The Benefits of Using Mobile Payments

Learn why digital wallet and mobile payment apps are more popular than ever.

A woman uses her phone to make a mobile payment. There are many benefits of using mobile payment apps and digital wallets.

Why fumble for your wallet when checking out when you can pay using your phone?

With more than 81% of Americans owning smartphones, contactless payment via digital wallet and mobile payment apps are more popular than ever.

Here are some benefits to consider.


The biggest and most obvious draw of mobile payments is their convenience. No more pawing through cards or cash at the checkout. Just pull out your phone, open your digital wallet app and tap or wave your phone near the payment-enabled terminal.


Using a mobile payment app to complete a purchase has several security advantages over traditional payment methods.

First, it eliminates the need to carry around cash or credit cards, which always has the risk of being stolen or lost. Misplaced credit cards, in particular, can be a nightmare for consumers, making them vulnerable to full-blown identity theft.

Second, mobile-payment apps use extra security measures to protect user data, such as encrypting all personal information and utilizing biometric authentication features like fingerprint scans and facial recognition.

Finally, each transaction on a mobile payment app is tokenized. This involves a one-time code generated by the payment terminal, or a “token.”  The token is used to complete the transaction in place of the buyer’s actual payment information. The token cannot be used for any other transaction and is effectively useless if hacked. The buyer is thus protected from fraud.


Mobile payments are super-fast. It’s just a one-two-three tap to pay.

Budgeting and expense-tracking

Digital wallets can easily be integrated with money-management apps, making budgeting easy. Every transaction is instantly recorded for future reference and review.


Ever since the world entered the alternate reality of COVID-19, mobile-payment apps have enjoyed an enormous boost in popularity. This is likely due to the fact that consumers are wary of shopping in brick-and-mortar locations and are hesitant to handle germ-infested cash. Inserting a debit card or credit card into a public payment terminal that processes hundreds of cards a day is not much of a better option. Mobile payment apps enable the consumer to complete their purchase without making any physical contact at germ-laden terminals.

Your Turn: Why do you use mobile payment apps? Share your favorite benefit of using digital wallets on our Yammer page. Then check out Coca-Cola Credit Union’s Mobile Wallet HERE.





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