Digital wallets – what’s the deal?

Are you curious about digital wallets and how they work? Maybe you’ve been considering using one but weren’t sure how they work or how you go about getting set up. If so, you’re not alone. Digital wallets have been trending for years and during the COVID-19 pandemic even more people have been jumping on board.

What is a digital wallet?

A digital wallet is just what it sounds like, an app that can replace your physical wallet by securely storing information on your device, such as your driver's license, credit and debit cards and merchant rewards cards.

By saving financial information like credit card and debit card numbers, a digital wallet allows you to make a variety of cashless and contactless transactions.

Is it safe to store my card information in a digital wallet?

Yes, it is safe to use a digital wallet. In fact, digital wallets have added levels of security for your payment information that is not available with physical cards.

Whether you have Apple Pay, Samsung Pay or Google Pay, each digital wallet has ways to secure payments which range from not storing your card number in wallet to no card information being shared with a retailer. Plus, all your credit purchases made with your P&N Bank Visa card are protected by Visa’s Zero Liability policy which means you won’t be held liable for fraudulent charges or unauthorised purchases,

What are the benefits of a digital wallet?

While it may take a little getting used to, there are many benefits to using a digital wallet. From streamlining how you manage your money, to protecting your personal information in potentially vulnerable situations, digital wallets can offer convenience and security. 

It saves time

When you use a digital wallet, you’re able to complete an in-store transaction with a quick and simple wave of your smartphone.

If you’ve ever found yourself digging through your bag or wallet at the checkout to find your debit or credit card, or been in line behind a person fumbling to put change back in their wallet, you can appreciate how much quicker and simpler using a digital wallet can be!

Lightens your load

If you’re like a lot of people today, your phone is always with you. By storing your payment cards in a digital wallet, you can shop without having to carry your physical wallet with you. This means fewer items to remember as you’re on your way out the door.

Reduce the chances of fraud and theft

Unlike your physical wallet, your smartphone has security controls available (if you activate them), which means only you can access your cards. With a digital wallet, if someone finds your phone, they won’t have access to your actual credit card or other personal information.

So, how do I get started?

Chances are a digital wallet app is already built-in to your smartphone. If not, you can simply download it from your device’s app store. From here, you just need to add your P&N Bank credit or debit card to the digital wallet and you’re ready to start making safe and secure contactless payments.

P&N Bank supports Apple Pay, Google Pay and Samsung Pay, and you can check out our handy set of tips for setting up and using a digital wallet.