Digital Wallet 101

digital wallet 101

As the world becomes more and more digital, new technology can often seem confusing or intimidating. However, a digital wallet is actually a great example of technology that can make everyday spending easier and more secure. Here’s a quick look at what a digital wallet is, how it works and why it’s quickly becoming a popular way to pay for our members. What it is and how it works:

If you think about it, you already make digital transactions all the time. For example, Allegacy VISA debit and credit cards allow you to swipe, tap or pay online anytime. A digital wallet simply puts that capability on your mobile device, giving you an easier, safer, and more secure way to pay for just about anything. Here’s how it works. Using a wallet app, such as Apple Pay, Google Pay, and Samsung Pay, you can load digital versions of your credit or debit cards into the app. You can then use your device, like your smartphone or smartwatch, to make purchases every day just about anywhere. If you’ve gone shopping anytime in the past year or so, you’ve seen the “tap to pay” or “pay wave” symbols when you’ve used your card. Usually, merchants will display different wallet app symbols that they accept, as well. It all means that you can pay with your digital wallet quickly and easily. Now to the big question: Is it secure? In a word, yes. In fact, using a digital wallet can actually reduce fraud and provide greater security. The reason is because wallet apps don’t actually store your card number or your personal data on your device. This specific detail alone gives digital wallets a big advantage over traditional payment methods. Digital wallets are also safer and more convenient, allowing you to make contactless purchases —which means no keypads to touch, receipts to sign, or cash to handle. Plus, no digging around in your wallet or purse. And if you’re like most people, your mobile device is always on you when you’re shopping anyway. How to get started:

  1. Download a wallet app on your device from the Apple App Store or Google Play. Most devices come with at least one digital wallet app already.
  2. Open the app and follow the instructions to load your cards into the app. Have your debit and credit cards close by. In a few minutes, you’ll be ready to go.
  3. Take your mobile device with you when you shop. When you’re ready to pay, open your wallet app and choose the card you’d like to use. Hold your phone close to this symbol when prompted:
    Pay wave symbol
  4. One more thing… Digital wallet apps are free to download and use. Just like using your credit or debit card, using a digital wallet doesn’t cost you anything extra, and it gives you greater security and convenience. Along with Allegacy’s mobile banking app and our full menu of digital banking services, a digital wallet is a convenient, secure, and easy tool for your increasingly digital life.