How a Digital Wallet Can Take Your Finances to the Next Level
Have you ever left your wallet at home on accident? Or, maybe you’re someone who loves using digital solutions when it comes to your money. Whatever the case may be, a digital wallet is a secure, contactless, and convenient solution for many people.
What Is a Digital Wallet?
A digital wallet lets you make purchases or payments and review transaction history from your mobile phone or tablet. You can use a digital wallet to buy things or make payments online, in-person, or within an app (e.g. the Amazon app).
This essentially eliminates the need for a physical wallet.
How Can Digital Wallets Benefit Me?
One of the biggest benefits of a digital wallet is the security. Using a digital wallet can even be considered more secure than carrying a wallet with cash and debit or credit cards inside. Why? Digital wallet transactions have authentication requirements, like a fingerprint or face scan; the authentication is required before any purchase or payment can be completed.
Additionally, your card details aren’t actually stored on your device. Instead, encryption or tokenization protects it. This essentially replaces your sensitive information with non-sensitive information. As a result, your chances of falling victim to fraud are extremely unlikely even in the event of a data breach.
83% of Americans say leaving their phone at home makes them feel uneasy.1 If you’re in the same camp, you likely have your phone on you at all times. Digital wallet use means your money goes where your device goes. No more digging through your purse or – oops! – forgetting your wallet somewhere. Instead, depend on the device you always have on you to make purchases.
Digital wallets have been around for years, so rest assured there are a wealth of merchants that have in-store contactless payment terminals or accept digital wallet transactions online or in app. In fact, Apple® reports that Apple Pay® is accepted at 85% of retailers.2 Android users can also use Google Pay™ at many major stores.3
The majority of retailers accept this payment method, so you can feel confident in your ability to complete transactions. The best part about Apple Pay? You don’t need to download anything, because all new Apple devices have the app pre-installed.
Google released their own mobile wallet in 2015. Today, Google Pay (formerly Android Pay) is available for Android devices Lollipop 5.0+.
As the name suggests, you must have a Samsung device to use Samsung Pay. Most Samsung devices come with the app pre-installed, but you can also download it on Google Play.
Learn more about these digital wallet options, then connect your accounts to Money Management, GECU’s tool for helping you keep finances on track. Log in to Online Banking or our mobile app and connect your accounts then set up budgets, track spending, and set up goals. With digital wallets and Money Management, your money is getting the modern treatment.