Digital Wallets Becoming More Popular
According to data presented by TradingPlatforms.com, we as a society are trending more towards cashless payments. This means mobile wallets are becoming more prevalent. It is anticipated that by 2024, mobile wallets will be responsible for 1/3 of all point-of-sale transactions globally. At MMCCU, our members use their digital wallets everywhere from major retailers to local small businesses as a safe, convenient way to pay.
In 2020, digital/mobile wallet payments were by far the most prevalent form of payment, equating to 44% of the share, two times more than credit cards and three times more than debit cards, according to TP. Cash payments are also anticipated to decline from 20.5% in 2020 to 12.7% in 2024.
Using your digital wallet is easy and free. If you have a smartphone, odds are that you also have access to a digital wallet that can either be downloaded or already exists on your phone as an app. Small businesses also find mobile wallets to be a safe and convenient way for customers to pay for goods and services.
“There may be a stigma that mobile wallets are only accepted in big cities or by big box stores, but the reality is that merchants in our area have accepted this form of payment for years,” said MMCCU President David Murphy. “As mobile wallets gain in popularity, I imagine more merchants will want to sign on to accept this form of payment.”
New to the mobile wallet scene? Getting started is as simple as downloading the applicable app on your smart phone and linking your MMCCU debit card within the app. If you need assistance getting it set up, we are here to help!
Why to use a Digital Wallet:
In just a few seconds, you can complete a transaction at the checkout terminal by using a digital wallet with a tap or wave of your smartphone. Gone are the days of digging around for the right card, because your payment is stored on your phone. In fact, you can organize all of your credit cards, membership cards, and customer loyalty cards in one digital space. This method can also make the checkout lines go quicker, and it’s less items to carry around when you’re shopping!
A credit card can fall out of your wallet, but it can’t fall out of your phone. Plus, additional security that most people have on their phone (like a passcode) further protects your digital wallet. If you lose your wallet, someone can steal your cards…but if they find your phone, they won’t be able to access your cards. When you pay with a digital wallet, your card’s information is not exchanged like it is when you use a physical card. Instead, a unique transaction identifier or token is used – so the store where you shop won’t have to store your account information, which helps keep your data safe.
Using a digital wallet is typically free. There’s no charge for the convenience. You’ll often find promotions and point reward systems in your digital wallet, which you can access at-a-glance.
To get started with your digital wallet, simply download the app or check your phone for existing apps. Contact MMCCU with any questions!
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