4 ways mobile wallets help support financial wellness

A mobile wallet is a virtual wallet you can access from your mobile device. From your phone or tablet, you can use a mobile wallet to make payments, send money to family and friends, and more.  

More than 4 billion mobile wallets are in use globally, and their popularity is only growing. Between 2023 and 2027, usage online is expected to grow by 22% and at points of sale by 53%. Here are a few ways that mobile wallets can support your — and the global community’s — financial wellness. 

1. Mobile wallets reduce the need for cash.

While cash continues to have its uses, carrying and transacting in cash has some convenience and security drawbacks. Trips to the ATM and sorting through different denominations can be time-consuming, and stolen or lost cash can be very difficult to recover. With a mobile wallet, you can send money to family and friends and even pay at some businesses without needing cash.   

2. Mobile wallet transactions are secure.

If stolen, cash and physical payment cards are easy for thieves to use. A mobile wallet, though, is protected by the same security features that protect your phone. The passcode, fingerprint recognition, and/or face recognition you set up previously can help stop thieves from gaining access.

3. Mobile wallets help drive financial inclusion.

Owning an account at a credit union, bank, or other regulated institution is vital for achieving financial goals. For many people worldwide who previously lacked accounts, mobile wallets have provided them with an accessible account ownership option.   

The World Bank calls mobile money “an important enabler of financial inclusion in Sub-Saharan Africa,” where 33% of adults had a mobile money account in 2024. Women in particular have benefited, in some countries owning an equal or greater number of mobile money accounts compared to men. 

4. Mobile money transfers from your UNFCU account are fast, easy, and low-cost.

To send money to mobile wallets in more than 20 countries, follow a few simple steps in UNFCU Digital Banking. Money typically reaches the destination wallet within one day. Our system remembers your past inputs and transfers, so you can easily send again to the same recipient. And you can always expect low fees for these transfers, which are also exempt from the US remittance tax.