There you are, impressed with yourself for getting the rest of your holiday shopping done in just a couple of hours. You make your way to the checkout aisle and hand over your items.
While the salesperson is ringing everything up, you dig into your purse or pocket for your wallet…but wait, where is it? Now you’re frantically rummaging while customers wait impatiently behind you. It’s then that you realize you pulled it out at the drive-thru to pay for a coffee and left it behind in your car. So much for being done with your holiday shopping.
In the event of a missing wallet, wouldn’t it be great if you could whip out your smartphone, or flash your smartwatch and somehow use it to pay for your goods? Well guess what – you can! Meet the “mobile wallet”.
A mobile wallet is a virtual wallet that stores credit and debit card information on a mobile device. And, it encrypts that information so it can’t be easily accessed if your device falls into the wrong hands.
The most widely used mobile wallets right now are Apple Pay, Google Pay, and Samsung Pay. Some mobile devices come pre-loaded with a mobile wallet, and if your device doesn’t have one you can download a mobile wallet from your phone’s app store. First though, you’ll need to see whether your debit and credit cards are compatible with the mobile wallet. Bank5 Connect debit cards support Apple Pay, and a full list of Apple Pay-friendly banks can be found at https://support.apple.com/en-us/HT204916. If you’re looking to see which banks support Samsung Pay, visit https://www.samsung.com/us/samsung-pay/compatible-cards. A list of Google Pay participating banks can be found at https://pay.google.com/about/banks/.
Retailers around the world are plugging into the mobile wallet culture. Millions of business now accept mobile wallet payments at their brick-and-mortar locations, and many of those retailers allow you to use your mobile wallet for online purchases as well.
Just don’t confuse the term “mobile wallet” with “digital wallet”. While they are both very similar, they do have some key differences. Think of a mobile wallet as a credit or debit card that lives on your mobile device. If you’re purchasing something in a store, you physically take out your phone and hold it near the terminal at the checkout counter. If you’re shopping online, you can activate your mobile wallet on participating websites and use it to make your purchase.
A digital wallet on the other hand, is typically only used for online shopping. Examples of digital wallets include PayPal and Visa Checkout. When you sign up for a digital wallet service, you link your account to a debit or credit card. Like a mobile wallet, your card information is encrypted for security purposes. A digital wallet can also house your shipping information, so you can make online purchases quickly and easily, without having to enter all of your personal details on the website.
If getting through the checkout aisle a little faster sounds good to you, consider a mobile wallet. Just don’t forget to keep your device charged. A dead battery at the checkout counter is no more helpful than leaving your wallet in the car!