What is a digital wallet?
A digital wallet is a place to store your bank cards securely in a mobile app or wearable device. It’s not just for credit and debit cards – you can also store loyalty cards, plane tickets, bank account information, gift cards, and more. The best part is that it’s compact, easy to access, and provides a safer alternative to carrying around a physical wallet.
With a digital wallet, you can use it for in-person, online, and even in-app purchases. You can also make contactless ATM withdrawals and even send person-to-person payments. The added layer of security is a big plus – your data is encrypted, so you don’t have to worry about your card being lost or stolen.
Making Purchases Using a Digital Wallet
Most digital wallets work at any location, including ATMs, where the contactless symbol is displayed. Payments are as simple as authorizing the device and holding it near the point-of-sale reader – similar to tap and pay contactless card payments.
To make a mobile payment, simply authorize the digital wallet and hold it close enough to the card reader so that your information can be transmitted. For making purchases online, look for the option to pay such as Apple Pay or Google Pay.
