Pay Safely with a Digital Wallet
As consumers seek to limit the amount of surfaces they touch in a COVID-19 world, more are adopting digital payment methods instead of using cash or physical credit cards. Called “contactless payments,” the technology involves using an app on a person’s smartphone to pay. To adopt this cleaner, safer way to pay, consumers need only a smartphone and a digital wallet app – many of which are pre-installed on their phones.
According to Mastercard Inc, more than 51% of consumers use some form of contactless payment, and most find it easy to adapt.
Marshfield Medical Center Credit Union (MMCCU) recently launched their debit card digital wallet for use with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, LG Pay, and Garmin Pay.
“There are many reasons to begin using a digital wallet, including convenience, enhanced security, and additional benefits,” explained David Murphy, VP of Finance & Risk at MMCCU.
In just a few seconds, a consumer can complete a transaction at the checkout terminal by using a digital wallet with a tap or wave of the smartphone.
“Gone are the days of digging around for the right card, because your payment is stored on your phone,” said Murphy. “In fact, you can organize all of your credit cards, membership cards, and customer loyalty cards in one digital space. This method can also make the checkout lines go quicker, and it’s less items to carry around when you’re shopping.”
He added that digital wallets are more secure, because while a credit card can fall out of your wallet, it can’t fall out of your phone. Plus, additional security that most people have on their phone (like a passcode) further protects a digital wallet.
“If you lose your wallet, someone can steal your cards…but if they find your phone, they won’t be able to access your cards,” said Murphy.
In addition, when paying with a digital wallet, a card’s information is not exchanged like it is when paying using a physical card.
“Instead, a unique transaction identifier or token is used – so the store where you shop won’t have to store your account information, which helps keep your data safe,” said Murphy.
Using a digital wallet is typically free, with no charge for the convenience.
“You’ll often find promotions and point reward systems in your digital wallet, which you can access at-a-glance,” said Murphy.