Moven offers their customers several features in an app which works on iOS 7.0 and Android 4.4 and above devices. The app includes person-to-person payments, direct deposit, bank account transfers, a MasterCard debit card, contactless payment options, as well as budgeting tools to track spending. Moven can be used at any merchant which accepts MasterCard PayPass contactless payments.
In order to load their Moven account, users must select from a variety of features, which vary in their processing times and the fees associated with the various methods. Those who are able to wait longer periods of time for funds to be available will find that their transfers are often free.
- Devices supported
- Payment process
- Prepaid MasterCard and funding sources
- Security features
In addition to a contactless payment option powered by RFID chip, Moven allows members to send funds securely to friends or family members and tracks all of their spending with budget tools.
Moven sends their members a free prepaid MasterCard as well as a contactless sticker which may be used anywhere MasterCard or MasterCard PayPass is accepted. Users may download an additional free app which displays nearby merchants who accept PayPass.
Moven's free app is available for Android and Apple devices. Apple devices must be running iOS 7.0 or later and Android devices are only compatible if they have Android KitKat (4.4) or higher.
Moven's interface is straightforward, which allows members to easily and instantly see their purchases as well as how these purchases compare to prior months' spending. Members are able to sign onto their account with a secure password and send money to anyone with an email address with a few taps on their mobile device.
Using Moven at a POS terminal is easily accomplished and users are able to manage their accounts with a few swipes and taps on their mobile device.
Prepaid MasterCard and Funding Sources
Each Moven account holder is issued a prepaid debit card by CBW Bank. users can link their confirmed bank account to their Moven account to add funds to the card. Credit cards which are issued by the same bank may be added to their Moven account.
Funds may be added via direct deposit, with Ingo (paper checks), or by adding cash at retailers in the MasterCard rePower Network.
Moven accounts offer industry-standard practices to keep their user's information safe and secure from hackers. They use the following methods to keep information secure:
- A combination of firewall barriers, encryption techniques and authentication procedures to keep the accounts from unauthorized access.
- A password and account PIN are required for each Moven account.
- Moven servers are in secure locations that are monitored around the clock and tested frequently for weaknesses.
- All communications between the user's device and Moven are encrypted.
- Contactless Payment Issues
- Security Features
Contactless Payment Issues
For those looking for an option to a bank account with a debit card, Moven is a good choice, however their features as a contactless method of payment are nothing particularly spectacular. Many of the features which are available with Moven can be obtained with checking accounts or other services.
Clearly, the issue of limited accessibility to contactless POS systems is not one which Moven can control, and affects the entire mobile wallet industry. The lack of continuity and payment locations are an industry-wide challenge. Moven is accepted at any merchant accepting MasterCard as a form of payment, but the contactless payment options remain limited.
Moven does not have a system in place to protect users if their phone is lost or stolen and instead place the responsibility on the user to let Moven know if this happens or their account information may be jeopardized.
Moven does not have as many advantages to getting users to switch to their mobile wallet (rewards, etc.) as does some of their competitors.
The Bottom Line
Overall, the unique feature of tracking one's spending is not enough for the Review Team to fully recommend Moven as a top-recommended company. Their features are fairly good, not spectacular. Moven fits a niche for those wanting to manage their spending with solutions such as a prepaid debit card with some contactless features, but is not comprehensive enough in its features to be a full mobile wallet. As the technology and ability to accept contactless payments increase with more retailers offering the option of PayPass payments, using Moven makes more sense to the consumer wanting a simple and mobile payment option.
Moven would rate higher with the Review Team if they had a rewards system in place or some additional security features available.