One of the perks of utilizing a digital wallet on your device is its ease of use. This can become a problem though, as many people feel like they thoughtlessly purchase items because it seems almost different from using cash or a card. Like any other purchase, it is important to follow your spending and utilize a budget to stay out of credit card debt. Most digital wallets do keep track of expenses, but it is important to transfer this data over to any kind of budget tool you use.
While people can start to rely heavily on their digital wallet as it is very user-friendly, you should still carry your physical debit and credit cards with you. For instance, there may be times where you need to give someone your actual card number, and this entire number is not usually visible in your digital wallet. Keep all forms of payment on you just in case.
Opt for thumbprint security features over Face ID to unlock your phone. Using your phone as your digital wallet offers you great convenience, but it means the security for your device is at a premium. The tech Face ID is still developing, which means it’s still less secure than thumbprint-based security features. There have been numerous documented times of Face ID unlocking a phone for a different individual than the phone’s owner–so don’t leave your digital wallet vulnerable to that possibility.
My biggest tip for using your digital wallet is to ensure you have at least one backup card/bank account on file. When I’ve misplaced one of my debit/credit cards, I’ll typically need to reorder a new one from the issuing bank, and if my card is hooked up to my digital wallet, it’ll fail the next time I go to make a purchase! That’s why I always suggest having at least two payment methods hooked up to your digital wallet in case one fails when you go to purchase an item in-store or online.
One great tip I have for someone using their digital wallet on their phone, tablet, or computer, is to never make purchases and use your digital wallet on a public Wi-Fi connection. Although public Wi-Fi can be helpful at times, it most certainly isn't secure. This may seem like paranoia to some, but public Wi-Fi connections are always vulnerable to cyber hacks and if you make a purchase while connected to public Wi-Fi, it may be possible that someone could view your financial information and then try to use it to commit some form of fraud at a later time. A much safer way to use your digital wallet on your devices is to use your phone’s cellular connection or a virtual private network (VPN) when making transactions online.
If you're keen to use your digital wallet, keep your information as updated and safe as you would with a traditional wallet. For instance, check your info and numbers before submitting payment to ensure everything is correct. It's too easy with a digital wallet to accidentally use the wrong card or have incorrect payment information that creates a bigger headache than is necessary. Be as diligent and responsible with your digital wallet as if you're pulling out your cards for a brick-and-mortar purchase.
If you’re using your digital wallet and changing from your debit card to your credit card (or switching from one credit card to another), be sure to check your default settings before you make any purchase. If you’re at a restaurant, take a moment to check and make sure the card you want to use is front and center. If you’re inside a store, remember to check which card you’re using before you go to the check-out line. Nobody likes to mix up their cards, so the key is to make sure you have the right card in the right place in your digital wallet long before you tap.
When you want to use your digital wallet on your device, you must track your digital wallet usage weekly for safety. The problem might arise if you should track your wallet usage! In that case, you must consider that mobile shopping can be addictive, and wallets can make spending easier. Therefore, you need to track your digital wallet where your money is being spent. That’s why weekly tracking is enough. When you’re comfortable with mobile for digital wallets, use it to invest and save. You can invest with smart devices and save taxes.
One tip that can be helpful for using your digital wallet on your device is to make sure that you have a strong password. This way, if your device is lost or stolen, your information is not immediately accessible. Additionally, make sure to keep your digital wallet up-to-date as frequently as possible so that you are always protected from malicious attacks. Additionally, make sure to sign up for security alerts so that you are alerted when there is an update to the app or website. This also makes it difficult for someone to hack or use your wallet without you knowing.
Back up your digital wallet regularly to avoid losing your information or cryptocurrencies. By doing so, you create a recovery phrase that can be used to access your wallet if you lose your device or forget your wallet's password.
Marketing & Outreach Manager at ePassportPhoto
Answered 4 years ago
Here are a few tips for using your digital wallet on your device: 1. Keep your digital wallet software updated. This will ensure that you have the latest security features and bug fixes. 2. Create a strong password for your digital wallet, and never share it with anyone. Also, make sure to use different passwords for different wallets. 3. When possible, enable two-factor authentication (2FA) for additional security. This requires you to confirm each transaction with a second factor, such as a code sent to your phone or email address. 4. Be cautious of phishing emails or texts posing as your digital wallet provider – always check the sender’s email address or phone number before clicking.
Be sure to require a passcode to be able to use your phone, and use a PIN number to access your digital wallet. It is very important to keep your digital wallet protected so that no one else can have access to it if they were to try.
Safe and secure, mobile wallets are the easiest and fastest way to pay. No more fumbling through your physical wallet to find your card. It's the ideal solution for people who are always on the move and like to travel light. When shopping in-store or eating out, you can pay with your smartphone, smartwatch, or other connected mobile devices like a tablet. First, determine what cards are in your digital wallet. Note whether each card earns points, miles, or cashback. Then take a closer look at the reward structure of each card. For example, if you have a cashback card then you need to know how cashback is earned. Some cards offer a flat percentage back on purchases, while others offer tiered rewards that pay more on certain categories of purchases. Some cards may combine a flat percentage with a quarterly cashback bonus for certain purchase categories.
President at Cabrella
Answered 4 years ago
Connect your digital wallet to a budgeting app if you’re working on improving your money management. When a digital wallet is so convenient, we can forget about impulse purchases and how fast it adds up, impacting our long-term financial goals. Alternatively, email notifications and text reminders are ways we can mentally remind ourselves or manually enter expenses made in haste. This way you are able to stay on top of your accounts without having to wait until you reconcile the month’s statement or having inconvenient surprise reminders later long after a purchase is made from your digital wallet.