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You use your smartphone as a camera, calculator, flashlight, calendar and so much more. You can also use your smartphone as a form of payment. Using a mobile wallet, you can make debit or credit card payments with your smartphone or smart watch.

What is a mobile wallet?

A mobile wallet is an app on a smartphone, smart watch or other mobile device that holds payment information. A mobile wallet can store debit card and credit card information. You can use a mobile wallet for in-app or online payments on your phone, or you can use it for in-store purchases. You’ve probably heard of the most popular mobile wallet apps: Apple Pay, Samsung Pay and Google Pay.

How do mobile wallet payments work?

To get started, download the mobile wallet app on your phone or other mobile device. Then, load in your debit or credit card information.

To make a contactless payment with your mobile wallet in the store, first look for the contactless symbol on the payment reader. Next, open the mobile wallet app on your phone or smart watch, select the card you want to pay with and hold the device above the payment reader. It’s that easy!

Are mobile wallets safe?

Mobile wallet payments are safe, and are actually safer than swiping your credit or debit card. With mobile wallets, a Device Account Number is assigned, encrypted and securely stored instead of using your actual credit or debit card number when you add a card to your wallet.

When you make a purchase, that Device Account Number and a transaction-specific security code is used to process your payment. Your actual credit or debit card numbers are never shared with merchants or transmitted with payment. Paying with a mobile wallet is also more secure because the cashier never sees your name, card number or security code.

What are other advantages of using a mobile wallet?

Besides being more secure, using a mobile wallet for payment is also more convenient. You won’t have to sift through your wallet to find your desired card. Just pull out your phone or use your smart watch to make the payment.

Mobile wallets also make for quicker purchases. Make your payment quickly with your phone or smart watch and get on with your day. If you use your mobile wallet to make purchases online, you can save time by not having to enter your credit or debit card information with each purchase. Just select the mobile wallet payment button, authenticate and you’re done.

If you’re looking for a way to make payments easier and faster, a mobile wallet might be the right choice for you. Mobile wallets are safe, and offer the convenience of your credit or debit card right in your phone or smart watch.