Digital Wallet

What is a digital wallet?

A digital wallet is an electronic payment system that stores your credit card, debit card, and banking information for quick and contactless transactions. Instead of carrying physical cards, you can pay with your smartphone, smartwatch, or other digital devices. Digital wallets like Apple Pay, Google Wallet, and Samsung Pay offer a fast and secure way to pay in-store and online.

Key points

Digital wallets provide a fast, convenient, and contactless way to pay. Instead of carrying physical cards, you can pay with your smartphone or smartwatch, making transactions quicker and more seamless.
Digital wallets are more secure than traditional credit cards. Features like encryption, tokenization, and biometric authentication protect against fraud, theft, and unauthorized access.

How to use a digital wallet

As you are on the way out the door to start the day, you run through your checklist of essential items. Phone, wallet, and keys. Well now, you might not need to bring your wallet at all. With the ability to set up a digital wallet within your phone, the physical wallet could one day become obsolete. Setting up a digital wallet takes just a few minutes:

Download or Open the Wallet App – Many smartphones come with a built-in digital wallet, but you can also download from an app store.
Add Payment Information – You can manually enter card details or scan your card for automatic entry. Some wallets also allow you to link to a bank account.
Verify Security Settings – Most digital wallets require fingerprint recognition, facial ID or PIN authentication.
Make a Payment – Simply tap your phone on a contactless payment terminal to pay in-store. For online purchases, select the digital wallet as the payment method at checkout.

With just a few simple steps, you can store your cards, verify security settings, and make seamless transactions in-store or online.

Benefits of using a digital wallet over a physical credit card

You’re in a grocery store, juggling a basket of items and trying to get through checkout quickly. Instead of searching for your wallet, you tap your phone on the payment terminal and go. It’s fast, seamless and hassle-free. Other benefits include:

More Security – Digital wallets use encryption and tokenization, reducing the risk of fraud compared to physical cards.
Less Risk of Loss or Theft – Losing a wallet means replacing multiple cards, while a digital wallet is secure behind biometric authentication.
Tap to Pay – No physical contact with keypads or cash, it’s cleaner and more hygienic.
Speed and Convenience – No need to dig through your wallet or swipe a card—just tap and go.
All in One – Many digital wallets also store transit passes, loyalty cards, and event tickets. Instead of searching for the Chiptole app on your phone and holding up the entire line, you can open up your digital wallet and scan your membership reward code right in your digital wallet.

Digital wallets make everyday payments easier, faster, and more secure. Instead of fumbling for a card or worrying about losing your wallet, you can just tap your phone. Built-in security features like encryption and biometric authentication help protect your information while keeping everything—cards, passes, and tickets—in one place. As digital payments become the standard, using a digital wallet is a simple way to make life a little more convenient.