Consumer Watch: 'Mobile wallet' market methods emerging

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by Kathryn Galle

WHAS11.com

Posted on March 12, 2013 at 4:35 PM

Updated Tuesday, Mar 12 at 4:41 PM

LOUISVILLE, Ky. (WHAS11) -- The idea of ditching plastic and cash seems like a good match for a society that already does so much with a smartphone, but the mobile wallet market is still fairly murky.

There is not a single way that you can use the wallet. There are a lot of different things going on, they are still kind of shaking out how you are going to be using a mobile wallet.

Two major methods have emerged: cloud-based, like square, where users link their accounts and pay with the touch of a smartphone button.  There is the tap-and-pay method, near field communication, like Google Wallet.

Consumers, however, seem pretty content with their old-fashioned methods.

That is why some mobile wallets increasingly integrate things like store loyalty cards, or offer incentives for use.

The thought of storing so much financial data in a phone can make some consumers jittery, so experts recommend adding an extra layer of pin-protection before your wallet goes virtual.

Make sure to sign up for a service or download a security that can disable the phone remotely if it is lost or stolen.

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