Mobile wallets are game changers. When you free yourself from relying on your physical credit and debit cards, you can take advantage of all the benefits mobile wallets offer. Let’s take a look, starting with an explanation of how a mobile wallet works.
Mobile wallets – aka digital wallets – are apps you download to your smartphone. These apps make moving money incredibly easy by storing your financial information, whether it’s your bank account, links to mobile payment methods, or your debit or credit card numbers. After you’ve set it up, you’ll use your mobile wallet to pay for transactions with just a few taps or clicks. For this post, we’re focusing on cards and the top five reasons you should set up your mobile wallet. To set up your mobile wallet, please refer to your device’s support page.
1. Reduce the Risk of Lost and Stolen Cards
You’ll never have to carry your cards with you after you’ve added their numbers to your mobile wallet.
2. Pay Securely
Mobile wallet payments don’t reveal your credit or debit card numbers. Instead, transactions are encrypted, tokenized, or both, which means the transaction data is useless to a hacker.
3. Save Time at Check Out
With a mobile wallet, you’ll breeze through checkout lines. You won’t have to fumble through your wallet for the right card. You also won’t have to play the “will it or won’t it” card acceptance game or take time to punch in your PIN. With just a few taps, your transactions will be completed, and you’ll be on your way.
4. Shop Online
When the retailer allows it, paying with your mobile wallet saves you from typing in your card numbers. Not only that, but if you don’t enter your number at that retailer’s site, that’s one less place where they’re stored.
5. Get Perks and Discounts
Some mobile wallet apps offer sign-up discounts and promotions to encourage use.
You can get a great perk every time you pay with your mobile wallet using your Founder’s Rewards Card. You can earn 2%* or 1.5% cash rewards. There’s no limit on the rewards you can earn nor do they expire. Apply for your Founder’s Rewards Card today! You can also earn rewards for using your debit card. You can earn $.05 or $.10 on eligible purchases**.
*You can earn 1.5% cash rewards on purchases. You can earn 2% cash rewards on purchases if you maintain a PSECU checking account and qualifying monthly direct deposit(s) of at least $500. Some exclusions may apply. See the Visa® Founder's Card and Visa® Alumni Rewards Card Rewards Program Terms and Conditions for full details.
**You can earn $0.10 cash rewards on eligible purchases of $10 or over with a PSECU checking account and one or more qualifying monthly direct deposit(s) totaling at least $500. You can earn $0.05 cash rewards on eligible purchases of $10 or over for accounts with a PSECU checking account. Certain restrictions may apply. See the Visa® Debit Card Rewards Program Terms and Conditions for full details.