What’s a digital wallet? Everything you need to know

May 5, 2022

Digital wallets and contactless payments, what's that and how does it work? How do you set up a digital wallet? Are they even safe? Is it something you really need? Relax — We’ll straighten it out.

What’s a digital wallet and how does it work?

A digital wallet or e-wallet, like Google Pay and Apple Pay, is an app based product that makes it easier to pay when you’re on the go. With a digital wallet you’ll have all your cards stored securely in one place, your phone. That way you can simply pay safe and swift by just tapping your phone or smartwatch on any card reader that supports contactless payments.

How do you get a digital wallet?

Apple Pay - Apple users will find the Wallet app pre installed on their phone. Add a credit card, debit card or prepaid card in the Wallet app. Don’t forget to add your cards to any other Apple devices you might want to use with Apple pay. Apple pay works on iPhone, Apple watch, mac and iPad.

Google Pay - If you want to use your phone as a payment method in stores you’ll have to download Google Pay. You’ll find the app in the Play store if you use an Android device. After you’ve downloaded the app you’ll be ready in minutes, get your card information ready for an easy set up and follow the steps in the app.

What are contactless payments?

You have probably seen people just tapping their devices or cards against a card reader, that is contactless payment. It works the same way with both your physical card as with your digital wallet on your phone or smart watch. Tapping your device makes for a faster check out, and you don’t have to worry about leaving the card in the reader. If you have a smart watch you’ll just have to add your card to your digital wallet and tap the terminal with your wrist. For smaller amounts you won’t even have to put in your pin, smart huh?

Where can you pay with a digital wallet?

Digital wallets work everywhere where you can tap your card. If the store accepts contactless payments it’ll be fine to use your phone or smartwatch. You can also use both Google Pay and Apple Pay in many online stores.

Why should I use a digital wallet?

Digital wallets are designed with safety and simplicity in mind, and there are many advantages. Firstly you don’t need to fill in your card details everytime you shop online. You won’t have to fumble with your wallet when you check out at the grocery.

  • It’s safe - Your details are protected by encryption in the app
  • You’re in control - Freeze the card at anytime in the app
  • Get your subscriptions in check - Get all your streaming services on the same card and keep them separate from your other cards
  • Leave your physical wallet at home - Going for a run? With a digital wallet you can stop and buy a drink or pay for the bus fare by just bringing your phone or smartwatch.

Are digital wallets safe?

Your card details are not stored by either Google or Apple, not even the vendor gets acces to your card details since they’re encrypted. Both Google and Apple generate a uniqe sequence for every new transaction and you always approve your purchase with fingerprint or face-ID.

If you also protect your phone with a password, fingerprint or facial recognition your details are even safer if your phone gets lost or stolen. Block your Google Pay or Apple Pay from any web browser and avoid having to freeze your physical card.

How to add a card to a digital wallet?

Add a card on your iPhone

  1. In the Wallet app, tap the Add button .
  2. Tap Debit or Credit Card.
  3. Tap Continue.
  4. Follow the steps on the screen to add a new card. If prompted, choose your bank or card issuer from the list or find them using the search bar.
  5. Verify your information with your bank or card issuer. They might ask you to provide additional information or to download an app before approving your card for use with Apple Pay.
  6. If you have a paired Apple Watch, you have the option to also add the card to your watch.

Add new card on Android

  1. Sign in to Payment methods.
  2. At the bottom, click Add payment method.
  3. Click Add credit or debit card.
  4. Enter your card info.
  5. If you’re asked to verify your payment method, choose an option from the list.
  6. Find and enter the verification code.

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