Mobile Wallet: A Helpful Guide
What is a Mobile Wallet, and how does it work?
A Mobile Wallet is a digital way for you to store your credit, debit, gift, and even ID card information securely on your mobile device. You can use the payment information stored in your Mobile Wallet to pay for transactions., and it can even help you keep track of your rewards and loyalty cards, such as your grocery store rewards card. A Mobile Wallet can be used on your phone, tablet, or smartwatch.
Most smartphones already come with a Mobile Wallet app built in. The most common Mobile Wallets are Apple Pay®, Google Pay™, and Samsung Pay.
Are Mobile Wallets secure?
Information that you store in your Mobile Wallet becomes digitally encrypted, making it more secure than your physical card. Using the Mobile Wallet in your device also requires you to enable two-factor authentication, which includes setting up either a personal identification number, fingerprint, or face recognition requirement to unlock your device.
If your mobile device is lost or stolen, you can contact your carrier or the device manufacturer and have them lock or erase your device remotely. Additionally, there are features and apps, such as Find My iPhone® for Apple®, that can help you locate your device if ever misplaced.
Are Mobile Wallets easy to use?
Yes! At a brick-and-mortar store, all you need to do is open the Mobile Wallet (most can be opened with a swipe or a click), hover over the card scanner, use your PIN/fingerprint/face scan for authentication, and you’re done. Online, your device will prompt you to use your Mobile Wallet to populate your payment information, only needing your authentication to complete the transaction. The whole process takes place in a matter of seconds, with no need to reach for your physical wallet.
You can use your Mobile Wallet to make purchases anywhere you see these symbols:
Mobile Wallets are convenient and secure. So next time you’re in the checkout line, give it a try and be on your way with just a tap.