Mobile Wallets are newly-developed methods of paying for goods and services through apps accessible by mobile devices. Individuals are now capable of saving their credit/debit card information, as well as many other methods of payment on smartphones apps that give the individual more convenient ways to purchase items. Due to fast-paced advancements in technology, many retail stores are now looking to upgrade their payment systems by supplementing the option to pay via mobile. These technology advancements are making Mobile Wallets a staple in the daily lives of consumers.
There is controversy over privacy bugs and faulty designs, as well as controversy over the safety and effectiveness of using Mobile Wallets. BusinessWeek.com states through its statistics that Apple has collected more than 800 million credit card numbers through iTunes alone! Now is time for consumers to protect themselves.
I believe that personal privacy is crucial, especially when associated with the Internet. Many platforms require you to fill in details regarding your personal information, but it is important to keep in mind that the information is easily accessible and easily infiltrated by external parties. For example, Google Wallet, one of the few Mobile Wallets available, was hacked in early 2014. Even though traditional methods of banking and making transactions may seem more lengthy and extensive, I believe that containing your personal information where you know it’s safe and only accessible to you is worth precautionary effort.
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