Digital Wallets 101

We’ve learned to swipe, insert, and tap our credit cards in the checkout line as each new payment method was introduced. But you may not even need to dig your wallet out of your purse anymore—contactless payments through digital wallets are increasingly common.

     The question of whether to get a digital wallet may be moot: If you have a smartphone, you probably have a digital wallet app already. Apple Wallet, Google Wallet, and Samsung Wallet are each associated with the device you have, you just need to activate them.

      In each case, you can store your existing credit cards to quickly pay for groceries at a local store, for instance. But, like a physical wallet, these mobile digital wallets can also store things like bus passes, plane tickets, and gym membership cards. When your phone is more likely to be in your hand than your wallet, a digital wallet can be an incredible time-saver.

     There are also digital wallets (sometimes called money apps) that are not dependent on an operating system and are primarily geared toward sending and receiving money. This category includes popular apps or websites like Venmo, PayPal, and Cash App. In each case, you can link bank accounts and credit/debit cards to the app to pay for purchases online or in person (by scanning a payee’s QR code or knowing their account name). These apps also make easy work of splitting the dinner bill among friends—everyone can send their share to one person who puts down a credit card. Note that the latter form of digital wallet may add a fee for certain transactions. Affordable Coaching: Find the Best Real Estate Coach

     Digital wallets are generally seen as more secure payment methods since security measures on your phone (like passcodes and facial recognition) make it incredibly difficult for anyone else to access your accounts. And, when you tap your phone at a store’s register, the store gets a unique and encrypted code to complete the transaction—even if they don’t see your account information. As contactless payments and digital money transfers become more prevalent, digital wallets will only get more popular. Check out the one in your pocket!

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