Frequently Asked Questions
We'll answer common questions about Digital Wallets so you can have the confidence you need to make digital payments today!
A digital wallet is an electronic device or online service that allows you to make electronic transactions without presenting a physical or debit card, online with a computer or at a store using your mobile device.
There are two types of digital wallets: device-based and web-based.
Device-based digital wallets use near field communication (NFC) technology that enables users to pay for purchases without swiping their debit or credit card. Instead, customers wave their phone (or other NFC-capable device, including certain smartwatches) near a reader at a merchant to transmit payment account information. Apple Pay, Samsung Pay and Google Pay are examples of device-based digital wallets because they require a smartphone or smartwatch to make a payment.
Web-based digital wallets allow customers to add credit or debit card information to a personal account or profile. When a customer makes a purchase online, they log into their account and use it to pay for the purchase. Web-based digital wallets allow consumers to pay for purchases without providing their card details, billing/shipping address or creating an account on the website on which they’re shopping. Visa Checkout is an example of a web-based digital wallet.
Most digital wallets encrypt your account information, which means the account number that is transmitted to the merchant when making a payment is not your actual account number. Digital wallets generate these encrypted account numbers for a single use, so each transaction will have a unique account number, thus safeguarding your information.
Digital wallets are equipped with build-in enhanced security. Because your card information is encrypted, your account details are kept secure, making it harder for a security breach to happen.
Yes, most digital wallets allow you to store multiple cards.
Many major retailers are already accepting digital wallets in-store, in-app and online. Some independent retailers have started accepting them as well.
Yes, you can remove your card and personal information at any time.