TOPICS TO BE

DISCUSS

What is mobile wallets?

How to use mobile wallets?
Security features of mobile wallets
What are the uses of mobile wallets?
Advantages and Disadvantages of mobile
wallet
Things to remember to secure your
mobile wallets
WHAT IS A MOBILE
WALLET?
It is a virtual wallet that stores credit card or debit
card information on a mobile device like your
phone, tablet, or smartwatch.
Mobile wallets allow users to make in-store
payments without having to carry cash or physical
credit cards.
A way to carry cash in digital format. You can link
your credit card or debit card information in a
mobile device to a mobile wallet application or
you can transfer money online to mobile wallet.
The app uses an information transfer technology
like Near-Field Communication (NFC) which uses
radio frequencies to communicate between the
two devices. NFC uses the personal identification
format of the users to communicate the payment
information to the NFC-enabled reader or the
merchant's POS terminal.
MOBILE WALLETS
The popular mobile wallets such as Google Pay, Samsung Pay, and
Apple Pay comes as an in-built feature of their respective brands'
smartphones.

mobile wallet apps:

Gcash
PayMaya
PayPal
M Lhuillier Wallet
GrabPay
Coins PH
 OW TO USE MOBILE
H
WALLET?

1. Choose and download the app that fits your phone (like
Apple Pay or Google Pay).
2. Set up the app by following the instructions and linking
your cards or bank account.
3. Add your payment methods (like your credit card) to
the app.
4. Verify your identity using your fingerprint, face, or a
PIN.
5. Use the app to make payments in stores, online, send
money to friends, or pay bills.
6. Keep your phone safe and regularly check your
transactions for any issues.
7. Update the app regularly for the latest security features
Mobile wallet security features

Biometric Authentication - Mobile wallets often use

biometric authentication methods, such as fingerprint
recognition and facial recognition, to ensure that only
authorized users can access the wallet and perform
transactions.
PIN or Password Protection - Users can set up a Personal
Identification Number (PIN) or a strong password to secure
their mobile wallet. This PIN or password is required to access
the wallet and initiate transactions.
Device Authentication - Some mobile wallets are tied to
specific devices. They use device-specific information and
security protocols to ensure that the wallet can only be used
on the registered device, making it harder for unauthorized
access.
Mobile wallet security features

Tokenization to process payments without sharing card

numbers – the numbers are encrypted and replaced with a
token.
Encryption - Mobile wallets use strong encryption to protect
data during transmission and storage. Encryption ensures
that data is scrambled and can only be unscrambled by
authorized parties with the proper decryption key.
Two-Factor Authentication (2FA) - Some mobile wallets
support 2FA for additional security. This requires users to
provide a secondary form of verification, such as a one-time
code sent to their registered email or phone number, when
initiating certain transactions.
ADVANTAGES OF MOBILE WALLET

Safer and more secure

Mobile wallet transactions are covered by the same security and privacy protections as your physical
cards. Additional security measures can also be available with mobile wallets including biometric
authentication.
Accessible and convenient
Mobile wallets are also quickly accessible and convenient, making it easier for users to make payments.
Once credit card information is added to the mobile wallet, users can use the funds to pay bills and make
purchases on the go.
Frictionless
A closed mobile wallet embedded into an app allows for a frictionless and seamless experience for your
customers. There’s no need to go to a separate payment app to make the purchase.
Contact-free
The advent of Covid raised concerns about handling “dirty cash” or touching chip and pin devices. This
needs to minimize contact and go touchless inevitably led to the sharp decline in cash usage and
increase in contactless payment methods that we’ve witnessed over the last few years. This need to go
"touch-free" resulted in a spike in mobile payment adoption rates as people tried them for the first time.
Incentives and offers
You get cashback, free gifts, promo codes, etc with mobile wallets
DISADVANTAGES OF MOBILE
WALLET

Limited Acceptance
TecHnical issues
Dependency on technology
 Here are some tips to keep
in mind when using
mobile wallets:

Connect your bank account or debit card to your

mobile wallet: This will allow you to easily top up your
mobile wallet and make transactions.
Choose a secure password: Make sure to choose a
strong and unique password for your mobile wallet
account. Avoid using the same password for multiple
accounts.
Keep your mobile wallet app updated: Regularly
updating your mobile wallet app will ensure that you
have the latest security features and bug fixes.
Check your transaction history regularly: Keep track of
your transactions to ensure that there are no
unauthorized charges.
 Here are some tips to keep
in mind when using
mobile wallets:

Avoid using public Wi-Fi networks: Public Wi-Fi

networks can be insecure, so it’s best to avoid using them
when making transactions with your mobile wallet.
Be aware of phishing scams: Scammers may try to trick
you into giving them access to your mobile wallet
account. Be cautious of any suspicious emails or
messages asking for your login credentials.
Use a mobile wallet that offers buyer protection: Some
mobile wallets offer buyer protection, which can help you
get a refund if there is an issue with your purchase.

- Mobile wallet is very helpful because it allows for faster, more convenient, and
more secure transactions. They can help reduce the risk of fraud and other
security threats. Mobile wallets can also help users manage their finances more
effectively just be responsible and be wise in using them.
Do you have any questions for us?
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