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2 Easy Ways to Pay With Your Phone

Money Management | Kat Tretina | March 18, 2022

Just how important is your phone? Consider these statistics. Approximately 85% of Americans own a smartphone, and 74% of survey respondents said they felt uneasy leaving their phones at home.

The result? You almost always have your phone with you. Besides being a useful tool for communicating with friends and family, getting directions, or looking up obscure facts about llamas, your phone can also be a valuable tool for managing your finances and handling payments.

If you have a smartphone and want to learn how to pay with your phone, here’s what you should know.


2 Ways to Pay for Things With Your Phone

You probably carry your phone with you everywhere. Whether it’s the grocery store, the corner pharmacy, or a dinner out with friends, your phone is likely tucked into your pocket or purse.

When it comes time to pay a bill, your phone can be extremely useful - you can pay for things with your phone in the following ways:

 

1. Sign Up For Automatic Payments

If you have access to mobile banking tools, you can use your phone to enroll in automatic payments for your regular bills, such as your utilities, cell phone service, or even your rent.

If you have a SouthEast Bank checking or savings account, you can take advantage of our mobile banking app. To enroll in digital banking, you’ll need your bank account number, Social Security number, date of birth, zip code, and your account log-in ID.

Once you have the app, you can transfer funds, enroll in automatic payments, and view your transactions right on your phone.


2. Activate Digital Wallets

If you have a smartphone, you can activate digital wallets to make contactless payments with a phone. When you’re at a store or restaurant, you can just use your app to pay rather than having to swipe a credit card at the register.

SouthEast Bank checking account holders can also enjoy access to digital wallets that sync with Apple Pay®, Samsung Pay®, and Google Pay®.


Benefits of Using Your Phone As a Payment Method

Why would you want to pay for things with your phone? There are multiple benefits:

  1. It’s faster than credit cards or cash: Contactless payments are quicker and easier than swiping a credit card or paying with cash. Just tap the payment button on your phone, and you’re good to go.
  2. It’s more secure: With traditional credit card scan readers, your information may be vulnerable to security breaches. But with contactless payments, the point-of-sale device tokenizes the information, so it’s much harder to steal.
  3. You’re less likely to lose your cards: Juggling multiple credit cards and debit cards increases your risk of dropping or leaving a card behind. But with contactless payments, all of your payment information is stored on your card. Because phones are usually secured by biometric authentication tools like facial recognition or fingerprint scanning technology, it’s a lot harder to steal information that is stored on a phone.
  4. Every transaction is digitized: By using your phone to pay for things, you can ensure you track every transaction. Every purchase is digitized and easily trackable, helping you stay on budget.
  5. It’s more hygienic: With credit card readers, hundreds of people touch those devices every day. By using your phone as your primary method, you reduce coming into contact with contaminated surfaces.


Open a Bank Account Online

Now that you know how to pay with your phone, make sure your bank offers contactless payments and digital banking. If your bank doesn’t — or you’re looking for a high-yield savings account or rewards checking account — you can open a bank account online with SouthEast Bank.

 


Note: Links to other websites or references to services or applications are provided as a convenience only. A link does not imply SouthEast Bank’s sponsorship or approval of any other site, service or application. SouthEast Bank does not control the content of these sites, services or applications.

Information contained in this blog is for educational and informational purposes only. Nothing contained in this blog should be construed as legal or tax advice. An attorney or tax advisor should be consulted for advice on specific issues.

 

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