There really is an app for everything. Digital wallets are the newest way to pay in stores and online – all it takes is a tap.
What is a digital wallet?
A digital wallet is a software system (usually an app) that securely stores your payment information. That includes credit and debit cards, store loyalty cards, gift cards and more. These apps work together with mobile payment systems, both online and in stores, that allow you to pay using the app on your smartphone instead of having the physical card present.
There are hundreds of different programs you can use to pay digitally. Apple devices have Apple Pay, which uses your Wallet app to make purchases in stores or online. Android devices have Google Pay and Samsung devices have Samsung Pay. Some stores like Walmart, Starbucks, and Target even have their own apps that allow you to pay with your smartphone.
This may seem risky at first glance, but there are plenty of benefits that come with using a digital wallet.
With all your cards loaded onto your device, you no longer need to carry around a clunky wallet or hunt for the right card in the checkout line. Everything is saved in one easy location on your phone. Plus, if you leave your wallet at home – either on accident or on purpose – you’ll still have access to all of your cards.
Having a digital wallet can be faster, too. Rather than swiping your cards and waiting for them to process, just pull your card up on your smartphone screen and hold them up to a compatible card reader. When online shopping, you no longer have to waste time typing in your card information over and over again. Using your digital wallet often requires just the tap of a button.
Rather than carrying around an overstuffed wallet full of rewards cards, credit cards, and coupons, all your cards are neatly organized and easy to access in your digital wallet. You can even place your most used cards at the top of your digital wallet to make things even easier.
Enhanced Security & Reduced Fraud
Perhaps the biggest hesitation of using a digital wallet is the assumed security risk involved. However, maintaining one is actually safer than carrying your physical cards with you. Your digital wallet is immune to card skimmers, purse snatchers, and anything else that can physically compromise your card info.
Plus, these apps encrypt your data, require personal authentication to access, and are heavily monitored, keeping your personal info safe and sound. Check out this CNBC article about digital wallet safety.
Discounts, Coupons and Bonuses
Your digital wallet can actually save you money, too. Sometimes stores and credit card companies offer coupons and discounts when you use your digital wallet instead of your physical card. Jimmy John’s, for example, sometimes runs a promotion where you get a free drink when you use Apple Pay.
If you’re still a little hesitant about giving your digital wallet a try, Verizon Protect is a great way to gain some peace of mind. With Verizon Protect, you’ll get protection from risky websites, online threats, and potential viruses. It also helps you identify which apps are accessing your private information, monitors spam calls and unknown numbers, monitors potential identity theft, and secures your Wi-Fi connection, even in public. To find out about open enrollment, call or visit your nearest Cellular Sales store.
Are you ready to give your digital wallet a try? Grab your smartphone and give it a shot!