How Mobile Banking Is Making Your Wallet or Purse Obsolete

Purses and wallets are generally used for carrying your cash, your ID and even your credit and debit cards. They are so easily stolen when you are on vacation or traveling that it makes you want to stay home instead. However, mobile banking is revolutionizing things in a way that allows you to travel with more ease and less worry. In fact, your mobile banking app on your smartphone is going to make your wallet or purse obsolete. Here is how.

Virtual Wallets

If you have not heard about virtual wallets yet, you are in for a treat. Virtual wallets store all of your most important cards, ID, and financial information. Anytime you need to access any card, you can login to your mobile banking app and scroll through your virtual wallet to the card you want. Then you tap your phone against the checkout scanner to submit payment. The best part is, even if a mugger or a thief takes your phone, he/she would have to be a master hacker to get past the passwords, facial recognition software, and fingerprint scans on your phone to get anywhere near your virtual wallet! Your cards are completely safe, and you never have to carry cash.

Send and Receive Money Options

Virtual banking allows you to send and receive money too. Leave the cash at home and transfer money to someone else's account with just a few clicks and some of that NFC--near field communication. You can even transfer money to their account if their phones do not have NFC. Want to split the dinner bill or your shared cab ride? Pay your portion or have them send you their money for the bill. Cash is outdated when money is easily transferred electronically.

Accept Credit and Debit Card Payments

You can use all kinds of card readers on your phone to take credit and debit payments. You do not even need the reader so long as you have the app! When people want to pay you with a card, just enter the amount they are paying, type in the card number, CVV, and expiration date, make sure to cancel the tip button, and hit enter. You get instant virtual money, and their cards are charged in seconds.

Now, who needs a wallet or purse for anything, anymore? Whether you'd like to make easier payments or you are a small business owner, consider reaching out to mobile banking services to learn more.