Mobile wallets are really gaining traction with more and more users over the past few years. And why not as more and more providers are giving more options for people who want to use mobile wallets. Then there is also the support of big companies, from Google and Apple, to telecommunication firms, and right to big banks and financial institutions.
The boom in the mobile wallet industry is also helped by technologies such as QR codes and near-field communication. We have seen how these have helped make mobile wallets very easy to use and very secure. All you have to do is to tap your phone against a near-field communication payment terminal, or scan the business’ QR code and you have already paid for your purchases.
But while QR codes and NFC have helped providers to give you a more secure and easy way to pay, there are still some things that you should remember when using mobile wallets.
1. Do not use a checking account. When you link a mobile wallet to a checking account, it is very difficult of you to keep track of your balance. This means that you might be spending more than you intended.
2. Do not input your information into another person’s device. It would be very easy to forget that you have put your information on another person’s phone and he or she might use it erroneously.
3. Be sure that the merchant is reputable. The beauty of mobile wallets is that you can pay smaller merchants who accept mobile payments. But it might become a security problem if you do not trust the vendor that you are paying. Always remember that they might get information about you and your credit card details when you pay via a mobile wallet.
4. Log out of your mobile wallet. You never leave your wallet open with all the money in it right? Same thing with your mobile wallet application. Be sure to exit the app after paying to make sure that your credit card details are not fished by hackers.
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