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Ask The Expert - October 2019

by Stacy Wise | Oct 01, 2019

Mobile Wallet Payments

I'm new to the "mobile wallet" concept. What is a mobile wallet and why should I use it?

 

What is it? A mobile wallet is an alternative to using your physical debit card that allows you to store your information on your mobile device and securely use it to make purchases. With mobile payments, your actual debit or credit card number is never transmitted or shared with merchants. Instead, a unique “device account number” is assigned, encrypted, and securely stored. When you make a purchase, the "device account number", along with a transaction-specific security code, is used to process your payment.

Why should I use it? Adding cards to your mobile wallet provides a convenient way to pay for purchases with your smartphone, smartwatch, or tablet. It may also help to reduce fraud, as mobile wallets are generally harder to steal or copy than physical cards and cash.

Features

  • Quick - Check out fast, easy and hassle-free. Just hold your device near the merchant terminal, tap the screen, and you're done.
  • Safe - Your card stays safely in your wallet, reducing the danger of credit card theft or fraud.
  • Secure - Your payment information is never shared with merchants or stored on your mobile device.

Get Started Now

Your MNB Debit Card is already mobile wallet compatible. Just add it to your mobile wallet!

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