Digital wallets are gradually catching on as a convenient, alternative way to pay, with 64% of consumers planning to use a mobile wallet in 2020, according to a recent Accenture survey. If you haven’t used a digital wallet yet, read on to learn what you’re missing!
Much like a physical wallet, a digital wallet is a single place to store your credit and debit cards. The main difference is that a digital wallet lives on your smart device in the form of an app. Simply add a card to the app and you can use your device to make payments online and in-person.
Whether or not your device is compatible depends on the digital wallet you wish to use and the device you have. Common digital wallet apps include Apple Pay, Google Pay and Samsung Pay. In order to use your digital wallet in stores, you generally need a smartphone or smartwatch running a newer operating system and with near-field communication (NFC) technology.
Many digital wallet-compatible devices come preinstalled with a digital wallet app. For example, all Apple Pay-compatible iOS devices come with Apple Pay installed. If your Android device doesn’t have a digital wallet app installed, you can open the Google Play store and search for apps such as Google Pay.
Open your digital wallet app and add the info for the credit and debit cards you want to use. Select which card will be your default payment option. With most digital wallets, you’ll want to look for a contactless reader in-store or the logo of your digital wallet app. Then, unlock your device and hold it close to the payment terminal. You’ll then follow any prompts from the terminal.
Digital wallets are generally considered safer than physical cards. They have the benefit of tokenization, essentially meaning none of your personal information is shared, only a digital token provided by your card issuer. You can also beef up your security by requiring a fingerprint, PIN or other authenticator for your mobile device, preventing a thief from easily using any cards stored on it.
Digital wallet apps such as Apple’s and Google’s are currently accepted at millions of stores nationwide, including Best Buy, Costco, McDonald’s, Starbucks, Target and Walgreens. Samsung Pay can be used virtually wherever magnetic strip cards are accepted, with some exceptions such as gas station pumps.
Ready to get started with digital wallets? Contact your Client Advisor to learn more.Tags: digital payment, digital wallet, mobile wallet, NFC