Like most people, there’s one thing that you never leave home without. Any idea what?
If your answer is “my phone,” you’re probably right.
The thing is, we do just about everything on our phones and mobile devices, from texting and taking pics to ordering products and checking our bank account balances. It’s no wonder most of us can’t live without them.
But do you know how to use your phone or mobile device’s digital wallet?
A digital wallet is an online payment tool that serves as an electronic version of a physical wallet. It stores your credit card and debit card information safely and securely on your smartphone, smartwatch, or tech-enabled mobile device and links your connected credit or checking account to a merchant when you make a transaction.
Once you load card information, you can purchase goods and services online or wherever digital payments are accepted.
Besides giving you the ability to pay for goods and services, a digital wallet allows you to view your payment history and store important documents digitally. It can also hold much of the information contained in your physical wallet such as gift cards, tickets to events, membership cards, and transportation passes.
All things considered, if you don’t have your Chambers Bank Debit Card loaded to your phone, watch or mobile device’s digital wallet yet, you should! In this article, you’re going to learn more about the digital wallet as well as the benefits of adding your debit card to it.
How a Digital Wallet Works
The technology embedded in a digital wallet converts your debit and credit card numbers into encrypted data that’s only accessible to you. A merchant cannot see or access your card information at any time.
To use your digital wallet, you first have to unlock it using facial recognition, a PIN code, or fingerprint ID.The most common digital wallets accepted by merchants are Apple Pay, Google Wallet, and the Samsung Wallet. Just look for a contactless symbol on the payment terminal or ask the merchant if they accept digital payments.
- If you’re making an in-person purchase, once you unlock your device and choose a payment card from your wallet, simply run the device past the store or kiosk card reader to complete your transaction.
- If you’re making an online purchase, payment options will be available once you reach the website’s checkout. Simply choose “Check out with Apple/Google/Samsung Pay” and complete your transaction.
The Benefits of Adding Your Chambers Bank Debit Card to Your Digital Wallet
Bringing a physical debit card or credit card with you when you leave home is still a good practice, regardless of advancements in digital payment technologies. After all, phones can get lost, and phones can shut down from low power.
However, if you haven’t added your Chambers Bank Debit Card or any payment cards to your digital wallet yet, here are three reasons you should:
Your Transactions Are More Secure
It’s great knowing that facial recognition, a PIN, or your fingerprint ID is required to unlock your mobile wallet. On top of that, there’s a card technology feature that makes your transaction very safe, and it’s called tokenization.
Tokenization is the process of replacing your 16-digit debit or credit card number with a unique card number and a one-time transaction code; the numbers and the code can never be used again, eliminating the possibility of fraud. And remember … a merchant cannot see or save your digital card information when you use your wallet at a payment terminal.
If your phone or mobile device is ever lost or stolen, the thief would have to unlock and access your device before they could get to your debit card–which would be very difficult if you use biometric identification to lock your phone or mobile device. In comparison, your physical wallet has no barriers to theft if stolen.
It’s Easy and Convenient to Use
One of the biggest reasons people use digital wallets is for their convenience. In fact, 41% of respondents in a 2023 Forbes Advisor poll said that’s exactly why they use digital wallets, followed by availability of rewards programs, ability to track recent purchases, and enhanced security.
Imagine this scenario: You’re at a major concert and you can’t bring your purse or bag due to security restrictions, but you can bring your phone. Sure, your wallet can go in your pocket (if you have pockets, that is), but doing so isn’t always an option.
If you have your Chambers Bank Debit Card stored in your digital wallet, you can still buy food and refreshments at the concert because the vendor accepts digital payments.
Another thing to think about is that with a digital wallet, you don’t have to dig into your purse, bag, or wallet to pull out a physical card. Instead, your card information is organized and easily accessible in your mobile wallet at all times.
It’s a Faster Way to Pay
Does this sound familiar? It’s 5:30 and you have to make a quick stop at the grocery store on the way home. The checkout lines run by cashiers are long, and people are paying with cash and debit cards. But you only have a couple items and the self-checkouts aren’t busy, so you approach a terminal.
You pay with the Chambers Bank Debit Card stored in your phone’s digital wallet, so you’re in and out of the checkout line in a minute. And that’s great because you just want to get home after a long day.
In general, contactless digital wallet payments can process ten times faster than physical cards, with most payments completed within seconds. Between this lower processing time and the elimination of cash and check handling, your entire in-store experience is improved.
Online and in-app purchases work in a similar way. Once your card information is stored in your phone or mobile device’s digital wallet, the checkout process only takes a few seconds. You no longer need to enter your 16-digit card number or supporting information to run transactions.
Go Digital with Chambers Bank
Now that you know all the great benefits of using a mobile wallet, it’s time to add your Chambers Bank Debit Card to your phone or mobile device! Feel free to contact us if you have any questions or need help getting started.