KNOWLEDGE CENTER: Banking and mobile payments are on the rise – here’s how you can use them together [Column] | Company

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Over the past year, we’ve seen a rapid acceleration in the number of consumers using mobile banking and digital payment options to track their spending, send and receive money from family and friends, and make purchases. in local businesses and more.

While the initial push was driven by lockdowns from the COVID-19 pandemic and resulting restrictions, the use of mobile banking apps and contactless payments continued to grow. Consumers have found that once they’ve connected their bank accounts to Peer-to-Peer (P2P) apps like Zelle, or their rewards credit cards to apps like Venmo or Apple Pay, the ease of Use of these payment methods – along with the perks, such as making money – has facilitated rapid adoption.

A recent survey by Cash Connect, a division of WSFS Bank, found that while cash and credit card payments are still very popular, businesses are also increasingly accepting digital payments through P2P applications, with 71 % of owners and financial decision makers who say their business now accepts these payment methods.

Here are some tips and benefits to consider when connecting your accounts to digital payment apps and managing your money on the go.

Find out what your bank offers

Many banks have partnered with Zelle to easily and securely connect your checking account to the service, allowing you to send and receive money from friends, family, and some small businesses as well.

Other payment apps, like Venmo and PayPal, can also connect to your debit card for use when a small business you frequent has not yet started accepting Zelle. Keep in mind that these apps may charge fees that you would not have incurred with Zelle.

Connect your credit card

The Cash Connect survey found that 82% of businesses have seen an increase in the number of P2P apps used for shopping over the past six months. Connecting your credit card to your P2P apps can provide an extra layer of security, as most credit cards have Fraudulent Activity Alerts to alert you when something looks suspicious, and you can set up alert alerts. ‘purchase so that if something seems fraudulent to you, you will know it right away and can report it.

And many credit cards, such as Visa and Mastercard, will not hold you responsible for unauthorized charges made with your account, as long as you report suspicious or fraudulent activity within the time periods specified in your card agreements. This applies whether your card is lost, stolen or used fraudulently, online or offline.

Switch to contactless?

If your rewards credit card is contactless, you get extra security on smart terminals without having to touch anything other than your own card. You just have to type the card on the terminal to pay.

Use your banking app safely

Your mobile banking app can be used for many purposes, including checking statements, depositing checks, and making credit card and mortgage payments. Mobile banking apps also provide an additional layer of security by using biometric data or two-factor authentication methods to access accounts. It’s a good idea to use these tools for your device and any apps you use that store or access personal or financial information. Some ATMs are also compatible with QR codes. So you can use your bank’s mobile app to quickly and securely withdraw money from your accounts.

Chat with your banker – When and where you want

Some banks, like WSFS, offer mobile apps that let you connect directly with a live banker to meet all of your banking needs. The app lets you select the banker that’s best for you and get personalized assistance for everything from a lost debit card to finding the right mortgage.

Use these tools and tips to uncover your own mobile banking and digital payment preferences that let you spend, track, and earn rewards on the go and at your convenience.

Shari Kruzinski is Executive Vice President, Director of Retail Delivery at WSFS Bank. His career spans over 30 years in banking and with WSFS. In his current role, Kruzinski leads overall market strategy, customer development and sales management for the Bank’s retail branch network.


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