Managing your money

Advantages of using a digital wallet

3 min read


These days we use our mobile phones for so much more than just making calls, they’ve become cameras, photo albums, music libraries, video players and even torches. It’s no surprise that they can now also become digital wallets that let you pay for things without needing cash or cards. Here’s our rundown of the advantages of turning your mobile into a digital wallet (and why it’s always a good idea to have a little cash around).

What is a digital wallet?

Increasingly, modern mobile phones are now equipped with special hardware that allows them to be used as a form of contactless payment. Much like a payWave card, paying for things using your phone can be as simple as waving your phone over the contactless terminal at whichever store you happen to be at. Right now, BNZ customers can use Android Pay at any store that has contactless terminals (like payWave) installed. If you have a supported credit card or a Flexi Debit Visa, a properly equipped smart phone and the BNZ mobile banking app installed on it, you can turn your phone into a digital wallet. Use it to pay for things just as you would your payWave card. You don’t even need to unlock your phone, as long as the screen is lit up, you can wave it at the terminal and the payment will be made.

Paying for stuff with your phone is convenient

The great thing about turning your phone into another way of paying for things, is that we always tend to have our phones with us. Leave your wallet at home? No problem. Run out of cash? Just use your phone. Can’t be bothered pulling your card out of your wallet? Don’t bother. You can even make purchases up to $80 without entering your PIN, just as you would with any payWave transaction.

It’s safe and secure

Using your phone as a mobile wallet is very safe. For a start, your card details aren’t stored on your phone and the merchant never gets to see your card number either. What’s more, at BNZ any fraudulent use of your digital wallet is covered by our Zero Fraud guarantee which means you’ll be refunded should the worst happen (as long as you stick to the terms and conditions). Even though you don’t need to unlock your phone to use it, once you’ve made three consecutive payments you’ll be asked to unlock your phone for the next one, just to make sure it’s still you.

It can help the budget

Because mobile wallets are linked to your bank accounts, paying for things using your phone lets you keep a better record of your spending than cash does. For those of us trying to stick to a budget, this is rather useful when teamed with mobile banking. Plus the service is completely free - using your phone to pay for stuff won’t cost you anything extra.

Don’t forget to keep your phone charged

There’s nothing worse than your phone battery going flat on you, and this goes doubly so for mobile wallets. If your phone is flat or turned off, you won’t be able to use it to make purchases.

Keep cash as a backup

Whilst rare, systems do go down from time to time, even a simple power outage can take down a shop’s terminals. If this ever happens you won’t be able to use your cards, either, so it’s always worth carrying a little bit of good old fashioned cash around while you wait for the power to come back.

It’s also worth remembering that not all stores accept payWave or mobile payments, so some backup cash or debit card is useful to keep with you.


Take your bank with you

Check your account balances, transfer money, top up your mobile, and more - all on the go with the free, BNZ Mobile Banking app.

Find out more here.