6 Reasons Why You Should Be Using Digital Wallets

What are digital wallets?

Digital wallets are simply digital versions of your accounts, such as credit and debit cards, that are accessed from your computer, watch, or mobile device (mobile wallets). Some of the most common digital wallets are Apple Pay®^{1skip to disclosure}, Google Wallet™^{2skip to disclosure}, Samsung Pay^{3skip to disclosure}, PayPal®, Venmo, and Cash App.

How do digital wallets work?

Digital wallets transactions use a secure, two-way encryption process called “tokenization” whereby a unique, one-time use “token” is sent to the merchant. In other words, your card information is never shared. This token is sent to the merchant using NFC or near-field communication technology—the same technology that is in your contactless DuPage Credit Union credit cards and debit card.

How do I pay with digital wallets?

Paying in-store with your digital wallet is very straightforward. If the merchant accepts digital wallet payments, you should see an Apple Pay, Google Pay, and/or contactless symbol    on the terminal.

Paying in-app or online? If you’re paying with Apple Pay® or Google Wallet™, just look for the “Buy with G Pay” or “Buy with Apple Pay” buttons at checkout.

How to use Apple Pay
How to use Google Wallet

1. Digital wallet transactions are secure.

When you make a digital wallet transaction, your credit card information is not stored on your phone nor shared with merchants. Because your card information is not stored with merchants, it could also make you less vulnerable if a data breach were to occur.

In addition, digital wallets are “unskimmable.” Credit card skimming is a method of attaching devices on gas pumps and ATMs that read the magnetic strip so that criminals can gather your card information. But these days, skimming can also happen online as cybercriminals gain access to and hide code to create fake forms on checkout pages.

2. You don’t have to use a public touchscreen.

Touchscreens are havens for bacteria. By using a contactless mobile wallet to pay in-store, for example, you may lessen your chance of getting sick.

3. Digital wallets allow you to be more organized.

No more fussing with your George Costanza wallet. Digital wallets can hold your credit cards, debit cards, gift cards, membership cards, coupon codes, drivers license, boarding passes, vaccine records, event tickets, and more!

4. You can still earn credit or debit card rewards with digital wallets.

Using digital wallets for your debit or credit cards will earn you rewards points or cash back just as if you were using them physically.

5. You can easily pay, split, request, and receive payments.

Digital wallets can be used for more than just shopping; they also allow you to send and receive payments to/from friends and family. With Venmo or Cash App, for example, you can request rent money from your roommate or split the restaurant tab with your friends.

6. You can pay using your smartwatch.

Apple Watch®, Samsung Galaxy Watch, Fitbit®, and many others are compatible with digital wallet apps such as Apple Pay®^{1skip to disclosure}, Google Wallet™^{2skip to disclosure}, Samsung Pay^{3skip to disclosure}.

¹Apple Pay and Apple Watch are trademarks of Apple Inc., registered in the U.S. and other countries and regions. ²Google Wallet is a trademark of Google LLC. ³Samsung Pay is only compatible with supported cards, carriers, and Samsung devices. See Samsung.com/pay for compatibility.

The Contactless Indicator mark, consisting of four graduating arcs, and the Contactless Symbol are trademarks owned by and used with permission of EMVCo, LLC.