What is it exactly?
A digital wallet, or e-wallet, is an app or cloud-based software that securely stores a user's payment details to enable them to make online purchases across different websites or physical stores without the need to give away their payment details. Examples of these apps include Apple Pay®, Samsung Pay and Google Pay. To help protect your security, your actual card number is not stored on your device or shared with most merchants. The app assigns each credit and debit card a virtual card number associated only with the digital wallet and the mobile device you use.
With a digital wallet, you only need to enter and confirm your payment and shipping details once. You can then use it to complete online payments or transfer money without the need to carry your cards around when you go shopping. Your digital wallet can’t be used for a payment without your authentication. So, your information is protected, even if your phone is lost or stolen.
How Does It Work?
An e-wallet works in a pretty simple way. First, you need to install the software on your device or access it through an online platform. Then, create an account where you add your personal information, payment details, and any other verification information needed.
After that, all you need is to have your bank confirm your payment details, and start using your wallet app to make payments online wherever you want with a single click or tap.
When shopping at physical stores, mobile wallets use near field communication (NFC) to complete payments. If the merchant's payment terminal has a contactless payment symbol, simply point your smartphone close to it, and confirm the purchase by scanning a QR code, entering a password, or tapping the required button.
Where can I use it?
Once you have your card loaded in your digital wallet there are many ways that you can use it.
On the go
Use your e-wallet to pay wherever you see the contactless symbol by holding your phone up to the symbol on the terminal.
Online
When shopping online, some sites let you select a digital wallet as your payment option at checkout instead of having to enter your card information each time you make a purchase.
In-app
Use your digital wallet app for things like ride shares, morning coffee or food delivery services.
ATM
Add your Security Bank & Trust Co. debit card to your digital wallet and get cash or make deposits using your phone. Just select your debit card in your digital wallet and hold your phone over the contactless symbol at any MoneyPass network ATM.
Staying safe is a top priority for everyone. Whether you are avoiding unnecessary contact or protecting your accounts. Digital Wallets are one way to ensure you are in control of your financial and physical wellness. Stay safe Minnesota. We are here for you.
