Digital wallet use means convenience for some and security concerns for others

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Smartphones are changing our lives in so many ways. For most of us, it's probably the most important thing with have with us during the day. It's so important some people aren't even carrying purses, wallets and money clips to pay for things. That's because "digital wallets" are making life easier for many business owners and consumers, despite the majority of people having concerns about security.

"More convenient than cash, for me!" says Mike Batarseh, the owner of Cath Coffee House in City Market tells me he loves offering and accepting purchases with a smartphone. "Oh it's convenient for the customer. Nobody wants to carry any more wallets." As far as digital wallets, Batarseh accepts "Apple Pay" right now, but says he's eager to add competitors like "Android Pay or "Google Wallet."

On your smartphone, if it’s a more recent model, there’s probably already a digital wallet app provided for you. If not, download one.

There are many third party options, but experts say it’s best to stick to the "brand" names: Apple, Samsung, Google, etc. Once downloaded, you'll need to put in your preferred card information – or information for several cards, and depending on which digital wallet app you use, it’ll require a password – something you’ll remember but obviously make it complicated for potential criminals. However, newer phones use your fingerprint authentication which experts say makes the app highly secured.

Once you’ve completed these steps, then it’ll depend if the vendor offers it.

"I have Apple Pay and I would just use it if the vendor prompts me to use it, and then I think to bring it out." Cara Johnson's completed the easy step of downloading her e-wallet via the app store, doesn’t have any security concerns and loves the convenience. "Easy to set up, easy to use…I wish I thought to use it more and more vendors had it…one less card you have to carry and easy to just pull out your phone."

Tom Gorup, the Director of Security Operations with Rook Security, says these are the times we’re living in."It's risk tolerance, right? And also the convenience factor. Phones are becoming a natural extension of ourselves, which is a problem and a good thing at the same time."

For some consumers, though, there's still skepticism. Ron Walker tell me he won’t be using a digital wallet due to hacking concerns.

"I had my email hacked before, so that would be my biggest thing, and then somebody getting into my financial information, basically."

Ian Fleming feels the same, "you can't really stay ahead of the threat, because the threat actually moves faster than the security."

Here’s the thing, digital wallets still aren't used by many consumers. According to a recent study by finder.com less than 10 percent of people use a digital wallet daily, and more than half said they've never used one. The survey shows most people are concerned with security, and they don't think enough vendors offer the option.