourself and say no to these requests.
  4. Reconcile the numbers. Keep track of your mobile purchases on your bank statement. Just because it’s easy doesn’t mean you don’t have to reconcile your bank account. Easy usage can make you a bit lazy in the money management area. Discipline yourself to keep your numbers crunched.
  5. Don’t be afraid. As with anything, there are risks but experts are saying that mobile payment is very secure. With trusted apps the transactions between them and your money are encrypted and have strong safety measures in place. Strong, but not flawless. So, don’t be afraid – just be smart.

Happy shopping!



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