\I was one of those guys who carried a big wallet and it was uncomfortable sitting down,” said Raposo, who also worried about pickpockets with his over-stuffed wallet.
He now only carries a cardholder with his driver’s license, bankcard and company credit card. “I rely on my [mobile] wallet and do keep a credit card in the car for emergencies.”
Mobile wallets — essentially a virtual wallet on your phone — can hold a combination of credit and debit cards, bank account information and loyalty cards. The downloaded or preinstalled app allows users to transfer funds from one account to another via email or SMS and pay at certain restaurants and merchants.
At a growing number of merchants, you can pay by tapping your smartphone against a specially-designed device. Users enter a pin to access the wallet, and a lost smartphone can be wiped clean remotely from another device — there’s no need to call banks and credit card companies.
With more of us strapped to smartphones, it’s no wonder that the idea of the mobile wallet is gaining in popularity.
“The value of the mobile wallet is around the convenience and simplicity of having everything on the device,” said Jaymee Johnson, head of marketing at Isis in Seattle, a joint venture between AT&T, T-Mobile and Verizon focusing in the mobile payment space.