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The mobile wallet is designed to enable us to get rid of cards and plastic and pay on the go. Google Pay, Apple Pay and Samsung Pay are just a few of the mobile wallet options that have already entered what is likely to become a crowded marketplace. If you’ve already invested in a mobile wallet – or you’re about to do so – these are the top tips for managing mobile wallets from the online broker Solution Loans.
Remember that you can’t use one mobile wallet for everything
At the moment, the mobile wallets market is pretty fragmented as each platform has its own non-transferrable app. Collaborations are already taking place but it’s still not as simple, and universally easy, to pay with a mobile wallet as with a card. So, when you’re using your mobile wallet make sure that you can use it to pay in all the essential places that matter to you so that you don’t get caught out or have to start carrying cash.
Keep an eye on your transactions
Security is pretty tight when it comes to mobile wallets but this kind of digital paying does make it much easier to spend. If you’ve been trying to curb excessive spending habits, especially if you have existing short term loans such as bad credit loans (more info); or you’re looking to save your cash, then a mobile wallet will require careful management to make sure you don’t go over the top and end up in more debt.
Find out what data is being retained and/or used
Most mobile wallet providers are happy to provide assurances that the data they collect is limited – you should make sure that you’re not inadvertently having all your shopping habits monitored. When the Apple Pay mobile wallet launched, for example, the tech giant made a big point of saying the transactions were between the vendor and buyer and that information on what was purchased, and how much it cost, would be confidential.
Go all in
One of the major attractions of the mobile wallet is that it means you don’t have to carry cards and cash. So, if you’re going to use a mobile wallet, to get the benefits you need to go all in. Avoid a situation where you’re using the mobile wallet but at the same time carrying a physical wallet with a couple of cards in and some cash “just in case.”
Look at your options
Although the concept of a mobile wallet is fairly homogenous, there are different options available. You can opt for a mobile wallet from a large provider like Google or Apple or sign up with one of the more cutting edge options from smaller start-ups such as Yo-Yo. The key each time is to make sure that you look into all your options and make an informed choice about which one is right for you. Fundamental to this will be factors such as how widely the mobile wallet is accepted and what kind of security and convenience features are offered – for example, Google Pay enables you to use your device’s fingerprint sensor to confirm payment within an app.