Mobile wallets are game changers. When you free yourself from relying on your physical credit and debit cards, you can take advantage of all the benefits mobile wallets offer. Let’s take a look, starting with an explanation of how a mobile wallet works.
Mobile wallets – aka digital wallets – are apps you download to your smartphone. These apps make moving money incredibly easy by storing your financial information, whether it’s your bank account, links to mobile payment methods, or your debit or credit card numbers. After you’ve set it up, you’ll use your mobile wallet to pay for transactions with just a few taps or clicks. For this post, we’re focusing on cards and the top five reasons you should set up your mobile wallet. To set up your mobile wallet, please refer to your device’s support page.
You’ll never have to carry your cards with you after you’ve added their numbers to your mobile wallet.
Mobile wallet payments don’t reveal your credit or debit card numbers. Instead, transactions are encrypted, tokenized, or both, which means the transaction data is useless to a hacker.
With a mobile wallet, you’ll breeze through checkout lines. You won’t have to fumble through your wallet for the right card. You also won’t have to play the “will it or won’t it” card acceptance game or take time to punch in your PIN. With just a few taps, your transactions will be completed, and you’ll be on your way.
When the retailer allows it, paying with your mobile wallet saves you from typing in your card numbers. Not only that, but if you don’t enter your number at that retailer’s site, that’s one less place where they’re stored.
Some mobile wallet apps offer sign-up discounts and promotions to encourage use.
You can get a great perk every time you pay with your mobile wallet using your Classic Card. You can save big on interest using your Classic Card, if you need to carry a balance. The Classic Card purchase rate APR* is nearly half the nationwide average APR.
*APR denotes annual percentage rate.