What Is a Mobile Wallet and How Do I Use It?
Mobile Wallet is an app you can download to your phone or tablet that allows you to make purchases directly from your device. Apps for mobile wallets include:
- Apple Pay
- Google Pay
- Samsung Pay
Once you have these apps installed on your device, you can add your debit or credit card information. Once your card is added, you can use your smartphone to complete transactions at contactless pay terminals or make online purchases that accept your payment app.
Benefits of Mobile Wallet
Convenience is the name of the game when it comes to being able to use your mobile wallet. Because it’s an application accessed through your smartphone, it goes everywhere that you go. Even if you forget your wallet, you can still make a payment if the retailer has a contactless payment terminal. As a parent, you can also easily track your child’s transactions via online banking, as long as you are authorized to view that information. One of the significant advantages of mobile wallet transactions is their enhanced security compared to traditional card transactions, providing peace of mind against fraudulent activity. Digital wallets employ tokenization, one of the most secure payment methods available, where your information is heavily encoded.
What To Watch for With Mobile Wallet and Your Teen
Although there is room for improvement, mobile wallet payments have come a long way. While it’s true that some retailers still lack the capability to accept contactless payments, this is rapidly changing. As more businesses upgrade their payment systems, mobile wallet apps will become increasingly prevalent and dependable. It’s vital to be aware of your teenager’s mobile wallet app usage as it links to their debit card, and there is a possibility of overdrawing their checking account. However, with careful monitoring and education on the importance of tracking their balance, your teen can learn responsible financial management and avoid paying unnecessary overdraft fees.