If you have a teenager at home, you know that their phones go everywhere that they go. Teens use their phones to message their friends, play games, browse the internet and much more. But smartphones can do so much more than even that, including making quick transactions using mobile wallet applications. Many retailers now accept purchases from mobile wallet apps for both in-person and online purchases. American First Credit Union wants you to know what mobile wallet apps can provide, and how teenagers can use them responsibly.
What Is a Mobile Wallet and How Do I Use It?
Mobile Wallet is an app you can download to your phone or tablet that allows you to make purchases directly from your device. Apps for mobile wallets include:
· Apple Pay
· Google Pay
· Samsung Pay
· Garmin Pay
· Fitbit Pay
Once you have these apps installed on your device, you add in information about your debit card. Once that’s complete, you can use your smartphone to complete transactions at contactless pay terminals or online purchases that accept your payment app.
Benefits of Mobile Wallet
Convenience is the name of the game when it comes to being able to use your mobile wallet. Because it’s an application accessed through your smartphone, it goes everywhere that you go. Even if you forget your wallet, you can make a payment as long as the retailer has a contactless payment terminal. As a parent, you can also easily track your child’s transactions via online banking, as long as you are authorized to view that information. Most importantly, mobile wallet transactions are more secure than traditional card transactions, so you don’t have to worry as much about fraudulent activity.
What To Watch for With Mobile Wallet and Your Teen
The biggest drawback to mobile wallet payments is the fact that they are not universally accepted yet. Some retailers do not have the capability to accept contactless payments yet, so you can’t fully depend on your mobile wallet app. It’s also important to know that because your mobile wallet app is connected to your teen’s debit card, there is a risk of them overdrawing on their checking account. If they don’t keep close track of the balance, they could find themselves paying overdraft fees.
If you have questions about how your teen could benefit from using a mobile wallet application, please contact American First Credit Union to speak with our team.
