If youâ€™re tired of fishing for the last dime in your wallet when paying for your Starbucks latte,Â itâ€™s time you consider switching over to a mobile wallet. Thatâ€™s how the person who orderedÂ after you at the neighboring till managed to pay and move on towards the bar while youâ€™re stillÂ playing hide-and-seek with your coins. The mobile is a convenient and fast way of paying forÂ things without ever touching cash or credit.
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But is it right for you?
As more retailers adopt cash-free and cardless payment systems, this is a question youâ€™ll needÂ to answer – and soon. Keep reading to learn a few basics about the mobile wallet to help youÂ answer it quickly.
What is it?
A mobile wallet is a way of carrying around your money without keeping cash or credit on you.Â It replaces the traditional billfold typically left in a purse or back pocket, digitizing theÂ information kept on debit and credit cards. Instead of using cash or card, you can pay with yourÂ iPhone.
It requires your X to have an e-payment app. While many of the biggest banks offer a mobile wallet app now, it wasnâ€™t always the case. Retailers such as Amazon, Starbucks, and even Walmart were some of the first companies to offer a digital way to pay for things. Thereâ€™s also Android Pay, Apple Pay, and Samsung Pay to choose between. There are a lot of cardless payment systems out there. Use a guide like this to help you make that decision.
Regardless of the app, it relies on NFC technology, or Near-Field Communication chips. NFCÂ chips communicate your financial information wirelessly, similar to but not exactly likeÂ Bluetooth and Wi-Fi routers. It sends an encrypted version of your debit or credit card accountÂ to an NFC-enabled POS to finalize the sale. Only those devices with this tech can communicateÂ with one another at specific times, so your mobile wallet wonâ€™t send your financial information indiscriminately.
Protect your mobile wallet properly.
The iPhone X isnâ€™t the kind of phone you want to damage on a good day. Not only does it have all your photos but itâ€™s your only method of communication. It was also $1,000. But once it substitutes as your digital wallet, you really donâ€™t want to break it. A cracked screen or totaled processor means you wonâ€™t be able to make your e-purchases or rack up rewards points.
Physical and digital security is a must when you rely on your mobile wallet to makeÂ purchases.
Reduce the risk of dropping your phone and making it incapable of sending your data with aÂ skin from dbrand. Theyâ€™re the only skin provider that uses 3M vinyl in all of its designs, giving itsÂ skins a texturized surface for a better grip.
As a reward for taking your security seriously, the material also makes it very easy to customize with a variety of colors and designs. Some of the new skins for your iPhone X include black camo and red dragon skin. These premium looks join a large catalogue of styles promisingÂ unique personalization in addition to protection.
Dropping isnâ€™t your only concern. A lost phone could lead to someone else using your mobile wallet if youâ€™re not careful. Take the time to invest in its online security by doing the following:
- Logging out every time you use the app. Keeping passwords saved makes it easier forÂ thieves to use your mobile wallet.
- Use multi-factor authentication. This means you need more than your login credentialsÂ to access the app. Whether itâ€™s the Xâ€™s Face ID or an automatic code generated at theÂ time of a purchase, these additional steps to verify your identity will stop mostÂ criminals.
The bottom line: do your homework
A mobile wallet promises fast and convenient digital payments, as well as access to a growing number of stores that are going cash-free. Though the advantages to adding one to your X are many, donâ€™t jump into the mobile wallet life without thinking about it carefully at first. You’ll need to spend time finding the mobile wallet and security that works for you. Only then can you join this trendy new club without worrying about your privacy. And in a post – CambridgeÂ Analytica and Facebook scandal world, privacy is a luxury!