Active Alert: MIT Federal Credit Union will never text, email or call you asking for personal or account information. Never click a link or download an attachment from someone you don't know. Fraud is on the rise; learn how to protect yourself. Learn more at our Security Center

Branch Closing: MIT Federal Credit Union branches will close early on Wednesday, September 3rd, 2025, for company-wide training. Student Center and Technology Square branches will close at 1:30 PM. Lincoln Labs branch will close at 2:00 PM. Contact Center will close at 2:30 PM. MIT FCU will resume normal business hours on Thursday, September 4th.

Go to main content MIT Federal Credit Union

Join now

MIT FCU image
MIT FCU image
« Return to "Blog"

The Benefits of Using Mobile Wallet

Authored By: MIT FCU

Why fumble for your wallet when checking out when you can pay using your phone?

With more than 81% of Americans owning smartphones, contactless payment via digital wallet and mobile payment apps are more popular than ever.

Here are some benefits to consider.

 

Convenience

The biggest and most obvious draw of mobile payments is their convenience. No more pawing through cards or cash at the checkout. Just pull out your phone, open your digital wallet app and tap or wave your phone near the payment-enabled terminal.

 

Security

Using a mobile payment app to complete a purchase has several security advantages over traditional payment methods.

First, it eliminates the need to carry around cash or credit cards, which always has the risk of being stolen or lost. Misplaced credit cards, in particular, can be a nightmare for consumers, making them vulnerable to full-blown identity theft.

Second, mobile-payment apps use extra security measures to protect user data, such as encrypting all personal information and utilizing biometric authentication features like fingerprint scans and facial recognition.

Finally, each transaction on a mobile payment app is tokenized. This involves a one-time code generated by the payment terminal, or a “token.”  The token is used to complete the transaction in place of the buyer’s actual payment information. The token cannot be used for any other transaction and is effectively useless if hacked. The buyer is thus protected from fraud.

 

Speed

Mobile payments are super-fast. It’s just a one-two-three tap to pay.

Budgeting and expense-tracking

Digital wallets can easily be integrated with money-management apps, making budgeting easy. Every transaction is instantly recorded for future reference and review.

 

Safety

Ever since the world entered the alternate reality of COVID-19, mobile-payment apps have enjoyed an enormous boost in popularity. This is likely due to the fact that consumers are wary of shopping in brick-and-mortar locations and are hesitant to handle germ-infested cash. Inserting a debit card or credit card into a public payment terminal that processes hundreds of cards a day is not much of a better option. Mobile payment apps enable the consumer to complete their purchase without making any physical contact at germ-laden terminals.



« Return to "Blog"
10 Things You Can Do To Improve Your Credit Score

10 Things You Can Do To Improve Your Credit Score

Here are 10 things you can do to improve your credit score.

Read More

Mobile Wallets in the Digital Age
By
Personal Banking

Mobile Wallets in the Digital Age

Learn how the technology behind mobile wallets has revolutionized the way we send and receive payments.

Read More

Person holding pen to paper

Daily Habits That Lead to Long-Term Financial Wellness

The foundation for long-term financial wellness is built on small, consistent choices you make every day. 

Read More