DO NOT check this box if you are using a public computer. User IDs potentially containing sensitive information will not be saved.
Sign on to Online Banking
Five Benefits to Using a Mobile Wallet
Mobile wallets are a relatively new payment option (compared to cash and checks) that can offer some serious benefits.
Mobile wallets – smartphone apps where you can store your debit and credit cards – are a convenient way to pay for transactions with a tap of your phone. Thanks to convenience, speed and added security, this mobile payment option continues to grow increasingly popular, with the market estimated to rise to $1.35 trillion in 2017.
If you haven’t jumped on the bandwagon yet, keep reading for five reasons mobile wallets are gaining popularity.
- They may help to reduce fraud. The data stored in mobile wallets is encrypted, meaning your actual card account numbers aren’t transmitted while making a payment. Mobile wallets use random payment codes that cannot be used again and often rely on certain security features, including biometrics, to authorize a payment. Furthermore, your full card account number isn’t displayed anywhere in a mobile wallet, meaning prying eyes won’t be able to capture your card number for future use. In addition, your transactions are covered by the same security and privacy protections as your physical cards.
- They can save you time. With a mobile wallet, you can pay quickly by holding your phone over the payment terminal and verifying the purchase. Most transactions can be completed in just a few seconds.
- You can trim your wallet contents. In addition to credit and debit cards, certain mobile wallets also can store loyalty cards and gift cards, allowing you to have them on hand at all times – without putting a bulge in your wallet.
- You can shop online on the go. Forget about typing in card numbers when shopping online from your phone – you can pay for some purchases with your mobile wallet. Using a mobile wallet instead of a card on file when you shop online means you can reduce the number of places where your card numbers are stored, without sacrificing a speedy checkout.
- You still receive rewards. If your card offers cash back or other rewards, you’ll still receive those when using that card in a mobile wallet. In fact, when you always have your virtual card on-hand, it may even be easier to rack up rewards.
Businesses are on Board with Mobile Wallets
As people become more comfortable using mobile wallets in their personal lives, they also seek the same flexibility for work. Some mobile wallets, like PNC Pay, allow you to add small business credit cards to pay for business expenses.
PNC Point of View
Real People. Real Perspective. Real Insights.
Read more POV Stories »
You May Also Be Interested in Visiting...
Important Legal Disclosures & Information
1. “Mobile Wallets: Service Provider Analysis, Market Opportunities & Forecasts 2017-2021,” Juniper Research, 2017.
A supported mobile device is needed to use Mobile Banking. Standard message and data rates may apply.
PNC Pay is a registered mark of The PNC Financial Services Group, Inc.
These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions.
This site may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.
PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”)
GET IN TOUCH
Banking on the Go
We have tools to help you bank when and where you want.Mobile Apps Directory »
Be part of our inclusive culture that strives for excellence and rewards talent.Visit PNC Careers »
The PNC Financial Services Group, Inc. All rights reserved.