Ditch Your Wallet - Mobile Wallets Demystified

Cash (if you’re lucky), credit cards, loyalty cards, ID’s, discount cards and all manner of other plastic populate our purses and wallets.  For men, a wallet can be an annoying bulge; for women an impossible item to stuff in a clutch.

The promise of mobile wallets seek to remedy these issues.  But, is ditching your wallet practical?  Let’s dispel some myths about
mobile wallets.

Myth 1:  Mobile wallets are only for the first world.

While it is true that some options like Apple Pay and Google Wallet don’t work in Jamaica, there are a plethora of other options that are, or will be, available soon.

Myth 2:  You need a smartphone for a mobile wallet.

Again, there are options that rely on a smartphone running Android or iOS, but there are text, carrier and feature phone based options which don’t require a smart phone.

Myth 3:  You still need a credit card or bank account for a mobile wallet.

Nope, some mobile wallet options are for those without any kind of bank account at all.

Myth 4:  There are a limited number of access points for your mobile wallet.

That depends on what you consider ‘limited’ as the network of access points is growing daily.

Myth 5: If you loose your phone, you’ve lost your money.

Now this one is categorically untrue.  Mobile wallets don’t keep your money “in” the handset, so a lost phone doesn’t mean you’ve lost your money, or access to it.  Different providers have varied protocols, but all mobile wallet providers protect your hard earned cash if you device is lost or stolen, as mandated by the Bank of Jamaica (BOJ).

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