How to Use Mobile Wallets: What You Need to Know

What is a mobile wallet? To put it simply, it is an app for your device that stores your credit or debit card information so you can pay with your phone. Most of them are accepted as payment solutions worldwide, while others can be used only on partner platforms. From Apple Pay to Google Pay, different e-wallets make our lives easier and allow us to manage our finances effectively.

Mobile wallets continue to change the way we approach payments, both online and offline. In this article, you will discover how to use mobile wallets, their main benefits, and the features of the most popular ones.

Getting Started with Mobile Wallets

Since the information saved in a mobile wallet is encrypted, hackers cannot access your money or sensitive data. While physical credit and debit cards may be stolen or cloned, mobile wallets are more difficult to undermine since they include encryption keys that may or may not expose critical information.

Installing a mobile wallet on their smartphone, a user must provide their credit card number and certain personal info. The data is then presented in an acceptable form of personal identification, such as a key or a scannable QR code.

How do you use a mobile wallet?

Step 1. Setting up and using your preferred mobile wallet once you have decided on one is really simple. Just look up the wallet app on the app store and install it on your tablet, smartphone, or other device.

Step 2. Open the app and add data to your wallet, which usually includes your credit or debit cards, personal information, your phone or email address, etc.

Step 3. You will be asked to verify your account through email, phone, or any other contact method you specified earlier. Some services won't allow you to make financial operations without a verified account or imply strict limitations.

Step 4. That's it! You may now use your smartphone to make transactions without a physical card or bank account. To protect your funds, remember to create a secure password and activate two-factor authentication.

HOW TO USE YOUR MOBILE WALLET FOR PAYMENTS

Apple Pay, Google Pay, and Samsung Pay are the major mobile payment services worldwide and are supported by most big banks. Let's see what mobile wallet purchases they allow their users to make.

Making in-store payments

To purchase in a store, unlock your phone using your passcode, fingerprint, or facial ID. When you position your phone near the POS terminal, your mobile wallet will open and display the chosen payment method. After you hold your device in this position for a few seconds, the terminal will get confirmation that payment was accepted with a distinctive sound. And that's it!

Online and in-app payments

How does using a mobile wallet work for online purchases? Search for the Apple Pay, Google Pay, PayPal, or other virtual wallet logo at checkout and click it. These simple steps should enable your app to launch right away. Then, you have to pick the desired card and click "Pay" or "Buy." You'll be prompted to authenticate the purchase using Touch ID or Face ID, depending on your phone.

TOP BENEFITS OF USING A MOBILE WALLET

Now that you have an understanding of how to use cards with a mobile wallet app, let’s discuss the advantages:

• Convenience. E-wallets allow you to store all your cards in a single place and make purchases easily, both online and offline.
• Speed of transactions. When your payment details are in the app, you don’t have to manually enter your card number every time.
• Security. Modern wallets have security features, including biometric authentication, data encryption, tokenization, and more.

Apple Pay

One of the most widely used mobile wallets is Apple Pay, so here is what you need to know.

Which cards can be added to Apple Pay?

When you install Apple Pay on your device, you can add credit, debit, or prepaid cards to your wallet.

How to add a card to Apple Pay

To add a card, you have to:

• Log into the Apple Pay app;
• Tap the “Debit or Credit card” tab;
• Follow the instructions on the screen;
• Verify information with a card issuer or a bank.

Which merchants accept Apple Pay?

A wide range of merchants accept Apple Pay, including gas stations, cinemas, grocery stores, restaurants, and more. If a place accepts contactless payments, it should support Apple Pay.

How to use Apple Pay

To pay at a store, you need to log into Apple Pay, bring your phone to a contactless reader, and wait until a transaction is complete.

When shopping online, you may see a “Buy with Apple Pay” button right on the product page, or you will have this feature during checkout.

Google Pay

Another popular mobile wallet used worldwide is Google Pay.

What cards can be added to Google Pay?

Similar to Apple Pay, you can add debit and credit cards to your Google Pay wallet.

How to add a card to Google Pay

To add a card, you need to:

• Log into the Google Pay app;
• Tap “Add to Wallet;”
• Choose “Payment Card” and then “New credit or debit card;”
• Enter details or take a photo of a card and tap “Save.”

Which merchants accept Google Pay?

Google Pay can be used on most websites, and you can also pay with it at numerous offline stores that accept contactless payments.

How to use Google Pay

To use Google Pay at an offline shop, you have to be logged into an app and bring your phone to a contactless reader. If you don’t choose another card, your default one will be used.

If you want to use Google Pay online, you need to look for a corresponding sign during checkout.

BOTTOM LINE

Modern mobile wallets boast numerous useful features and can hold different card types for your convenience. You can successfully use them for online and offline shopping. You can choose a mobile wallet depending on your needs and preferences, but it’s important to stick to names that have proven themselves. Overall, mobile wallets help you maintain the security of transactions and employ many levels of encryption and security to make your funds easily managed and better protected.