In 2016, mobile is set to become one of the popular ways to pay. Here are some quick tips you should follow to make sure your mobile payments experience is smooth as well as safe.
#1. Choose your wallet provider carefully
The problem: Which wallet/wallets should I choose?
What you should do: There are many payment apps and mobile wallets out there. Select one which suits your needs and is compatible with your most used apps. If you tend to use a cab service frequently, it makes sense to use a wallet that is compatible with that app.
#2. Secure Your Device
The problem: While mobile payment through the various apps available is convenient, it is also now easier for a thief to gain access to your financials if they steal or hack your phone.
What you should do: Use strong passwords and never let your phone out of your sight. Change your passwords often.
#3. Use digital wallets for one click payments
The problem: Where do digital wallets make the most sense?
What you should do: Digital wallets on your phone should be used primarily for daily convenience such as booking cabs or recharges. Be careful though, so that you don’t overspend.
#4. Carefully choose the apps you want to link
The problem: Which apps should I use and link with my wallet?
What you should do: While convenient, mobile wallet apps should be used only with trusted apps. Look at number of downloads and reviews.
#5. Reduce risk of frauds
The problem: Should I shop with digital wallets?
What you should do: Digital Wallets give you the benefit of spending a set amount of money; money that is in your wallet. This is helpful as you don’t have to expose your entire bank balance when shopping. This, however, means that mobile wallets are best for relatively small purchases.
#6. Track your wallet usage weekly
The problem: Should I track my wallet usage?
What you should do: Mobile shopping can be addictive and mobile wallets make spending easy, so make sure you track where your wallet money is being spent. A weekly tracking should be enough.
If you are comfortable with mobile for wallets, use it for saving and investing as well.
- Increase your knowledge about money, saving, and investing by reading interesting finance blogs.
- Invest with smart services (for example us).
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