Digital wallets have been around for a few years but the use of these cashless tools are now becoming more widely adopted by retailers. The additional security features on digital wallets alone offer great peace-of-mind. So how does a digital wallet work and what do you need to get started?
All smartphones come with a wallet app on them, but there are several other digital wallet apps that you can use based on your preferences. Most digital wallets are free to use and allow you to make purchases through your desktop, smartphone, or smartwatch. Besides ease of use, there are plenty of other reasons to make the switch from plastic to digital.
It’s Not Just For Cards
Apple Pay1, Samsung Pay1, and Google Pay1 are already installed on your phone, so there’s nothing additional to download. Your digital wallet isn’t just for credit and debit cards. You can also add tickets, store loyalty cards, boarding passes, and your student ID to your digital wallet. That’s a lot less paper and plastic to worry about.
One Less Thing To Worry About
When you have to remember to bring everything you need to get from Point A to Point B and keep your schedule straight, it’s natural to be a little forgetful from time to time. Forget about the days of panicking when your gas tank is on empty and your wallet is sitting at home. You can leave your actual wallet at home after you add your cards to a digital wallet. All you’ll need to make purchases is your phone or smartwatch.
Lock up your cards at home and take off on an adventure because you can use your digital wallet, well, just about anywhere (of course, you’ll still want to give us a heads up that you’re leaving so we can place a travel notice on your account). Choose your digital wallet to make purchases at over a million stores, websites, and apps or pay for your train or bus ride on many transit apps. Travel just got a little easier.
Get Through Checkout Faster
Many retailers now offer the option to pay with Apple Pay, Google Pay, or Samsung Pay for online purchases. You won’t need to create an account, sign-in, or fill out any forms during a late-night shopping spree since your information is already stored in your wallet. Just confirm your purchase and breeze through checkout.
It Adds an Extra Layer Of Security
With concerns about card skimmers and card compromises, how safe is it to use a digital wallet? Set your worries aside. When you make a payment, you’ll only see the last four digits of your card number to help you manage your cards. Your card number is not stored on your device. In fact, it's not even shared with a merchant with you buy something.
Each payment you make with your digital wallet is encrypted with a unique transaction code. Authorization using Touch ID, Face ID, or passcode verification is required before you make a purchase. Make sure you enable all of the recommended security features for your device before you start using your digital wallet.
Send Money Or Receive Money In Seconds
Need to pay your friend for lunch or send your son cash while he’s at college? Don’t worry about running to the nearest Lake Trust ATM or sending a check in the mail. Send money securely with a quick text message or through your email with your digital wallet. Just open your messaging app, tap your wallet icon, type in a dollar amount, and send it off! If you need help, you can learn more about sending cash through Apple Pay1, Samsung Pay1, and Google Pay1 at their respective websites.
As a security reminder, only send money to people that you know and trust. If you get an email or text from someone asking for your full credit or debit card number, username, password, Social Security number, PIN, or any other confidential information, it’s most likely fake and should be reported or deleted.
The convenience digital wallets offer and the extra security features are making these tools very popular payment methods. Add your Lake Trust debit card or Lake Trust credit card to your digital wallet today and set it as your favorite card!