What is a mobile (or digital) wallet?
Mobile wallet is an app on your smart phone or watch that stores 
your credit card, debit card, and bank information —then allows 
you to make purchases with merchants (stores, restaurants, or 
other places that sell things for you to buy).  The mobile wallet 
app subtracts the money you spend from your credit card, debit 
card, or bank account.  
Different types of mobile wallets apps match different types of 
smart phones.  Most common mobile wallets apps are PayPal, 
Apple Pay, Google Pay, Venmo, and Samsung Pay that may be installed on your smart phone.  You can 
download other mobile wallet apps from banks such as Wells Fargo and Capital One.  Also, you can 
download mobile wallet apps from merchants such as PayPal, Walmart, and Starbucks.  Your mobile wallet 
app only works with merchants (stores and restaurants) that accept the
 app as payment method.  
What are the benefits of a mobile wallet?
Mobile wallets are easy to use for people who like to use smart phones. 
 You do not need to carry your 
plastic credit or debit cards in your purse or wallet when shopping beca
use the information is installed on 
your smart phone.  When you are ready to pay, you:  a) Unlock your phone.  b) Type the pass code or use 
your fingerprint to unlock the mobile wallet.  c) Touch your phone to the "mobile 
wallet reader" next to the register.  The mobile wallet and reader use NFC (Near 
Field Communication) to electronically communicate information to each 
other.
How do I set up a mobile wallet?
a) Select the mobile wallet app you want to use.  b) Open the app and 
add each 
credit card, debit card, or bank account that you want to store in the m
obile phone app.  You may use your 
phone camera to scan the card, or enter information using the keyboard.  c) Set "default" payment option.  
Even though all your plastic cards and bank accounts are stored within t
he mobile wallet app, you need to 
select the "default" payment option — the one card or account that will be the first one used to process the 
purchases you make.
Are mobile wallets safe?  Yes and No
Yes.  Plastic credit and debit cards print your name and account number on t
he 
card.  Mobile wallet apps "encrypt" your banking information before sending the 
information electronically to your bank.  Encrypt is an electronic proce
ss that 
changes your information into a scrambled unreadable code.  Also, you need to 
keep your mobile wallet app updated to the newest version for safe use.
   
No.  You can use your mobile wallet when your phone has battery life.  If your
 
battery runs out of power, your mobile wallet stops also.  	
Your Money: Mobile Wallet (page 1 of 2)	
Your Money: Mobile Wallet

Permission to use with usworkworld.com subscription.  
1. a) What is a mobile wallet?  b) Money you 
spend is subtracted from what 3 places?
2.  List 3 common mobile wallet apps.  
3.  a) Why do you not need to carry your plastic 
cards when shopping?  b) List the 3 steps to use 
when you are ready to pay with mobile wallet.
4.  a) What do mobile wallet and reader use?  b) To 
do what?
5.  a) List the 3 steps to set up the mobile wallet 
app.  b) What is a default payment option?
6.  a) What is "encrypt"?  b) Why do you need to 
keep your mobile wall app updated?
7.  What happens if your phone battery dies?
8.  When can a mobile wallet process payments? 
9.  a) What is best way to keep a criminal out of 
QUICK CHECK:	
Your Money: Mobile Wallet (page 2 of 2)	
Yes.  When your phone is locked, your mobile wallet is safe.  The mobile wallet app can 
process payments only when your phone is unlocked with pass code or your fingerprint.  
If you use pass code, you need a STRONG pass code.  The best way to keep a criminal 
out of your phone is to require a 2-step unlock — strong pass code with "biometric" 
authentication.  Biometric authentication is your fingerprint, facial, or iris (eye) scan on a 
smart phone.
No.  Recently, hackers found a way to pass the Samsung Galaxy iris scan with a person's photo and contact 
lens.  Hackers are trying ways to pass biometric authentication on other
 types of smart phones and watches.  
No.  Studies prove only 40% of smart phone users keep their phone locked.  Criminals may "shoulder -surf" 
when you are the cash register to see you enter your pass code, then ste
al your phone.  What do you think 
happens when your unlocked phone is stolen, and your pass code is known 
from a shoulder-surf?  
No.  If you add your credit card, debit card, or bank information using publ
ic Wi-Fi network, hackers can 
grab the information, then "spoof" or re-create your mobile wallet and quickly use it to purchase stuf f.
No.  Your smart phone can become infected with malware that will steal pass co
des and information.  
Malware enters your phone when you click on infected advertisement or fa
ke e-mail link sent by criminals.
What do I do if my mobile wallet phone or watch is stolen or lost?
1) Immediately report the theft or loss to your wireless carrier.  Your carrier 
may be able to disable your phone.  2) Immediately report the theft or 
loss to 
your bank so that your bank can freeze your accounts to stop all transac
tions 
(purchases and money flow).  3) If your phone is stolen, report the theft to 
the police and get copy of the report.  Some wireless carriers or banks 
require 
proof that your phone was stolen, and a police report can provide proof.
your phone?  b) What is called biometric 
 authentication?
10.  Recently, what did hackers find a way to do?
11.  a) What percent of phone users keep their phone 
locked?  b) Do you keep your phone locked?
12.  Why do criminals shoulder surf?
13. What happens if you add your bank information  when using public Wi-Fi network?
14.  When does malware enter your phone?
15.  When mobile wallet phone is lost or stolen, 
what 2 things do you IMMEDIATELY do?
16.  a) If your mobile wallet phone is stolen, what 
else do you do?  b) Why?
17.  a) Will  you use plastic credit card or mobile 
wallet when shopping?  b) Give a reason for 
your answer.