A digital wallet can store your debit and credit cards, coupons, gift cards, and more in one central location. It's a convenient way to organize all your information, so you don't have to carry a wallet full of plastic cards.
Digital wallets are convenient and can make your daily life easier. With fewer purchases made with checks or cash and as shopping platforms and apps dominate point-of-sale purchases, just about everyone can save time and benefit from using a secure digital wallet. Below are five reasons you should consider using a digital wallet.
1: Fast Way to Pay
Saving time and energy ranks among the primary reasons people use a digital wallet. Other forms of payment at a point-of-sale location don't mesh with the lifestyles of busy people. Digging around for a wallet, counting out cash, and waiting for change is time not well spent. Shuffling through a handful of debit and credit cards and remembering balances and rewards can be confusing. And no one wants to stand there writing a check as people in line grow impatient. Using a digital wallet creates a no-wait process where users tap on their phones and complete a secure contactless transaction.
2. Convenient
Most smartphones already have a mobile or digital wallet App installed. If you don't see the icon, go to settings to view a list of Apps. Or, download it through your App Store. Open the App to create a virtual copy of your debit or credit card and follow the instructions to add your information manually or by the camera on your phone. Establishing a digital wallet takes a few minutes and allows you to breeze through retail lines.
3. Safer Than Carrying Cash
Carrying cash invites the possibility of theft or losing money when a purse or wallet goes missing. This reality is one of the reasons an increased number of people once preferred carrying cards over currency. But losing credit or debit cards can also allow someone to use your card information without permission. Using a digital wallet removes the physical presence of cash and cards.
Your digital wallet uses tokenization to hide your card information. Since your account number is not stored on your device and multiple layers of security are in place, using a digital wallet offers many hurdles that prevent fraud and offer heightened security.
4: A Digital Wallet’s Additional Security Features
The ability to keep a digital wallet safe and secure has calmed the worry of consumers. Suppose someone loses their phone during an Uber ride or leaves it in the stands at a sports game. If the wrong person finds it, they would need to penetrate the phone's security features. Imposing a second level of cybersecurity, users can implement fingerprint or facial recognition to unlock their digital wallet or add a simple numeric PIN.
Also important to note is that your card and banking information isn't stored in the app. In addition, digital wallets use encryption technology, scrambling the financial data for every purchase. A digital wallet is generally more secure than many other devices people use daily.
The ability to keep a digital wallet safe and secure has calmed the worry of consumers. Suppose someone loses their phone during an Uber ride or leaves it in the stands at a youth sports game. If the wrong person finds it, they must penetrate the phone's security features. Imposing a second level of cybersecurity, users can implement fingerprint or facial recognition to unlock their digital wallet or add a simple numeric PIN.
5: Helps Keep You Organized
Have you ever struggled to find a specific card or coupon in your wallet or pocket? Leave your physical cards at home, stay organized, and carry less. Save your credit, debit, loyalty, and gift cards, as well as coupons and travel passes (plane tickets, hotel reservations, train passes, etc.), to your digital wallet. Consolidating everything in one place provides easy access to the information you need in no time.
Middlesex Federal Is Here to Help
Using a digital wallet to store your credit and debit cards provides a more secure and convenient way to make transactions in person and online. If you'd like assistance adding your Middlesex Federal debit card to your digital wallet or have questions, please contact us; we'd be happy to help.