In today’s fast-paced world, mobile wallets are changing the game in how you handle your finances by making it easier than ever before. In today’s blog, we’ll explore five ways that mobile wallets can help simplify your finances.

Easily manage multiple payment cards in one application.
With a mobile wallet, all your cards – credit, debit, and even some store loyalty – are in one place, reducing the need to carry physical cards that can be lost or stolen. Some mobile wallets even allow users to label connected cards for specific purposes – such as a card for personal expenses vs. one strictly for business – to help streamline the transaction process.

Enjoy enhanced accessibility.
Another way mobile wallets can help in simplifying your finances is that they are widely accepted – both in stores and online. Forgetting your wallet or card is no longer a crisis when you have an enabled mobile wallet as a safety net. With a connected card in your device’s mobile wallet, you can make purchases wherever accepted.

Streamline your checkout process.
Mobile wallets can also help you get through the checkout line more quickly by expediting your purchase. With contactless payment, mobile wallets help make it simple to tap to pay – especially in busy lines or crowded stores. They can also quicken the process of online purchases, allowing you to take advantage of autofill payment information rather than requiring a manual entry for each purchase.

Protect your privacy and prevent fraud.
Using a mobile wallet can also be safer than carrying physical cards for several reasons. First, most mobile wallets require biometric authentication (fingerprint scan, facial recognition, or even a passcode) to verify your identity – making it much more difficult for someone to gain unauthorized access. As an added security benefit, mobile wallets ensure safer transactions using tokenization. This means that your mobile wallet will mask the number of the credit card, debit card, or bank account information, better protecting your real card details from being leaked or compromised. Even if someone gains access to your mobile device, biometric security and tokenization make it more difficult for them to access your sensitive information.

Reduce your risk of theft or damage.
Mobile wallets can also help reduce your dependency on carrying physical cards, which lessens the chances of damage or misplacement. Unlike a physical card, the cards stored in a mobile wallet carry no risk of physical wear and tear – including bending, wearing out, or even losing the magnetic stripe. Plus, the information stored in a mobile device can often be wiped remotely, whereas a lost or stolen credit card or debit card will need to be canceled and then reissued.

Adding your credit card or debit card to your device’s mobile wallet can simplify the way you handle your finances by helping to add organization, security, and convenience to your transactions. Whether you’re tapping to pay, organizing your budget, or tracking your expenses in real-time, mobile wallets are more than just a convenient finance tool – they’re changing the game. To learn more, please visit our Mobile Wallets page.