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How do Digital Wallets work?



How do Digital Wallets work?

Most digital wallets come with an app you can add to your computer, phone, watch or other smart device. When you’re out shopping, you can pay with most mobile wallets by holding your device near a terminal that has the contactless transaction symbol.

To complete the transaction, you might be required to provide a passcode or authenticate through fingerprint or facial recognition. From there, you can use the app to make purchases, pay someone directly or even access tickets for things like concerts or travel. For nonmobile digital wallets, you might be prompted to sign in or provide a password.

Digital wallets might use QR codes, near-field communication (NFC) or magnetic secure transmission (MST). This technology stores your information and allows you to more securely complete transactions.

How do I use a Digital Wallet?

One of the benefits of a digital wallet is access to quicker transactions. If you’re out and about and realize you left your physical wallet at home, your digital wallet can come in handy. Many retailers now have updated payment terminals that are compatible with contactless payments like mobile wallets and contactless cards.

Here are just a few ways you can use your digital wallet:

  • Online: Digital wallets can make online shopping easier by automatically filling in your information for you. This way, you don’t have to enter your info each time, and you can check out in just a few clicks.
  • On the go: Simply pay with your digital wallet on your smartphone, smartwatch or other mobile device when you’re checking out in a store.
  • In apps: Use your digital wallet for easier and more secure in-app purchases.

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