Digital and Mobile Wallet Basics

Digital and mobile wallets are becoming increasingly popular, and it’s easy to see why. Having a way to pay on your phone or smartwatch is super convenient. Plus, digital wallets are highly secure (find out why below). Convenient and secure? It just makes sense!

What is a Digital Wallet?

A digital (or mobile) wallet is a software or app downloaded on a mobile device. It’s most commonly used on smartphones and smartwatches. It stores your payment information and provides a secure, convenient checkout option.

Some wallets are optimized for easy payments between friends, while others allow you to use a digital version of your credit or debit card for contactless payments. Depending on the wallet you may be able to connect a bank account, debit or credit card as your primary method of payment. It’s up to you!

There are many popular mobile wallets such as:

• ApplePay
• GooglePay
• SamsungPay
• FitBitPay
• Garmen Pay

Are They Secure?

A digital wallet can be more secure than carrying a physical wallet containing your debit card, credit cards or even cash. Here’s why:

1. A screen lock on your mobile device protects your digital wallet from unauthorized use. You can secure the app further with a code or biometric verification.
2. The payment information you enter for your wallet is only accessible to authorized users. The information is encrypted and will not show in your digital wallet.
3. Mobile payments are also encrypted, reducing the risk of counterfeit fraud since your card or account number is never distributed.

As you can see, it’s much harder for an unauthorized user to pay with a digital wallet than with a card. Plus, when you pay with a digital wallet or make a contactless payment, nobody sees your card number (even a cashier) since the information is encrypted.

Using a Digital Wallet

Choose a digital wallet that is compatible with your smartphone. For example, Android users might opt for GooglePay or SamsungPay, while Apple users might choose Apple Pay. A quick online search will help you determine your phone’s compatibility. You can use more than one mobile wallet if you wish.

When setting up your digital wallet you will be asked for basic information such as your name, date of birth and address. Then you will enter information for the card or account you wish to use. This information will immediately be encrypted within the application’s database for your use only.

If your device and digital wallet are Tap to Pay compatible you can make contactless payments anywhere a contactless terminal is available. Without Tap to Pay compatibility you can still use your wallet to make online payments and send money to family or friends.

What Else Can They Do?

Some digital wallets offer more than just a convenient payment option. Some digital wallets can also store boarding passes, hotel reservations, concert tickets, coupons and other information. This data will be kept safe and secure, just like your payment details!

Horizon’s Digital Cards

Horizon debit and debit cards are digital wallet and Tap to Pay compatible! Simply set up a digital wallet of your choice and add your Horizon card following the instructions in your app. You’ll be all set for convenient online payments and Tap to Pay anytime you’re holding your phone! Set up a digital wallet today to get the most out of your Horizon card.