Digital Wallet

What is Digital Wallet?
Digital wallets are exactly what they sound like: a digital version of your financial accounts (banking, credit card & debit card) made easily accessible by being housed on a computer, smartphone, or smart device. This ultimately eliminates much of the need to carry around your actual wallet. ApplePay, Google Pay, and Samsung Pay are three of the most popular payment applications stored within a consumer’s Digital Wallet, but there are quite a few others.

Digital Wallet is simply a term for a software-based system that securely stores your payment information and passwords for numerous payment methods. By using Digital Wallet, you can complete purchases easily and quickly with near-field communications technology. You can use mobile payments in person at payment terminals, within certain apps on your phone, and while you’re shopping online

What can Digital Wallet do?
Not only is Digital Wallet great for simplifying payments, but they are also a great place to keep other important documents organized and easily accessible.

Here’s a look at all of the things you can store in a digital wallet:
• Credit or debit cards
• Boarding passes
• Hotel reservations
• Concert tickets
• Gift cards
• Coupons
• Loyalty rewards cards

How do I use Digital Wallet?
If you want to utilize Digital Wallet, you will have to enter your card information into your choice app or site, depending on the device you’re loading it on. After you’ve completed that, your information will be encrypted, and you will only be able to use the wallet when you unlock your device and authorize its use.

To make a mobile payment, you have to authorize Digital Wallet (like Apple Pay, Google Pay, Samsung Pay) and hold it close enough to the card reader so that your information can be transmitted. Not all retailers accept mobile payments, but you can easily look for the contactless payment indicator on the retailer’s point-of-sale (POS) system or card reader. This symbol looks like a sideways WiFi icon.

How does contactless payment work?
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification or near field communication for making secure payments.

Look for the contactless symbol when you make your in-store purchases.

Why would I put financial information on my phone rather than just using my credit card or debit card?
Two main reasons: Convenience and added safety. If you use multiple credit cards or debit cards for different types of expenses or to earn different rewards, you may be carrying a handful of cards in your wallet. With Digital Wallet, you can easily store all of your card information on your phone and leave your physical cards in the safety of your own home.

Is Digital Wallet safe?
Paying with your phone is safer than using a physical credit card or debit card because a digital wallet app doesn’t store your debit or credit card information on your phone. Instead, it electronically links to your payment accounts. The merchant never receives your actual card number when using Digital Wallet, so your card information is secure even if the merchant is compromised.

How do I get started?
You can access the most popular digital wallets below or through your personal smartphone’s app store. Some smartphones already have Digital Wallet apps stored as icons on their device. Once you download the app, follow the prompts, such as entering your banking, credit card, or debit card information.