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Smart Phone 3/31/13

""How would you like to pay for

Maryssa Menkin is paying for her
salad using Square Wallet's free
application. The digital wallet app
links to her credit card, which she
finds very convenient.

Maryssa Menkin
"I hate carrying a lot of things and,
you know, I find that I do always
have my phone on me. So it's just
very simple."

Starbucks is one of the hundreds of

thousands of businesses nationwide
that have signed up for Square

Square is compatible with a
number of iPhone and Android
models, and Consumer Reports
Money Adviser says it's pretty
easy to use. But other digital
wallets are not as widely

"For instance, Google Wallet and
Isis aren't available on iPhones
and only work with some service
providers. They also require a
wireless technology that only some
stores can use."

And some digital wallet apps
will only link with a few credit
cards. So you may need to link to
a prepaid card, which can incur
additional fees.

And that may also mean you don't
have the best protections if you
lose your phone or someone breaks
into your account.

Amanda Walker
"Prepaid cards, whether in your
hand or on your phone, have no
guaranteed protections against
unauthorized transactions, so you
could lose whatever balance is on
the card."

Still, if, like Maryssa, you like
leaving your bulky wallet at home,
Consumer Reports says use an
app like Square that links to a
credit card for the best consumer
protections. ."

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