Monica Eaton Says Virtual Wallets are Better Than Debit
Different payment methods have unique advantages and disadvantages. As Chargebacks911 COO Monica Eaton explains in a new feature for The Simple Dollar, the negatives of some payments may outweigh the positives.
The Simple Dollar has a mission of simplifying personal finance for the everyday consumer. The site serves one million visitors per month, and is ranked as one of the top finance blogs in the world. The site’s been featured in some of the world’s largest publications, including Forbes, Business Insider, and TIME.
More and more consumers are embracing digital wallet technology. As Monica points out, adoption tends to be stratified based on age. “According to PSCU, roughly six in 10 Millennial and Gen-Z consumers in the U.S. report using a mobile wallet or a P2P payments platform,” she says. “Among those, about half say they use it regularly. Institutional change has been slow going, though, due to older legacy infrastructure.”
Despite obstacles, there are numerous advantages to using alternate payment methods like a digital wallet. They’re easy-to-use, and accepted anywhere that merchants take EMV chip cards. Most importantly, though, they offer much higher standards of security than standard card-not-present sales.
“[Mobile wallets] use the same tokenization technology as EMV chip cards, meaning you can take advantage of the same level of security in eCommerce transactions as you have in brick-and-mortar. Plus, they typically offer two-factor authentication; you must first unlock the device, using a passcode or biometric scan. After unlocking the device, you need to provide a secondary form of authentication to authorize a payment.”
