By using your digital wallet, you are able to complete transactions in an easier, faster and more secure way. While not all merchants accept digital transactions, most do and the number of merchants is growing. Added Convenience – You can store multiple cards in your digital wallet, all accessible from your device.Tokenization matched with encryption makes your information useless and unreadable to fraudsters – which gives you peace of mind when making purchases. If your wallet or card is stolen, it’s much easier for criminals to use it than to break through the security layers on your smartphone or digital device, which require facial recognition, passcodes, or fingerprint scans. The added layer of authentication with contactless, digital payments means they’re safer than using a physical card’s chip or magnetic stripe to make purchases. These unique tokens are randomly generated every time you make a payment. This means your cardholder data and card details are never exposed during the payment process, which adds a layer of protection against data breaches. The tokenized data is a stand-in for sensitive information that communicates where the payment request is being sent from. Payment or credit card tokenization works by replacing a cardholder’s primary account number with a one-time unique identifier (a token). Plus, mobile or digital wallets are actually more secure than physical cards because card information and mobile payments are heavily encrypted and tokenized, meaning that actual card and account numbers are NOT stored within the digital wallet. These digital and mobile wallets can be used to make purchases instead of swiping a physical card at the register. Mobile wallets are digital ways to store credit cards, debit cards, IDs and even gift cards on your digital device(s).
We’re here to help! Here’s What You Need to Know: You may have heard people mention their “digital wallet,” or advertise the acceptance of Apple Pay, Samsung Pay, or Google Pay, but you may be wondering what it is, how it works, and if it’s safe.
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