Saving with 6abc: The virtual wallet

March 13, 2013 2:36:23 PM PDT
Forget the cash and the plastic. Leave your whole wallet home, because we are going mobile!

You can now leave home and pay your way with a simple tap of your smartphone. Two major mobile wallet methods have emerged: Cloud-based, like Square, where users link their accounts and pay with the touch of a smartphone button.

Then there's the tap and pay method, like Google Wallet.

Some of the mobile wallet systems have been trying to convince consumers to make the switch, so they are trying to integrate incentives like store loyalty cards.

If you are worried about storing so much financial data in your phone, experts recommend adding an extra layer of pin protection and sign up for a security feature that disables the phone remotely if it is lost or stolen.