4 Things to Know About Digital Wallets

The digital wallet in your smartphone may soon replace credit and debit cards as the benefits and simplicity of paying with your phone make reaching for plastic or cash inconvenient.

A digital wallet — often called a mobile wallet — is accessed through an app on your smartphone or other mobile device and enables you to digitally store and access items typically found in a physical wallet.

The term “digital wallet,” however, can cause confusion, since multiple types of digital wallets may be found on your mobile device. Here’s what you need to know:

  1. Your smartphone includes a digital wallet app for organizing credit and debit cards, as well as other digitalized items depending on the app, making it easier to service cards in one spot and make purchases using your phone.
  2. Samsung Pay is the newest addition to USAA’s mobile payment lineup. It’s accepted almost anywhere you can swipe or tap a card because it uses both magnetic secure transmission technology and newer near-field communication (NFC) to transmit payment data.
  3. By assigning virtual device account numbers to cards, mobile payments are secure and do not use actual debit or credit card numbers when making a purchase. Fingerprint or passcode authentication adds an extra security layer.
  4. USAA’s digital wallet, within USAA Mobile App, creates easy access to card services such as blocking a card, reporting a card lost or stolen, replacement card ordering, checking for unauthorized transactions or copying a card number when making in-app or online purchases. It allows members the ability to enroll in Samsung Pay, Apple Pay™ and Android Pay™. Members can also use USAA’s digital wallet to send money and view special USAA offers and discounts that may apply to debit or credit card purchases.

Pypper Namikas, product management director at USAA, believes the USAA digital wallet enhances members’ overall shopping, banking and insurance experiences.

“The wallet makes life easier for our members,” Namikas says. “Information is literally at your fingertips.”



02-20-2017 07:40 AM

Content provided courtesy of USAA.