Mobile Payments: What They Are & How To Use Them
If you haven’t used or experienced mobile payments, they are financial transactions that happen through a smartphone, smartwatch, or tablet, using a mobile wallet such as Apple Pay. When you make a purchase with your mobile wallet, a virtual token is used to transmit your payment. Your card number is encrypted and never stored or shared with retailers, making it safer than carrying physical cards or cash. Mobile payment is an easy way to move money and make purchases, which is why usage of it has been growing so rapidly. According to one recent report
, mobile payment volume is expected to reach $92 billion by 2019.
Five Frequently Asked Questions About Mobile Payments
- What are mobile payments?
Mobile payments are regulated transactions that take place, digitally, through your mobile device.
- What is a mobile wallet?
A mobile wallet is an app that (securely) stores your credit card details so that you can pay for things digitally.
- How do you use a mobile wallet?
You can download a mobile wallet app on you phone and add credit or debit card information which will be stored, securely. Most mobile wallets require thumbprint authorization – or other security measures – in order to access the mobile wallet and pay.
- How do mobile payments work?
In stores, mobile payments are enabled by a technology called NFC, which stands for “near field communication.”
- What are the benefits of mobile payments?
Mobile payments are secure, fast, and convenient.
Ready to start using mobile wallet? Choose your wallet to get step-by-step instructions for adding your Kentucky Bank debit card: Apple Pay® | Google Pay™ | Samsung Pay®