Digital wallets have revolutionized the way we make payments, making it easier and more convenient than ever before. A digital wallet, also known as a mobile wallet, is a way to store credit card, debit card, ID, and gift card information on a mobile device (your smartphone). You can use a digital wallet to make purchases online or in stores that are set up to take payments through the wallet which allows for the convenience of contactless or card-free transactions. A mobile wallet can also store event tickets, airline boarding passes, loyalty cards, and other types of assets assigned to your accounts. We will explore some top advantages of using a digital wallet!

  1. A Chance to Earn Extra Rewards

There may be extra steps to initiate rewards through Apple Pay®, Google Pay®, and Samsung Pay® but, signing up for these rewards allows you to earn extra points and/or cash with different merchants that are supported through those payment services. Even with different credit card companies, you can earn cashback on purchases that can go towards your credit balance. Who doesn’t love earning money?

  1. Always at the Tip of Your Fingers

You never have to worry again about leaving your wallet in the car or at home again! By opening the digital wallet on your phone, you can access your different credit and debit cards within seconds! With your cards on your phone, your physical wallet will be decluttered and a worry of the past!

  1. Financial Information Is Always Secure

Your and your customers’ card information is always secure. With the help of biometrics like face ID and fingerprint scanning, information is always going to be given to the correct person. Digital wallets also use unique codes and numbers for purchases with a process called tokenization. The digital wallet requests a “token” that represents a specific card, resulting in a unique number only made for that card and purchase (Lambarena, 2021). This added feature of digital wallets is not available for physical cards!

  1. An Extra Barrier Against Germs

After the COVID-19 pandemic, more people are weary of their surroundings and being exposed to germs. With your personal digital wallet, you are only touching and accessing what is yours, allowing for contactless access to payment terminals. Most terminals do not require a PIN code when digital cards are used, reducing your risk of contracting germs from others!

Conclusion

With mobile devices and the popularity of ecommerce, digital wallets are popular around the world, allowing for contactless payment. BankIowa supports the three most popular digital/mobile wallets using Apple Pay®, Google Pay™, and Samsung Pay®. If you have questions about adding your BankIowa cards to a digital wallet, stop by a local branch to speak to one of our associates.