Have you ever been in the checkout line waiting to pay for your purchase, only to reach for your purse or wallet and realize you’ve forgotten it at home? This situation is bound to happen from time to time, but with a digital wallet on your smartphone or mobile device, you have another payment option! A digital wallet is a financial transaction application that securely stores your payment information—such as a credit card, debit card, or banking information—and then allows you to pay for your purchases through that application. Three of the most popular digital wallet options are Apple Pay, Google Pay, and Samsung Pay. There are many benefits to enabling a digital wallet for your purchases, and in today’s blog, we’ll be exploring three.

Security
Setting up a digital wallet can help keep your financial information safe and out of the wrong hands. Your stored card or banking information is encrypted, meaning that the data has been converted into a code that is more difficult to steal or hack. Additionally, your financial information is never displayed in your digital wallet, which can also decrease the likelihood of this information being compromised. Finally, some digital wallets allow you to enable biometric authentication—like a retina or fingerprint scan—in order to finalize a transaction. Digital wallets offer a safer alternative to carrying physical cards or cash around in your wallet or purse.

Convenience
In addition to the added safety they offer, digital wallets can be more convenient than traditional forms of payment. They eliminate the need to carry physical cards because all of your information is already stored within your mobile device. You may even be able to use your digital wallet while online shopping, as some online retailers allow this as a payment option. It can potentially save you time at the register, too, as you won’t need to shuffle through your wallet or purse looking for the correct method of payment. Everything you need to pay is right at your fingertips.

Contactless
Another benefit of using a digital wallet is that it offers you the option of a contactless way to pay. When using a digital wallet, the only thing you need to touch is the screen of your smartphone or mobile device in order to complete the transaction. This is an alternative to using cash, which must change hands two or more times. Using a digital wallet to pay also cuts down on your need touch a pin pad in order to enter your PIN number.

Using a digital wallet is an alternative to traditional ways of paying, such as carrying around physical cards or cash. They can offer a safer, more convenient, and contactless method of payment. While digital wallets may not completely replace the need to carry a wallet or purse, they can offer you a backup to carrying cards or cash. DCCU is pleased to partner with Apple Pay, Google Pay, and Samsung Pay to bring you an even easier way to pay when using your DCCU personal credit or debit card. Please visit our Digital Wallets page to learn more.

This article is for general information only and not intended to provide specific advice or recommendations for any individual.