Never heard of a “digital wallet”? No biggie. Also called an e-wallet, digital wallets include apps like Apple Pay, Google Pay and Samsung Pay, and can be used to make payments right on your phone or smartwatch without stopping to dig around in your purse, futz with your wallet and then race to get your cash or card out. Plus, it’s a great way to make payments with your phone safely.
What’s the difference between an e-wallet and a mobile wallet, you ask? Well, while the two bear similar features, the e-wallet can be accessed on a wider range of devices, like a desktop, laptop and mobile device, whereas the mobile wallet is exclusively accessible via your mobile device.
Ready to swipe right on your digital wallet? Here’s what you need to know:
How Do Digital Wallets Work?
An e-wallet is a secure money management app or online platform that allows you to make purchases with retailers on-site, transfer or send money and track rewards programs. You can link the e-wallet to your bank account or pay as you go with a prepay option.
Ditching your real wallet (which, let’s be honest, contains mostly loose change and old receipts anyway) for a digital wallet is easier than you think. With a payment app, all your Summit credit and debit cards can be stored in your digital wallet right on your phone, ready to use online or at a store wherever you see the pay wave icon. Mobile payments work just like regular transactions. All you have to do is wave or tap your phone, and you’re done. Easy.
What Are the Benefits of Using a Digital Wallet?
- SECURITY: It’s hard to know which tech tools are really safe to use, but digital wallets are actually one of the best options out there to keep your information protected. If someone steals your wallet, your cash and cards are gone just like that. But payment apps are based on encryption software, meaning your information is secure and less likely to be hacked. In fact, payments from digital wallets don’t even use your actual card number, but instead a token that’s only good at that merchant for that transaction. That means if a store or company ever experience a cyberattack, your numbers and private information won’t get stolen!
- CONVENIENCE: While not every merchant accepts digital transactions…YET…a large majority do, and more plan to provide those services in the future. When paying via your e-wallet, you are able to complete transactions in an easier, faster and more secure way.
- EFFICIENCY: Say goodbye to filling out tedious checkout fields while you shop online or fishing through your purse for your loose debit card in the drive-through. Your e-wallet will make your transactions seamless and simple.
- IT'S FREE: Making the switch from physical cards and cash comes at no cost to you! Most transactions via your e-wallet do not come with any associated fees. Score!
How to Set Up Your Digital Wallet:
- Verify that the operating system on your mobile device supports Tap and Pay (Android Lollipop 5.0+ or iOS 8.1+).
- Download the mobile payment app of your choice. *Bonus! Many phones already have a payment app installed, so you may be able to skip this step.
- Follow the app’s instructions on how to upload your financial information. Then choose your Summit credit or debit card as your default payment option. Upload your information easier and faster by taking a quick snapshot of your card during the process.
- Pay with your e-wallet. If you are in-store, it is as simple as opening your e-wallet app and holding it next to the payment terminal. If you are shopping online, your information should automatically populate.
And just like that you are able to connect your e-wallet to your Netflix subscriptions, monthly meal kit deliveries, Starbucks account and so much more! Enjoy a new ease at checkout during your drive-through visit or online shopping trip.