Why Should You Use Mobile Wallets?

Nowadays, smartphones have a plethora of apps and can do a multitude of functions like flashlight, camera and calculator. However, many still do not want to use their smartphone mobile wallets. They think there is much risk in it, and thus continue to use their normal wallets.

The main reason for this fear is, of course, security issues. And we are not going to lie to you: there have been reports of high-security data breaches from such apps and while withdrawing money using debit and ATM cards. In the case of using a credit card, identity theft and misuse of the card produces a lot of problems. There is always a risk. However, while using e-wallets is not 100% free from its problems, experts say these security concerns should not hold customers back.

Experts say that some people still fear to use e-wallets, or use their cards on their smartphones. There has been a survey on why people do not want to use e-wallets. And the result: Fear. People still fear to do online transactions over mobile phones and by using e-wallet apps. 

However, argue experts, that such apps and e-wallets can be the safest places to pay with. These offer you a host of benefits, and thus these are worth considering.

Why these are safer than you think

There is no shortage of contactless payment services which offer a ton more security than your traditional card usage.

First of all, you never take out your card while paying, whether it is a debit card or a credit card. And that means that there is a lot less chance of anyone seeing these cards and stealing them.

Every time you do a transaction by these apps or e-wallets, a random OTP or One-Time Payment number is generated. And this number or OTM reaches your mobile number or email ID, which no one has access to but you. And even if anyone sees this number, it will not be of use to them later.

OTP numbers have a life of 20 to 30 seconds max, within which you must key them in for the OTP to work. This process, also known as Tokenization, is used by all major e-wallets and payment apps.

What some people do not know, or may not want to believe, is that their bank has many top security measures. On top of that, when you use these mobile payment systems, you get added security layers. For instance, full card numbers are not recorded in the mobile apps. You can also use your fingerprint to pay, which no one can detect or match. This way, even if your phone is stolen, your fingerprint cannot be copied and used for malicious purposes.

These are convenient when they are available

Top payment avenue companies allow you to use multiple cards on their platforms. This saves you from travelling with pockets stuffed with cash and cards!

This is obviously a huge benefit, but there’s a small problem.

Customers don’t trust these platforms a lot. Besides, not all merchant sites support paying through these payment avenues. Some stores are just not equipped to do so. 

The thing is mobile payment systems are still in its infancy. There is a long way to go.

However, it cannot be denied that these make shopping faster and safer. These give you a host of rewards and help you save money! For instance, customers can get retainer loyalty cards.