You have probably heard the term Mobile Wallet, but what is it exactly?
A Mobile Wallet is a virtual wallet that lives on your mobile device. It can store everything from your rewards cards, membership cards, credit cards and now your Bank of St. Elizabeth debit card. You no longer need to squeeze your overstuffed wallet into your back pocket or lug around your heavy purse. You can now use your phone to pay with your debit card (at participating merchants).
Mobile Wallets are becoming more and more popular among users and among merchants. The two biggest reasons are:
- Speed and simplicity
- By simply holding your phone over the payment terminal, it will quickly scan your card. This increases the speed and simplicity of a transaction versus pulling your card from your wallet, waiting for the EMV chip to be read, and then putting your card back.
- Increased level of security
- Mobile wallets are safer than carrying your debit card or cash in your wallet, because the card information stored in your mobile wallet is encrypted. This means the details of your card are not accessible to others. When mobile wallets transmit data to make payments, they never transmit your actual card number and information. Instead, they use encrypted payment codes, called tokens. In addition, your phone is password-protected and cannot be opened without your fingerprint, face ID, passcode or a personal identification number, so getting to your data is much tougher than opening up your wallet or having your data stolen by a skimmer on a payment terminal.
When using a mobile wallet to store your card number, you will need to password-protect your phone to keep your information secure. Using your fingerprint or a facial scan is also a very secure way to protect your phone and any sensitive information that is stored on it.
The Bank of St. Elizabeth’s mobile wallets are compatible with Apple Pay, Samsung Pay, Google Pay (formerly Google Wallet & Android Pay), Fitbit Pay, and Garmin Pay.