What is a Digital Wallet and How Do I Pay With One? (2024)

FAQs

What is a Digital Wallet and How Do I Pay With One? ›

Digital Wallets contain digital versions of your credit and debit cards that are stored in wallet apps on your mobile device. Examples of these apps include Apple Pay^®, Samsung Pay^® and Google Pay^TM. (To help protect your security, your card number and personal information are not stored.)

Digital wallets allow you to pay when you're shopping using your device so that you don't need to carry your cards around. You enter and store your credit card, debit card, or bank account information and can then use your device to pay for purchases. Digital wallets can also store: Gift cards.

How do digital wallets work? To use a digital wallet, users must unlock the wallet app using facial recognition, fingerprint identification, or a PIN code, and then select the stored payment method they want to use.

Some digital wallets and payment apps are completely free, while others have free features like sending or receiving money between friends and family. Some may charge fees to receive money quicker, currency exchange and processing fees, and credit card fees.

It's Google Wallet. Keep everything protected in one place, no matter where you go with the new Google Wallet. Access essentials like your payments cards, loyalty cards, concert tickets, and more - all from your Android phone.

CONTACTLESS ATM Get cash without your card

Adding your debit card to your Digital Wallet means you can get cash using your phone. Just select your card in your wallet and hold your phone over the Contactless Symbol at any Bank of America ATM.

Adding Money to Your Digital Wallet

Open An Account: Sign up for a free online wallet account. Enter your personal information and choose a secure password. Fund Your Wallet: You can add funds to your wallet with a bank account, credit card, or in some cases, Bitcoin.

Cash App is a popular consumer app in the US that allows customers to bank, invest, send, and receive money using their digital wallet.

How do I pay with my card on my phone? ›

A digital payment, sometimes called an electronic payment, is the transfer of value from one payment account to another using a digital device or channel.

We asked U.S. consumers about "Most used online payments by brand" and found that "PayPal" takes the top spot, while "Skrill" is at the other end of the ranking. Find this and more survey data on most used online payments by brand in our Consumer Insights tool.

Security concerns: While digital wallets are generally more secure than traditional wallets, they are not entirely immune to security risks. Hackers and cybercriminals can still gain access to your digital wallet or steal your personal and financial information.

A digital wallet can help you organize everything for purchases from credit cards, gift cards, membership cards, and customer loyalty cards. Plus, you can store other items like concert tickets, airline boarding passes, transit cards, and even a few states allow you to store your driver's license.

In general, digital wallets are considered much safer than using physical credit cards, which can be more easily lost or stolen. When you lose a physical card, anyone who finds that plastic might be able to use it before you realize it's missing and prior to attempting to cancel it with the card company.

Digital wallet pros

Safety: Digital wallets protect your account information, making it difficult for fraudsters to access your sensitive financial information. Convenience: Digital wallets give you access to multiple ways to pay with the touch of a button.

With a digital wallet, there's no need to carry cash or bank cards. You can simply open your digital wallet on a cellphone and tap to purchase items in seconds. A few examples of digital wallets include Apple Pay, Google Pay and PayPal.