How Safe are Mobile Wallets?

Added 3 years ago     By Jenine Jay Bufi

Continuous innovation of mobile wallets has been disrupting the financial markets. People are slowly adopting this technology to improve their day-to-day living. Mobile wallet, also known as a digital wallet (sometimes called an e-wallet), is most often an app that can function within a smartphone and aims to replace carrying cash or checks, and stores all your credit and debit cards for you. This kind of innovation aims to start the journey to a cashless society.


Since mobile wallets have been proving that it’s a reliable and effective option in purchasing and paying goods and services, the ultimate question is – what are the security features that exist and how safe is it?


If you will be purchasing something or you will be paying a certain bill, most mobile wallet will require a pin, a fingerprint scan or you would have to answer a set of security questions. You should be the only one who knows your pin, never divulge any information about your mobile wallet because someone might use your wallet other than you. As for the fingerprint scan, this unique feature is safe because your fingerprint is unique. As for the security questions, make sure that you will answer these set of questions in a safe environment. You must be cautious always when using your mobile wallet.


What if you lose your smartphone? If you lose your smartphone and you’re logged in on your mobile wallet account, as long as no one knows your pin – then any cashout or transactions where your funds are being sent out has a high chance of not pushing through. You must contact the Customer Service representative of your respective wallet and inform them as soon as possible about the incident.


Mobile wallets are more secure than traditional transactions such as credit cards or actual cash. Aside from the fact that you do not have to bring both cards and actual cash, you can pay by just using your mobile wallet which is on your smartphone.


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