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What Is A Digital Wallet And How Does It Work?

A digital wallet is an app-based technology that lets users initiate and perform financial transactions using secure app features. Digital wallet applications are available on smart devices, including mobile phones, tablets and watches.
 
Digital wallets work in tandem with financial institutions, allowing a wide range of transactional and banking functions to be executed without having to actually visit the bank or financial institution in person.
 
This post will explain what digital wallets are, why you might want to use one, and how to make sure that you’re doing things properly if you do decide to utilize the technology.
 
At Credit Union of Southern California (CU SoCal), we make banking easier.
 
To learn more about CU SoCal’s Digital Wallet call 866.287.6225 to speak with an experienced Member Services Representative. We can assist you with all of your banking needs, including checking and savings accounts, auto loans, personal loans, and other banking products.

Get Started on Your Digital Wallet


Digital Wallets Explained

 
Digital Wallet apps let users safely store debit and credit card information, so your smart phone, tablet or other mobile device becomes your electronic wallet.
These apps have become popular in recent years due to their touchless technology, safety, security and ease of use.
 
A key safety feature of digital wallets is that your actual wallet, from your purse or pocket, does not need to be opened, so no one can see the contents of your wallet. For example, a digital wallet can be used to withdraw cash from an ATM, by simply pulling up your debit card image and holding your phone to the ATM where you see the “contactless symbol:
 
CU SoCal Digital Wallet is now compatible with Apple Pay, Google Pay, and Samsung pay.
 
Learn more about CU SoCal Digital Wallets here.


Popular Digital Wallets

Some of the top digital wallets are Apple Pay, Google Pay, and Samsung Pay. Most digital wallets are also mobile wallets, meaning you can use them to make in-store/point of sale purchases by holding your mobile device to the pay icon at the register.


Benefits Of Using A Digital Wallet

Convenience. Having your credit card information stored on your mobile device makes it quick and easy to pay at the register. No more fumbling for your actual wallet and locating your credit card.
 
Security. The technology behind digital wallets ensures safety because your credit card information is encrypted and stored in a cloud-based system. Even if you were to lose your mobile device on which the information is stored, it would not be visible to anyone.
 
Organization. The apps are designed to store information on airplane boarding passes, gift cards, sporting and concert tickets, personal IDs, transit passes and more.
 
Bonuses, Rewards and Cash Back. Many digital wallet providers offer incentives. Other rewards are offered by credit card companies and lending institutions. Depending on the app provider you choose, you may be able to bundle these rewards and incentives.


How To Add Your CU SoCal Accounts To Your CU SoCal Digital Wallet

Credit Union of Southern California Members can easily add their CU SoCal credit cards and debit cards to any of these digital wallets and enjoy fast and secure checkouts for both traditional and online transactions.

Each Digital Wallet provider allows users to pay for purchases using their phone (or other mobile device), by simply holding the phone near a contactless reader at participating merchants.
 
Here’s how some of the top digital wallets work:
 
Apple Pay. Apple Pay allow you to safely store your CU SoCal Visa® Debit or Credit Card payment information on your mobile phone, tablet, or watch to make fast and secure contactless purchases. Apple Pay is simple to set up. Just add your credit or debit card to the Wallet app on your iPhone. You’ll still get your card’s rewards, points and benefits. Learn how to add your CU SoCal credit and debit cards to Apple Pay.
 
Google Pay. Google Pay allow you to safely store your CU SoCal Visa® Debit or Credit Card payment information on your mobile phone, tablet, or watch to make fast and secure contactless purchases. Keep credit cards, debit cards, transit passes, and more on your phone for quick, easy access. Learn how to add your CU SoCal credit and debit cards to Google Pay.
 
Samsung Pay. Samsung Pay allows you to pay for your purchases with your Samsung Galaxy phone or watch by holding the phone near a contactless reader at participating merchants. Just take a photo of your card or a barcode, then tap to check out. Learn how to add your CU SoCal credit and debit cards to Samsung Pay


How To Use A Digital Wallet

Digital wallets are increasing in popularity and new uses are being implemented all the time. Some common use locations include:
  • Online
  • In Stores
  • In Apps
  • ATMs


Other Uses For Digital Wallets

Digital wallets can store a variety of information, including:
  • Personal identification, including your passport. (Some state will be rolling out the ability to store a driver’s license.)
  • Boarding passes for air travel
  • Hotel reservations
  • Gift cards
  • Coupons  


Digital Wallet FAQs

Are Digital Wallets Safe?
Digital wallets have multiple layers of security and use an encrypted number instead of your actual CU SoCal Visa debit or credit card number so your details stay secure.


Where Can I Use A Digital Wallet?

Digital wallets can be used to make purchases and other transactions online, in stores, in apps, ATMs, airports, and more. With contactless payments, you simply hold your phone or other device near a contactless payment terminal until the device confirms the purchase. Digital wallets can also be used for in-app and website purchases, where supported.


How Many Accounts Can I Add To My Digital Wallet?

Google: No limit.
Samsung: 10
Apple: 12
 
What's The Difference Between A Digital Wallet And A Mobile Wallet? Creditcardinsider tells us that a Digital Wallet is a broad term for software that allows you to store your credit card numbers, debit card numbers, and loyalty card numbers in the cloud, then access them from a device like your laptop, tablet, or phone.
 
A Mobile Wallet is a type of digital wallet that’s related to on an app on a smart device and is used to store credit card and other payment methods the user inputs. Mobile wallets let consumers use their phone or mobile device to make purchases and other transactions at the point of sale.


Who Accepts Digital Wallets?

Retailers who have a contactless payment terminal and internet retailers who support digital wallets. 

Why Savvy Consumers Choose CU SoCal

For over 60 years CU SoCal has been providing financial services, including: personal loans, car loans, mortgages, credit cards, and other banking products, to those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County.

 To learn more about CU SoCal’s Digital Wallet and how to use Digital Wallet with your CU SoCal accounts, call 866.287.6225 to speak with an experienced Member Services Representative.
 
Open an account today!

Get Started on Your Digital Wallet

Building Better Lives

Credit Union of Southern California (CU SoCal) is a leading financial institution empowering those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County to reach their goals and build strong financial futures. CU SoCal provides access to convenient money management services and offers competitive rates and flexible terms on auto loans, mortgages, and VISA credit cards—turning wishing and waiting into achieving and doing.

 

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