Safety and security are among the top concerns
when it comes to using a mobile wallet
app. Despite the convenience it may offer, if the app is not secure and
can easily compromise your information, you might as well give up your password
and account names freely. That’s why you should get to know about the app
before you use it. Here’s what you should know to determine if a mobile wallet
is safe and secure:
- Verified –
Make sure that the mobile wallet
app is verified by the app store, and avoid downloading from
suspicious third-party websites. Consider an app that takes the time to
verify your identity too.
- Reviews
– When in doubt, read the feedback from other users. They could
reveal certain bugs and their experience with using the app. Just remember
to take their opinions with a grain of salt.
- Check
if it can be linked to your other accounts – A
closed mobile wallet app is
not linked to any bank account or credit and debit cards. Open ones can be
linked to banks and offer a cash-out facility.
- Get
to know affiliations – Is the mobile wallet tied up with any
financial services provider, like banks and lending institutions? Make
sure that they are reputable and trustworthy.
- Security
of the login process – A good mobile
wallet app may come with a one-time password (OTP) feature,
which will send a unique password as a text message so you can input that
instead. It changes every time you log in to avoid unauthorized usage of
your account.
- Transaction
limit – Are there restrictions to the number of transactions you can
perform in a few hours or for the whole day? If there are, make sure they
will not get in the way of reliability, especially if you will need the mobile wallet app for many
transactions.
- Can my phone run it? - Make sure that the app is compatible with the current operating system version of your smart device.
