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Altabanking episode 21 with Stan Sorensen

July 31, 2020

Stan Sorensen – Altabanking Interview KSL Radio Transcript:

Segment title: The Advantages of Using a Digital Wallet

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Stan Sorensen is Vice President at Altabank and Stan, last week we were talking about online banking. This week, let’s talk about digital wallets and payments.

STAN: Thank you Grant, it’s great to be here. This is a timely discussion. We’ve seen a lot of retailers move away from cash since March. And in fact, last month the Fed announced a national coin shortage. Which, in turn, has led many Utah businesses to ask customers to pay using exact change or better yet, a debit card or online payment.

GRANT: Are there advantages to a digital wallet Vs. a physical debit card?

STAN: There are – convenience and simplicity. I can have multiple items in my digital wallet without having to carry the physical items in my pocket. I can include debit and credit cards, membership cards such as my Starbucks card, and tickets for airline flights or concerts. Some say that a digital wallet is more secure, because even if your phone is lost or stolen, it’s difficult to break in and access information. Whereas if lose my wallet or have it stolen, someone can start using my debit or credit cards right away.

GRANT: We are also seeing a rise in payment applications, aren’t we?

STAN: We are – small businesses have been using online payment tools like Square and PayPal for a number of years. Not only have they helped improve the customer experience by making it easier to pay for goods and services. But it’s helped those business better manage their records. For individuals, we’ve seen incredible growth in applications like Apply Pay, Venmo and Square cash for really the same reasons – added convenience and simplicity, better record keeping.

GRANT: Do you ever see us becoming a cashless society?

STAN: Well I think we’re a long ways away from that despite what some Science Fiction movies and books may be telling us. But I do think we’re inching closer every day. And the prevalence and ease of use of these online payment tools for both, businesses and individuals could get us there.

GRANT: Thank you, Stan. This has been Altabanking. Brought you by Altabank. Member FDIC.