Over the past decade, technological advances have launched a revolution in payments, including digital wallets that made contactless payments popular with many shoppers. The concept of contactless payment is pretty simple: customers just wave their mobile devices over a terminal at checkout. This is done using Near Field Communication (NFC) technology, a radio frequency that allows the card to communicate with terminals wirelessly. These types of payments, like PayWave and PayPass, are designed for small purchases, like a coffee, groceries or a quick trip to the drugstore. Here are some of the many reasons why you might want to consider adopting a digital wallet app.
One of the greatest advantages of digital wallets and PayWave technology is convenience. Contactless payments are faster than both cash and card transactions. Data shows that it only takes 15 seconds to complete a contactless transaction that is twice faster than a traditional payment. There is no need to dig through your wallet trying to find your card and enter your PIN to approve a transaction or sign a receipt later. NFC technology that digital wallets are equipped with makes it very easy to pay at a variety of stores just with your mobile device. All you have to do is tap or wave your smartphone at the checkout terminal. In a few seconds, your purchase will be processed. Additionally, during this time, not having to touch cash, your cards or payment machines at the store is a great way to stay safe and healthy.
2. Higher Level of Security
Digital wallets are not only easier to use but are also generally considered to be more secure than a traditional wallet. All reliable digital wallet apps (Apple Pay, Samsung Pay, Google Pay, etc.) heavily encrypt their user’s payment information, making it difficult to compromise when the data is being transferred from the application to the payment system. The process of contactless payment works in a way that it sends a unique one-time token to the payment terminal for each transaction. The token does not contain any of your card information, so if the purchase is compromised, the hacker won’t have any of your card details. This added layer of protection lets your mobile phone securely transmit and receive information.
Additionally, physical wallets can easily be lost or stolen. A digital wallet negates problems with canceling and replacing of your cards, IDs along with lost cash. Even if you lose your phone, the person wouldn’t be able to access your card information since they need to enter a password on your phone, then any passwords or Face IDs used to protect your digital wallet app.
3. Additional Bonuses and Rewards
The majority of digital wallet apps give their users access to numerous benefits and rewards that can give you a little extra bonus on certain purchases. These benefits can go along with cashback and special rewards offered by your cards, allowing you to maximize your free bonuses on purchases. It is also worth mentioning that digital wallets are a completely free tool that you can start using today if you have a PayWave debit card.
If you’re ready to start using a digital wallet and don’t already have a Mechanics Debit Card with PayWave technology, contact us today!