Benefits of Using Mobile Payments  

Why fumble for your wallet when checking out when you can pay using your phone? 

With more and more people owning smartphones, contactless payment via digital wallet  

and mobile payment apps are more popular than ever. 

Here are some benefits to consider. 

Convenience 

The biggest and most obvious draw of mobile payments is their convenience. No more  

pawing through cards or cash at the checkout. Just pull out your phone, open your digital  

wallet app and tap or wave your phone near the payment-enabled terminal. 

Security 

Using a mobile payment app to complete a purchase has several security advantages over  

traditional payment methods. 

1. First, it eliminates the need to carry around cash or credit cards, which always has the risk of being stolen or lost. Misplaced credit cards, in particular, can be a nightmare for consumers, making them vulnerable to full-blown identity theft.
2. Second, mobile-payment apps use extra security measures to protect user data, such as encrypting all personal information and utilizing biometric authentication features like fingerprint scans and facial recognition.
3. Finally, each transaction on a mobile payment app is tokenized. This involves a one-time code generated by the payment terminal, or a “token.” The token is used to complete the transaction in place of the buyer’s actual payment information. The token cannot be used for any other transaction and is effectively useless if hacked. The buyer is thus protected from fraud. 

Speed 

Mobile payments are super-fast. It’s just a one-two-three tap to pay. 

Budgeting and expense-tracking 

Digital wallets can easily be integrated with money-management apps, making budgeting  

easy. Every transaction is instantly recorded for future reference and review. 

Safety 

Ever since the world entered the alternate reality of COVID-19, mobile-payment apps have  

enjoyed an enormous boost in popularity. This is likely due to the fact that consumers are  

wary of shopping in brick-and-mortar locations and are hesitant to handle germ-infested  

cash. Inserting a debit card or credit card into a public payment terminal that processes  

hundreds of cards a day is not much of a better option. Mobile payment apps enable the  

consumer to complete their purchase without making any physical contact at germ-laden  

terminals. 

Next Steps 

You’ve read the benefits, now you can put them to work. 

Add your Turtleford Credit Union Member Card® to Apple Pay, Google Pay, or Samsung Pay  

and start tapping today. 

This content is intended for general information and discussion purposes only. It does not constitute financial, legal, or professional advice. Readers should seek independent guidance from a qualified professional to ensure decisions are appropriate to their personal situation when applicable.