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Truity Credit Union Blog > April 2024 > The Benefits of Using Mobile Payments

The Benefits of Using Mobile Payments

  • 4/11/2024

With more than 81% of Americans 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.

It’s especially easy for Truity members because you can make your card your default and get it connected in minutes. Enter your card into your digital wallet and follow the prompts to get your card set up securely.

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 has the risk of being stolen or lost. Misplaced credit cards can be a hassle for consumers, making them vulnerable to full-blown identity theft.

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 super-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, like the one built into your Truity app. Every transaction is instantly recorded for future reference and review.

Safety

Ever since the world entered the alternate reality of COVID-19, mobile-payment apps have enjoyed an enormous boost in popularity. This is likely due to the fact that consumers are wary of shopping in brick-and-mortar locations and are hesitant to handle germ-infested cash. Inserting a debit card or credit card into a public payment terminal that processes hundreds of cards a day is not much of a better option. Mobile payment apps enable the consumer to complete their purchase without making any physical contact at germ-laden terminals.

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