Mar 29, 2022 / Money Tips
As with nearly everything else in the world, wallets have gone digital. This isn’t exactly a new trend. Mobile wallets have been around since 2011. But it’s one that more and more consumers are embracing. Big bulky wallets are out. Digital wallets that you can conveniently carry on your phone are in.
Sure, your phone isn’t exactly a financial fashion statement the way your throwback Velcro wallet is, but it’s certainly more convenient, and a whole lot safer. Plus, it’s easy to link your Utah First debit card or Orange Platinum Visa to your mobile wallet, so you can keep earning rewards and keep your funds close to home, even in an online world.
In a way, wallets have always been mobile. But if you remember the big, bulky wallets of yesteryear (or perhaps present day)—stuffed to the brim with cards, cash, and kids’ photos—you understand that they weren’t exactly mobile in every way, shape, and awkward form.
Modern mobile wallets allow you to store your credit or debit card information on your mobile device, using Google Pay, Samsung Pay and Apple Pay, depending on your phone and payment preference. And since you never leave home without your phone, maybe mobile wallet really is a more fitting (pun intended) name.
There’s also no denying the convenience. You can check the list of mobile-wallet accepting merchants with your service provider. It’s getting larger every year—not unlike your old wallet.
Wallets are notorious for finding new ways to get lost. They’re right up there with socks, car keys, and TV remotes. But losing your wallet is much more of a hassle than wearing mismatched socks. You have to cancel credit cards, order new 2×3 photos of your family, and any cash you might have been carrying is gone forever.
Mobile wallets, on the other hand, keep your personal information completely secure. Mobile wallets work via near-field communication (NFC) technology, which uses tokenization. That means encrypted tokens are transmitted over the airwaves instead of your actual debit or credit card data, keeping your information protected.
You can use your mobile wallet to pay for groceries or other items at physical stores, or you can use your mobile wallet when checking out with another app on your phone. No more looking up credit card numbers or storing your card information at a hundred different online stores. Your information is kept safe in a single place.
Using your mobile wallet is easy. The first step is to download your preferred app and enter your personal and financial information. You can follow these links to get started with Google Pay, Samsung Pay, and Apple Pay, respectively. When prompted to add a card, you can enter your Utah First debit card or Orange Platinum Visa information, so there’s no pressure to apply for a new card or sign up for a new service. You’re just using your existing credit card or debit card in a different form.
Want more tips for simple, secure finances? Talk to us. The financial experts at Utah First can help you set up your mobile banking, automatic bill pay, and more. Chat online, give us a call, or visit your nearest branch today.