How to Get the Most Out of Your Digital Wallet

digital wallet

Digital wallets have changed the way many people complete transactions. This technology lets us make purchases with our smartphones and other mobile devices. And as a result, we no longer have to carry a wallet full of cards.

Many retailers have jumped onboard and now support various methods of payment. Using your digital wallet isn’t only convenient, it’s also safer because you can keep the majority of your credit cards at home.

But a question remains – How can you get the most out of your digital wallet?

Here is what you need to know.

  1. Compare wallet apps before choosing one

Some mobile operating systems come with an app that allows users to upload their credit card or debit card information for digital payments. But just because your phone includes a particular app doesn’t mean you have to use it. There are several other digital wallet apps available.

Mobile payment systems are increasing in popularity, so there are far more options today than in the beginning. Common apps include Google Wallet, Apple Passbook, Samsung Pay and Microsoft Wallet. However, you can also experiment with other options, such as Wallet Plus.

It’s important to read reviews to ensure you’re getting a mobile wallet or payment system that suits your needs.

  1. Secure your mobile device

Using a digital wallet is convenient and fast, just make sure you keep your device secured while using these apps.

This includes choosing a passcode for your device that can’t be easily figured out, and periodically changing your password to keep your device protected.

Take advantage of other security measures, too. For example, you can set up fingerprint ID, if available, on your device. This is an excellent security feature since your print can’t be duplicated. You can have the device request your fingerprint before initiating any digital payments.

This is added protection in the event that your phone falls into the wrong hands.

  1. Set a spending budget for the week or month

Because digital wallets allow purchase transactions and payments with the touch of a button, it is easier to overspend.

To avoid this, give yourself a monthly spending budget for cards that you add to your digital wallet. Make sure you sign up for online account management and regularly monitor these cards, whether it’s a credit card or a debit card.

Tracking how much you spend every day or every week is the best way to avoid overspending, plus regular monitoring will help you identify suspicious activity early.

  1. Only add one or two payment methods to your digital wallet

Some people put all of their debit cards and credit cards in their digital wallet. To each his own – but to avoid the temptation to overspend, only add one or two cards in your digital wallet.

  1. Add your coupons and loyalty cards, too

Keep in mind that a digital wallet isn’t only for credit cards and debit cards. You can also add other types of cards to your wallet. This includes loyalty cards for restaurants and retail stores.

Rather than carry these around in a wallet, scan and upload loyalty cards to your e-wallet and get credit for each visit to a store or restaurant. Show your phone at checkout to earn reward points toward free merchandise or future discounts.

Additionally, your digital wallet is the perfect place to keep your car insurance card and coupons.

Bottom Line:

Technology has an amazing way of making life easier. Utilizing a digital wallet is one of the best ways to lighten the load in your actual wallet and make point of sale transactions faster and more convenient.

Posted on Tuesday, July 3rd, 2018