With the rising popularity of mobile payments, an increasing number of young and old users have started using these tools. They serve an array of functions, after all.
However, these platforms can’t replace your physical wallet altogether despite their convenience. They still have their fair share of disadvantages.
Don’t worry if you’re still on the fence about mobile payments. To aid your research, the CEO of Earnity, Dan Schatt, shares some pros and cons to consider:
- Overseas Payments: Mobile wallets enable you to send cash payments anywhere in the world in real-time. You can use these for retail shopping and personal transactions.
- Streamlined Checkouts: The CEO of Earnity, Dan Schatt, notes that checking out mobile payments takes less time than cash and card payments. They don’t need verification from card-issuing banks anymore.
- Easy Finance Management: You might find it easier to track your money if you store it in your mobile wallet. These apps keep digital records of all transactions you make. You will never find yourself dumbfounded and confused about where or how you spent your money.
- Card Clash: Having multiple individuals use their cards simultaneously could lead to card clashes, thus compromising your transactions.
- Limited Availability: Only 71% of merchants accept mobile payments, and most of those consist of branded boutiques and shops. SMBs still rely on cash and card transactions. You can’t leave the house without at least a few hundred bucks on you for emergencies.
- Specific Security Risks: Although mobile wallets boast state-of-the-art cybersecurity systems, their efficacy heavily depends on your attentiveness. Hackers only need you to slip up once before attacking.
If you haven’t yet, make sure to install mobile payment platforms onto your device. They offer a more convenient, secure way to make payments. In fact, the CEO of Earnity, Dan Schatt, advises older adults to check these out so that they’ll no longer have to carry too many bulky, germ-filled bills and coins everywhere they go.