The benefits of using mobile payments

The benefits of using mobile payments

Why fumble for your wallet when checking out when you can pay using your phone?

With most people owning smartphones, contactless payment via digital wallet and mobile payment apps are more popular than ever.

Here are some benefits to consider:

Convenience

The biggest and most obvious draw of mobile payments is their convenience. No more pawing through cards or cash at the checkout. Just pull out your phone, open your digital wallet app, and tap or wave your phone near the payment-enabled terminal.

Security

Using a mobile payment app to complete a purchase has several security advantages over traditional payment methods.

First, it eliminates the need to carry around cash or credit cards, which always have the risk of being stolen or lost.

Second, mobile-payment apps use extra security measures to protect user data, such as encrypting all personal information and utilizing biometric authentication features like fingerprint scans and facial recognition.

Finally, each transaction on a mobile payment app is tokenized. This involves a one-time code generated by the payment terminal, or a “token.”  The token is used to complete the transaction in place of the buyer’s actual payment information. The token cannot be used for any other transaction and is effectively useless if hacked. The buyer is thus protected from fraud.

Speed

Mobile payments are fast. It’s just a one-two-three tap to pay.

Budgeting and expense-tracking

Digital wallets can easily be integrated with money-management apps, making budgeting easy. Every transaction is instantly recorded for future reference and review.

Mobile payments are the way of the future and there are so many reasons to love them. They’re convenient, secure, quick, and safe. Click here to learn more about TruMark Financial mobile payment options.