UPDATE: Learn more about IRS tax refunds and Economic Impact Payments (EIP). To schedule an appointment for select services online, click here.

What’s the Deal with Digital Wallets?

Photo of a person using their iPhone to pay for groceries by tapping their phone to the digital reader at the checkout counter at a grocery store.

Did you know your mobile phone could act as your wallet? Digital wallets are gaining in popularity around the world because of their convenience and security. So what are they and how can you start benefiting? Here’s an overview of how digital wallets work.

 

What is a digital wallet?

A digital wallet is an app that stores your credit, debit and gift card information in a secure digital form. Digital wallets are convenient because they often make it unnecessary for you to carry all of your cards, and they can be used on your tablet, phone and/or smart watch.

Some examples of digital wallets include Apple Pay, Samsung Pay and Google Pay, which allow users to upload credit and debit card details into their mobile devices to make in-store and some online purchases.

How do digital wallets work?

Once the app is installed, input your card information and authenticate your identity via PIN, fingerprint or face scan. You can use your digital wallet with participating merchants by simply opening the app and holding your phone or device over the Point of Sale terminal to pay. Apple Pay and Google Pay keep lists of participating merchants on their websites. Samsung Pay allows Samsung phone owners to use their cards at most merchant locations because the phone can mimic the magnetic stripe on a card.

Look for the following logos at checkout to determine if a merchant accepts digital wallets:

Apple pay, Samsung pay, and Google Pay logos
Samsung Pay will likely work at merchant terminals even if the logo is not displayed.

Are digital wallets safe?

Believe it or not, digital wallets are one of the most secure payment methods available today. Digital wallets are more fraud-proof than your physical card due to tokenization, which replaces card account numbers with unique alpha/numeric codes that retain all of the essential information without compromising the actual card number. Even if a merchant gets hacked, your credit or debit card number is not compromised because your card number was not used.

Enter your Hawaii State FCU’s credit and debit cards into your digital wallet for quicker, easier and more secure checkouts! If you’re not a Hawaii State FCU cardholder, check with your financial institutions to ensure they support digital wallets on their cards. Just be sure to keep your phone charged if you plan to use your digital wallet!

About HSFCU Marketing

Related Posts

Featured image for Our Appointment Concierge Makes You a Priority

Schedule an Appointment Online With Our Appointment Concierge

in Your Life
Third Party Site Disclaimer

We may provide links to external websites that refer to third party services and products available to Hawaii State FCU members, for enrollment in Hawaii State FCU financial education webinars, or other purposes. Please review the terms and conditions of use carefully. We do not make any express or implied representation or warranty to you concerning the quality, safety or suitability of external websites, or their services, products, or contents. External websites are not under our control and may have different security, privacy and other. Using the links may identify you as a Hawaii State FCU member to the external website operator.  Services and products from third parties are not obligations of, nor endorsed or guaranteed by, Hawaii State FCU nor the National Credit Union Share Insurance Fund.  Alternative services and products may be obtained from other providers of your choice.

Click “ACCEPT” to enter an external website. Click “Cancel” to return to HSFCU’s website.

Please remember to log off of Online Banking and Mobile Banking before going to any external website.

Cancel Accept