Mobile wallets, such as Google Pay, Apple Pay, and Samsung Pay, are fast becoming a popular way to pay, both online and off. However, while there might be lots of advantages to using mobile wallets – especially for those who love to be on the cutting edge of tech – is the world really ready for them? The pros and cons of using mobile wallets are all relevant for anyone about to make the jump, according to a recent article by online loan broker Solution Loans.
The cons of using mobile wallets
- Mobile wallets aren’t yet universal. For mobile wallets to be truly effective there needs to be the infrastructure and the technology in place to support them anywhere that you want to pay. That’s not yet the case so, even if you’re committed to a mobile wallet, for some time yet there may still be some places you have to carry cash for.
- You’ll always need the internet. If for some reason, the internet goes down when you’re trying to make a payment then that payment won’t go through. This could make things awkward or inconvenient – and isn’t ever going to happen with cash.
- If you lose your phone then your wallet is gone too. Think of the inconvenience of having to wait to have your phone replaced if it’s lost or stolen. If you’re using mobile wallet technology then it won’t just be your photos and apps you won’t have access to.
- Technical difficulties can occur. Every phone has the potential to throw up technical difficulties, from software failure to a manufacturer’s fault. Device failures can interrupt the use of a mobile wallet.
The pros of using mobile wallets
- No signatures or PIN numbers. If you’re using a mobile wallet then it’s independent of your physical cards, signatures and identification numbers – which is often where card fraud takes place. It’s much more difficult to steal a phone than it is to clone a card so security with mobile wallets tends to be better.
- No need to carry lots of cards. Apart from the security risk of carrying cards, there is also the convenience element. Carrying a wallet full of cards can be a pain, especially if you’ve got lots of different credit, debit or loyalty cards. The mobile wallet streamlines payments so that all you need is your phone.
- Better user experience. Mobile wallets are designed to make life easier and so the user experience behind them is constantly being improved. If you’re looking for a simpler way to pay for regular or one-off purchases then the technology behind mobile wallets is designed to achieve it.
- Faster payments. Mobile wallets are key to helping to speed up payments, whether online or in-store. Saved information and the use of technology provide new ways for retailers to give customers less time consuming options when it comes to payment and check out.
- The option of rewards. As mobile wallets remain relatively new there is a big push to generate interest in them. That means that many mobile payment platforms are offering rewards to those who are willing to be among the first to sign up.