Mobile Wallet 101: Leave Your Cards Behind

You’ve heard of Mobile Wallet but you’re not completely sure what it is? That’s why we’re here. Read on for what you need to know about this popular payment option.

What is a Mobile Wallet?

A mobile wallet is a digital version of the wallet you carry in your pocket. It is found on your smartphone or smart watch and is used to hold debit and credit cards that you can use for making contactless payments. Your mobile wallet is branded to your phone so popular examples include Apple Pay®, Google Pay® and Samsung Pay®.

What is a contactless payment?

This is a secure way to pay that doesn’t involve inserting your debit or credit card into a card reading machine. Instead, you simply open the app on your phone and tap it on any machine that accepts contactless payments.

How does it work?

For your security, your actual card number is not shared with the merchant. Instead, it uses a process called tokenization that provides the merchant an encrypted token that can be used only for that single transaction. You will authorize the transaction using your PIN, fingerprint, password or facial recognition.

What can I store in my Mobile Wallet?

You can store your credit cards, debit cards, store loyalty cards, coupons, event tickets, airline boarding passes, Red Cross blood donor card, and more. Just open the mobile wallet on your device and follow the prompts on your screen to add cards and passes.

Is it safe?

Mobile Wallet is more secure than a physical card. It prevents merchants and hackers from gaining your card information and the added biometric authentication will prevent someone else from using your cards if your mobile device is lost or stolen. It also eliminates the risk of unwittingly inserting your card in a skimmer.

Can it be used for online shopping?

Yes! In fact, it makes online purchases easier than ever! Just follow the instructions on the screen and you won’t have to get up to find your card when you’re ready to buy!