More and more, when you’re out running errands you’ll have an option to pay using a mobile wallet such as Android Pay, Samsung Pay, and Apple Pay. These mobile or digital wallets can hold your credit, debit, and prepaid card information—along with other cards—in your smartphone.
Here are four reasons why you should use your mobile wallet:
- Mobile wallets offer increased security. That’s because information stored in mobile wallets is encrypted, so the details of your credit card, for instance, aren’t accessible to others. When mobile wallets transmit data to make payments, they never transmit your actual account numbers. Instead, they use encrypted payment codes. And your phone can’t be opened without your fingerprint or a personal identification number, so getting to your data is much tougher than opening up your wallet or pocketbook.
- Retailers widely accept payment by mobile wallet. Samsung Pay can be used at more than 10 million U.S. stores, Apple Pay at more than 3 million stores, and Android Pay at more than 1 million stores. And the numbers are growing as retailers install new card readers that come with near field communication (NFC) technology.
- Mobile wallets can be used for online shopping. Increasingly, retailers are making it easy to access your mobile wallet while you’re on their websites. This can make online checkout much more convenient, removing the need to type in so many payment card numbers, especially on phone screens.
- Loyalty rewards programs can be stored in a mobile wallet. Any points or discounts can be automatically applied at checkout. No need to carry a key chain with lots of store tags attached.
Do you have you Stanford FCU debit and credit card in your mobile wallet? Learn more and get started.