Despite the convenience it offers, mobile wallets adoption rates are still not very high primarily because of security and privacy concerns related to their usage. Learn more on mobile wallet security.

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Mobile wallet refers to the practice of using smartphones for payment through credit or debit
cards. In essence, information is stored on your smartphone in digital form. It is fast replacing
physical credit cards as an increasing number of consumers switch to mobile wallets due to the
sheer convenience it offers. Mobile wallets can be used to store and organize information related to
credit or debit cards but also coupons, loyalty rewards etc in one central place for easy and quick
access, eliminating the need of carrying multiple cards and coupons.
Despite the convenience it offers, mobile wallets adoption rates are still not very high primarily
because of security and privacy concerns related to their usage. Chief among this are concerns
related to the financial data stored in the phone, in case the handset is misplaced. With credit card
and identity theft at an all time high, there are legitimate concerns that using smartphones as mobile
wallet might make them very vulnerable to theft.

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Most of these concerns, however, are unfounded as mobile wallets are in certain ways safer than
current credit cards. This is, in part, due to the way financial information is transmitted between the
bank and the application, via a token in place of the customer’s account number. The token is
actually an encryption that allows for only the application provider to understand the unique details of
each transaction and carry out the transaction instructions. Transactions through a mobile wallet are
highly secure with most organizations providing this service guaranteeing foolproof security for users
of mobile wallet. In order to allay consumer concerns regarding use of mobile wallet adequate
mobile wallet security measures have been put in place to ensure any transaction you undertake
through mobile wallet is completely secure with no leakage of information whatsoever.

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Mobile Wallet Security Measures
Ensuring the full card number is not visible to retailers and merchants at the time of purchase
In case a customer’s mobile device is stolen or lost, mobile wallet services can be instantly
disabled to prevent any data leakage
Mobile banking allows the customer to view transaction history and get an alert every time
there is activity on their mobile wallet
Some service providers offer zero Liability protection which basically means that the bank or
financial authority will not hold the customer responsible for reported unauthorized
transactions
24/7 Monitoring and Fraud protection services are offered by all mobile wallet service
providers

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Do not download and install apps unless they are from trustworthy sites
Do not entertain requests from apps that that seek access to information with potential for
misuse
Enable maximum security protection available on your smartphone and mobile wallet
Enable password security and ensure that you change your password at regular intervals for
added protection
Apart from the mobile wallet security measures put in place by organizations, there are a couple of
measures that consumers can themselves take to ensure security and privacy of information stored in their
mobile wallets.

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Summary
Choose a mobile wallet service provider that is able to
adequately address your concerns related to security
and privacy and you should be all set to enjoy the
convenience and ease that comes with using a mobile
wallet.

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Disclaimer
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