Digital Wallets: Choosing The Best One For Your Needs

William Leach, Writer

We live in an age where our smartphones are constantly by our side. Most tasks are just a few taps away. With our phones being such a big part of our lives, we made applications to make them more accessible and more convenient. To make things more convenient, companies have started to release digital wallet applications. Whether it be Apple Pay, Samsung Pay, or Google Wallet, there’s a digital wallet for almost anyone.

The advantages of having a digital wallet are obvious. You always have your phone with you, therefore, your wallet is also constantly with you. Not having to worry about forgetting your wallet is also a huge plus. Digital wallets can also give you access to your purchase history. You can keep track of when and where you use your card, making it easier to track your spending. There’s also features to freeze or cancel your card on demand. Some wallet applications, like Apple Pay, allow you to text people money through its service. It can be convenient if you would need to send money to someone like a babysitter.

Another positive is the added security of these services. The apps will either required a scan of your face through Face ID or a fingerprint through Touch ID, making your payments more secure and it makes it harder for people to steal your information. This requirement of ID means that if someone does end of stealing your phone, your payment and cards are completely safe. The change of someone hacking into your device with a fingerprint are 50,000 to 1 and with something like Apple’s Face ID, the odds are 1,000,000 to 1.

Even with all of the positives, there are downsides. Some card manufacturers don’t let you even use your card with the service, this isn’t a big of an issue as it used to be. Most card companies support the use of Apple Pay and Samsung Pay nowadays. Although Samsung Pay works with every card reader in the US, Apple Pay and Google Wallet don’t. Only around 25% of shops can accept these secondary types of pay. This brings up a lot of issues if you’re using these services as your primary wallet. Some places can’t accept these types of payment and that’s a huge problem. Bigger retailers and stores are compatible with Apple Pay and Google Wallet but that leaves out local shops like the ones found in downtown Madison or Hanover

Even with the added convenience of apps like Apple Pay and Samsung Pay. Such as being able to text people money and the added security, I don’t think it should totally replace your wallet. If you use apps like Apple Pay or If you’re interested in those services go for it. But If you do decide to use them, always carry a wallet or purse for your cards just in case you can’t use these futuristic means of payment.