Securing Corporate Devices in the Digital Wallet Era

The Rise of the Digital Wallet

Cash, it turns out, may no longer be king. Electronic payment systems, specifically digital wallets, have transformed the way individuals make payments. With tools like Apple Pay, Google Pay, and Samsung Wallet, consumers can now store payment cards, loyalty points, and other credentials digitally. 

Gartner reports predict that digital wallet adoption will grow by over 40% annually as businesses and consumers shift toward contactless payments.

Despite their undeniable convenience, the rise of digital wallets has implications for companies that manage corporate devices. Employees often use company-issued phones to make payments, leading to concerns about data security and policy compliance. As a result, balancing personal convenience with business security has become a top priority.

Digital Wallets and Security Risk

Many businesses find themselves asking — are digital wallets dangerous for our company? They may improve payment experiences, but they also introduce new risks when used on corporate devices. 

Some of these risks and challenges include: 

• Unauthorised Access: If a device is lost or stolen, financial data stored in digital wallets may be compromised.
• Malware Attacks: Cybercriminals target digital wallets with phishing attacks and fraudulent apps.
• Data Privacy Issues: The intermingling of personal and corporate apps can result in unintentional data leaks or compliance violations.

These risks are compounded by the fact that many employees use weak passwords or reuse credentials across platforms, making them more susceptible to cyberattacks.

How to Practice Secure Device Management

To keep security risks associated with digital wallets to a minimum, businesses should roll out robust mobile management strategies. We recommend implementing the following best practices:

• Mobile Device Management (MDM): Use MDM platforms to restrict app usage and enforce encryption policies.
• Usage Policies: Clearly define which personal apps are allowed on corporate devices.
• Employee Training: Conduct regular training to raise awareness about cybersecurity risks, best practices, and employee and company responsibilities in securing devices.

By staying proactive, you can minimise the risks associated with digital wallets while allowing employees the flexibility you require.

VoicePlus: Your Partner in Mobile Security

VoicePlus gives clients independent, carrier-agnostic solutions that balance security, convenience, and compliance. With our Atrium platform, you can monitor device usage, enforce security policies, and ensure compliance with industry regulations.

Our expertise in Mobile Device Management (MDM) lets us create custom-fit solutions that meet each client’s needs. We work closely with organisations to build strategies that protect sensitive data while empowering employees to use their devices effectively.

Keep Your Corporate Devices Secure with VoicePlus

Digital wallets are here to stay, but that doesn’t mean businesses need to compromise on security. With the right tools and policies in place, companies can enjoy the benefits of digital payments without increasing risks.

Contact VoicePlus today to learn more about how we can help you manage mobile security and protect your corporate devices.