Using a process called "tokenization," your credit or debit card number stays private when you make a purchase. No one can access your phone's digital wallet without access to your phone, which is likely protected by a password or other biometric information, such as a fingerprint.īuilt-in security features add to your digital wallet safety. Your digital wallet can be safer than carrying cards or cash, even if your phone is lost or stolen. The PayPal app generates QR codes for users, who scan those icons in stores to pay for their items. Some digital wallets generate QR codes - barcodes that can be read by scanners or your smartphone's camera. That signal is then transmitted to the payment terminal. These devices generate a magnetic signal similar to when you swipe the magnetic strip on your debit or credit card. This is a popular option among retailers. There are several different technologies used by digital wallets to process transactions: Near field communication, or NFCĪpple Pay and Google Pay use this technology, which allows two devices to exchange information when placed in close proximity. Look for the contactless payment indicator, which looks like a wireless icon turned on its side. Keep in mind that not all retailers and card readers support virtual transactions. To make a payment, open your digital wallet app and select the card you'd like you use, then hold your phone close to the card reader - or, in some cases, tap the card reader with your phone - so your payment information can be transmitted wirelessly to the retailer. Once your cards are added to your digital wallet, you're ready to go. How do digital wallets work?įirst, decide which digital wallet app you'd like to use and then upload your information to link your debit or credit card. Some banks also support using your digital wallet to access your account at an ATM. In addition to credit card and bank account information, some digital wallets can store items like gift cards, event tickets and identification cards. With the USAA Mobile App, you add your cards to your digital wallet and use apps like Google Pay®, Apple Pay® or Samsung Pay® to have the best mobile experience. ![]() ![]() What's a digital wallet?ĭigital wallets are financial applications that store your payment information, like credit and debit cards, so you can use your phone or other device to make purchases or access your accounts. These virtual payment methods use devices like your smartphone or smartwatch to help you conveniently and securely make purchases or manage your accounts, without having to hand over your card or carry cash. A recent survey reports that 60% of people are comfortable leaving home relying solely on their phone, and 75% said they've used a mobile wallet in the past year. Have you heard of the saying, cash is king? That might be true but the digital payment market is growing in popularity.
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