More and more Americans are turning to the convenience of mobile payment solutions. In 2020, the number of U.S. users of mobile wallets, also known as “proximity mobile payments” rose to 92.3 million. eMarketer believes this will increase by 35% to 125 million in 2025. That increase, 32.7 million, is equal to the population of Texas with a couple of smaller states thrown in.
With the rise in popularity, you may be wondering if setting up a mobile wallet should be on your to-do list.
- Convenience – You probably already take your mobile phone with you wherever you go. Why not keep your wallet right there in the palm of your hand?
- Options – You can link several credit cards, debit cards or accounts to one mobile wallet, allowing you to select which payment method you prefer at the time of purchase.
- Contactless – No need to enter a pin or touch the payment terminal, just put your phone near the payment reader to make your payment. Usually it’s the same device that reads credit cards.
- Security - Most phones require a face, eye or fingerprint scan - or at least a PIN - in order to access the app. If someone steals or finds your wallet, that person has access to whatever cash or cards are in it. To use a mobile wallet app, someone would have to unlock your phone, then pass another level of security to get into the app. (Of course this only works if you set up proper security measures on your phone, so don’t forget to set up a multi-factor login method or biometric authentication, add virus/malware protection and avoid using financial apps when using public Wi-Fi.) Credit card terminals also are prone to skimming devices that illegally record your card’s information. Mobile wallets make payments by transmitting a virtual card number, not your bank account information.
Linking your Queensborough National Bank and Trust credit or debit card to your mobile wallet provides you with a safe and easy way to make purchases. If you have questions or need help, please contact Queensborough today or visit https://www.qnbtrust.bank/Personal/Accounts/Debit-Cards/Mobile-Wallet.
Founded in 1902, Queensborough National Bank & Trust Co. is Georgia’s community bank with more than 25 locations throughout Georgia. Queensborough was named the Best Small Bank in Georgia for 2021 by Newsweek. For more information, visit www.QNBTRUST.bank and find Queensborough on Facebook, Twitter, LinkedIn, YouTube and Instagram.