Most of us rarely, if ever, leave the house without our smart phone in our pocket. So it makes sense that mobile wallets have become increasingly popular. In fact, it is estimated that mobile payment transaction value in the states will reach $161.41 billion by 2021.
What exactly is a 'mobile wallet?' Sometimes referred to as digital wallet, mobile wallet is an app that stores payment information and then lets you make purchases using your smart phone or other smart device. This is a great alternative to carrying around multiple cards or cash; and, mobile wallets offer a touch-less payment solution.
Here are some things you should know about using a mobile wallet.
How do I choose a mobile wallet?
In most cases your mobile wallet will depend on the type of smartphone you have. The most widely known mobile wallets are:
Your Cortland Bank debit card can be added to any of the above mobile wallets!
- Apple Pay
- Supported on iPhone 6 and newer, as well as the Apple Watch. You can also use Apple Pay on your iPad and Macbook.
- Google Pay (formerly Android Pay)
- Supported on Android devices running KitKat 4.4 and newer
- Samsung Pay
- Supported on Samsung Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge Plus, and Galaxy Note 5
How do I set up my mobile wallet?
Open the pre-installed Wallet app or download it from your device's app store. You'll have to add each card you'd like to store in the mobile wallet to do this just follow the instructions within the app. Note that only one card can be set as your default payment option.
How does it work?
Card readers use a technology called Near Field Communication (NFC).
As long as your device is within about 2-4 inches or less form the receiver, the point-of-sale device is able to temporarily connect and transfer funds securely.
Is my information safe?
Yes, mobile wallets offer several security features.
Can I use my mobile wallet everywhere I shop?
- Tokenization allows a merchant to process your payment without receiving any of your account details like card numbers.
- Your information will be guarded with at least a password or pin code. Depending on your device, you can also set up fingerprint or face ID scanning. You will not be able to complete a transaction without using at least one of these security measures, depending on your mobile wallet app.
Contract-less readers can be found at an increasing number of stores. When shopping, look for the symbol shown below on any point-of-sale (POS) terminal to determine if that retailer accepts payments via mobile wallet.
When shopping online or in an app, you may be able to use your mobile wallet payment method rather than entering card information.
Mobile wallets offer a secure, convenient and easy way to pay. Learn more
about adding your Cortland Bank debit card to your mobile wallet.
The information and recommendations contained herein is compiled from sources deemed reliable but is not represented to be accurate or complete. In providing this information, neither Cortland Bank or its affiliates are acting as your agent or is offering you any tax, accounting or legal advice.