3 Reasons Why You Should Pad Out Your Mobile Wallet

 Smith A
  Aug 24, 2018

Anyone who has stopped by a McDonalds in the past few years will have seen a small sign for Apple Pay on top of their debit machines. Apple Pay is just one of many apps that you can download to your phone, joining Google Pay and Venmo in a growing number of digital payment systems accepted by retailers across North America. If you’ve ever wondered if you should download one or more of these apps, then keep reading. Here are three reasons why you should adopt a mobile wallet.

1.It’s a quick and secure way to pay

At last count, nearly 15 million U.S. stores accept some form of mobile wallet payment. Whether you use Apple Pay, Google Pay, or Samsung Pay, it’s a quick and convenient alternative to using cash or credit when you need to shop. It’s also a hassle-free way to transfer funds between accounts or when you need to pay your friend back for your share of dinner.

Despite how simple it is to use, the mobile wallet makes up less than 1 percent of the transaction volume in U.S. retail locations. It’s used so little compared to other developed countries because many Americans believe it’s unsafe to use.

In reality, it has the potential to be safer than bringing your traditional wallet to the store. If someone were to steal this wallet, they could spend all your physical cash, and they could use your credit cards until you cancel them. Most legitimate mobile wallet apps have special encryption and multi-factor authentication steps to protect your financial identity. If they stole your mobile wallet, you’d be down a phone, but they couldn’t access your mobile wallet.

2. It helps you save better

Saving is one of the most important things to do with your money. A robust savings account can help you do things like travel the world or buy a new car. It’s also there to protect against life’s unexpected expenses, like having to pay for a new furnace when your old one breaks down.

Unfortunately, saving is one of the hardest things to do with your money, too. You don’t always make the right decisions with your cash in the face of temptations. Whether you can’t resist upgrading to each new Pixel as they roll out or indulging in Amazon Prime Day deals, reckless spending of your money leaves you with less cash to save.

Mobile wallet apps can make a difficult thing easier in the following ways:

  1. They help you budget better: Overspending can happen when you aren’t sure how much expendable cash you have to spend in the first place. Money management apps like Mint help inform its users of the cash they have, so they can make better decisions when shopping. They work by syncing with your bank accounts and loans to see a bird’s eye view of your finances.Once it can access all your accounts, it aggregates your data into one place, so you can see your financial standings on one profile. From there, you can use its services to create a budget that incorporates savings, and it will notify you whenever you come close to going off track.
  2. They make saving automatic: Sometimes it’s not a lack of understanding but a lack of willpower that stops you from saving as much as you could. Automatic savings apps like Acorns make it so you can save without thinking about it. It does that by syncing with your payments methods (like your debit or Apple Pay), so it can track the purchases you make. It then rounds these purchases to the next dollar amount and invests the difference into a specialized savings account.

3. It offers a quick way to cover financial emergencies

Reckless spending isn’t the only reason why nearly 39 percent of Americans have less than $1,000 in savings. Economic factors like underemployment, low income, and the rising cost of living limits how much the average person can save. There’s also just plain, old bad luck. Even a small emergency fund can’t stand up to a month of repairs and unexpected bills.

When you need money fast, the mobile wallet is there to help. It simplifies the process of getting a cash advance with apps from lenders like MoneyKey. Unlike traditional lenders that need in-person interviews before they’re willing to issue loans, alternative lenders like MoneyKey offer it through their mobile app. You can manage your borrowing experience any time from your phone, with no in-person meetings necessary. It’s a convenient way to apply for a loan, review the status of your online payday advance, and repay it.

A mobile wallet is more than just a convenient way to pay for your Big Mac. With secure ways to shop online, save, and borrow money, it’s a vital financial tool. When you fill your phone with the right apps, you can harness the full potential of the mobile wallet.

3 Reasons Why You Should Pad Out Your Mobile Wallet

Smith A

I am a freelance writer living in the Edmonton, Alberta area. I am a graduate from San Concordia University of Edmonton with Bachelor’s Degree in journalism and media studies. I always try to write articles in all topics.

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