Possessing a smartphone grants you access to a digital wallet, a technological advancement that expedites checkout processes while safeguarding your financial details. Furthermore, these mobile wallets are more than just fads. Indeed, according to a J.D. Power study, almost 50% of Americans reported using a mobile wallet in the previous three months.
Continue reading to learn how different online payment methods protect your funds.
How does a digital wallet operate, and what is it?
An app called a "digital wallet" keeps track of your credit, debit, and gift card details so you may use your phone to make purchases. You can utilize digital wallet apps like Apple Pay®, Samsung PayTM, and Google PayTM on phones and smartwatches. Don't worry about getting shortchanged—the cards transferred to your device will retain the same reward points and functionalities as your real cards. It is
To make an in-store purchase, open your wallet app, select a card, and tap your device at the point-of-sale (POS) terminal. You can also check for your digital wallet's logo in the POS system. You're done, that's all. These digital wallets also have the same features as the White Label Crypto Cards.
Are digital wallets safe?
To put it briefly, digital wallets provide several levels of security for each transaction.
Tokenization is the mechanism that protects every transaction done using a digital wallet at the first level. Your debit and credit card information is encrypted during this process, ensuring that a retailer never sees the numbers. Consequently, your credit or debit card number won't be affected if a retailer experiences a hack. In the event of a data breach, this spares you the trouble of deactivating your cards and obtaining new account numbers.
Digital wallets go one step further and demand an extra layer of payment authorization each time you wish to complete a transaction. Certain wallets verify that you are the person performing the transaction by using biometric information, such as a fingerprint or facial recognition system.
Lastly, apps for digital wallets are made to work exclusively with other apps on your phone. This isolation can stop malware from getting into your wallet and taking your credit card information, which could impact other apps on your phone.
Using a digital wallet: A guide
Establishing and utilizing a digital wallet for routine transactions is a simple process. Here's how to add your Citizens debit card to a digital wallet and complete a transaction to show how easy it is to do so:
Select the app for your digital wallet.
You can use a third-party wallet app or the built-in digital wallet on your phone.
Activate the card in your virtual wallet.
Input your card details into the application. You have two options: manually enter your card information or take a picture, and the software will do the rest.
When checking out, use your digital wallet.
You will launch your app, choose your Citizens debit card, and hold your phone near the payment terminal when you shop in-store. To complete your payment, you will answer the security questions when presented.
You will receive a banner notification in your mobile app that displays the amount and details of your most recent purchase if you have enabled transaction alerts.
The best digital wallet apps right now
If you're considering switching to digital payments, consider taking the top three phone-sponsored digital wallet apps: Samsung Pay, Google Pay (for Android handsets), and Apple Pay for iPhones.
According to Forbes, Google Pay is the most widely used digital wallet, followed by Apple Pay and Samsung Pay. These programs allow you to save several cards and other data types, such as airline boarding passes, concert or event tickets, and more. They're also equipped with multiple security layers to protect your payment details.
Your phone kind will play a big role in your choice. The good news is they're all approved, regardless of your selection.
How to secure your digital wallet?
Despite the inherent security of digital wallets, you can take steps to protect your device and payment details. You may optimize your mobile banking experience and security by adhering to these four S's.
Protect the apps and phone.
Always lock your phone and create unique passwords for your mobile banking apps and digital wallet. Be discrete if you use a swipe passcode to keep prying eyes from swiping it.
Don't use the free WiFi in public.
Use only secure networks to access your banking apps on your mobile devices.
Install additional security
Use the security tools with your phone, such as the location app and the feature that lets you delete your device in case it gets lost or stolen.
Maintain control over your accounts.
Establish transaction notifications and check your account frequently. These two actions can quickly identify bogus charges and take down the perpetrators.
A summary of digital wallet safety.
So, let's talk about digital wallets. With this mobile technology, you can speed up and protect transactions by encrypting your debit and credit card payment information. It is your mobile banking app's ideal companion. Additionally, if you use a digital wallet, your Citizens debit card or credit card can be used for quick, one-touch purchases with zero liability protection and secure processing, whether you use Apple Pay®, Samsung PayTM, or Google Pay®.
