Meg Schutte Jan 12, 2023

Bank of Hope Digital Wallet:
Shop a whole new way!

 

How does this sound?
Pay with your mobile phone at the grocery store. Scan a QR code for entry at a concert. Venmo a friend money for dinner on the app. With a digital wallet, you can do all that and more. It’s changing how we shop, purchase, and manage money. That sinking feeling when you’ve left your purse at home? Lost your wallet? Or can’t find your airline tickets? No need to panic anymore. Now, most every major credit card allows you to connect your credit/debit cards, bank accounts, and important financial information to a digital wallet for easy access anytime. You can use it to pay on the go or online quickly and securely, earn rewards, and gain more control of your finances. So ditch the plastic (and the worry) and make the switch. Here’s what you need to know.

What is a Digital Wallet?

It’s your new best friend! A digital wallet (or e-wallet or virtual wallet) is just like a real wallet, but electronic. Via an app, you can install on your computer, phone, watch or other smart device and it securely holds all your important financial documents, cards, e-tickets, and so much more. Easy to set up, easy to use, and easy to pay with... you’ll wish you had one long before now.

Here’s everything you can conveniently store in a digital wallet:

  • Credit cards
  • Debit cards
  • Flight boarding passes
  • Hotel reservations
  • Public transportation cards
  • Concert tickets
  • Loyalty programs
  • Awards
  • Gift cards
  • Coupons
  • COVID-19 vaccine cards

No Touch. No Germs. No Worries! 

Since the pandemic began, we’ve all become more focused on avoiding germs at all costs. This has led to a rise in digital wallets and more businesses incorporating “no cash” or “contactless payments only” options to curb physical contact. Leave your real wallet or purse, and cash (that you can easily lose or have stolen from you) at home, and shop hands-free knowing your financial information is saved on your device. No need to find a check or swap cash or cards with a retailer. Just tap and go. Take note: Not all retailers accept digital wallet payments and mobile devices can run out of charge right when you need them. So charge up before you hit the stores or head out for the night or on a trip.


Which Digital Wallet Is Best For You?


While there are many popular digital wallets to choose from, you’ll probably prefer the one that matches your device. You’ll just need to download the accompanying app and input your personal information. You might also choose to set up a few of them to meet different needs:

  • Apple Pay for iPhone users
  • Google Pay and Samsung Pay for Android users
  • PayPal - Send and receive money
  • Venmo - Send and receive money
  • Zelle - Send and request money right from mobile banking app or online banking account

 

How to Pay with a Digital Wallet    

  • At a Business: “Pull out” your digital wallet when you’re ready to checkout or pay
    • Hold your device near a compatible Payment Terminal that has the contactless symbol

    • Depending on the system, you might be asked for your passcode, fingerprint scan, or facial recognition (all the better for keeping your personal info secure)
  • Online: Save time as your digital wallet fills in the forms
  • In apps: Make secure purchases with the touch of a button

 

Digital Wallets are a Safer, Simpler, and More Secure Way to Pay

Another good reason to go digital! Digital wallets are actually more secure than credit and debit cards because extra security authentication is built right into your device. Your sensitive data (credit/debit card, banking account info) is encrypted to protect you from hackers. Unique 16-digit tokens and one-time codes are used to ensure a more secure checkout process and to hide your sensitive data from the store, merchant or business. And because a digital wallet will always require authentication to use, you can enjoy more peace of mind.

Manage Your Money Smarter Online

Digital wallets can help you organize your finances in a more fluid way. All your activity is stored online with your bank or credit card company and on the app you've downloaded. You can access your data using your computer or smart device in real-time to track spending, see where your dollars are going, align with your budget, and get apprised sooner of any fraudulent activity. This gives you more timely control of your finances without waiting for paper statements to come in the mail or combing through piles of receipts to find what you need. Less paper, more ease!

 

Make the Switch Today!

Bank of Hope Digital Wallet: An easy and safe way to pay!

 

 

Meg Schutte is a Bank of Hope Blog contributor.    

The views and opinions expressed in this article do not necessarily represent the views and opinions of Bank of Hope. 

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