What’s the Deal with Mobile Wallets?

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Did you know your mobile phone could act as your wallet? Mobile wallets are gaining in popularity around the world because of their convenience and security. So what are they and how can you start benefiting? Here’s an overview of how mobile wallets work.

 

What is a mobile wallet?

A mobile wallet is an app that stores your credit, debit and gift card information in a secure digital form. Mobile wallets are convenient because they often make it unnecessary for you to carry all of your cards, and they can be used on your tablet, phone and/or smart watch.

Some examples of mobile wallets include Apple Pay, Samsung Pay and Google Pay, which allow users to upload credit and debit card details into their mobile devices to make in-store and some online purchases.

How do mobile wallets work?

Once the app is installed, input your card information and authenticate your identity via PIN, fingerprint or face scan. You can use your mobile wallet with participating merchants by simply opening the app and holding your phone or device over the Point of Sale terminal to pay. Apple Pay and Google Pay keep lists of participating merchants on their websites. Samsung Pay allows Samsung phone owners to use their cards at most merchant locations because the phone can mimic the magnetic stripe on a card.

Look for the following logos at checkout to determine if a merchant accepts mobile wallets:

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Samsung Pay will likely work at merchant terminals even if the logo is not displayed.

Are mobile wallets safe?

Believe it or not, mobile wallets are one of the most secure payment methods available today. Mobile wallets are more fraud-proof than your physical card due to tokenization, which replaces card account numbers with unique alpha/numeric codes that retain all of the essential information without compromising the actual card number. Even if a merchant gets hacked, your credit or debit card number is not compromised because your card number was not used.

Enter your Hawaii State FCU’s credit and debit cards into your mobile wallet for quicker, easier and more secure checkouts! If you’re not a Hawaii State FCU cardholder, check with your financial institutions to ensure they support mobile wallets on their cards. Just be sure to keep your phone charged if you plan to use your mobile wallet!

Financial Educator, Jennifer Russo headshot

About Jennifer Russo

Jennifer Russo is Hawaii State FCU’s financial educator. She develops, markets and delivers financial resources to members under the credit union’s financial literacy initiative. She also works with community partners to develop strategies addressing the unique needs of Hawaii’s diverse population.

Jennifer has more than 15 years of experience in marketing and program management within the federal government and private industries. She received her Master of Business Administration from Colorado State University in Fort Collins, Colorado, and holds a bachelor’s degree in mass communications and public relations from McNeese State University in Lake Charles, Louisiana.

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