Digital wallets are revolutionizing traditional payments. While paying with the tap of a phone may seem like a big step, it’s actually a smarter, more secure choice for the things you buy every day. Here’s why you should join the digital wallet revolution:
During digital wallet transactions, your phone encrypts your account information (not your bank card or payment information) into a one-time token that is transmitted to the point of sale system (POS) using near field communication (NFC). The POS sends the encrypted information to the digital wallet provider. Here the information is de-encrypted, and your account and identity are verified before the card information is sent to the payment processor. The payment processor then accesses your bank information and requests the purchase amount from your bank. The payment processor then submits payment to the store’s bank and alerts the POS that the transaction is complete. And it all happens in a matter of seconds. Unlike credit card transactions, your card number is never made available to the store or its employees.
Your phone’s passcode or fingerprint ID acts like a padlock protecting your digital wallet in addition to the data encryption technology. Sure a super-skilled hacker could try to crack the code, but it’s unlikely they’ll succeed before you realize your phone is missing. (See remote locking.)
Big time convenience
With the ability to carry multiple payment options in a sleek, portable way, a digital wallet means you always have access to buy on the fly, even if you’ve left your wallet at home. The quick checkout is also a time saver over magnetic stripes or chip cards.
In case of loss or theft, each digital phone is capable of being remotely locked – and with some devices, erased – disabling the use of the phone and the digital wallet payment app. Even better, there’s no cash to lose and no cards to worry about cancelling. And since most people check their phones an average of 100 times a day, when a phone goes AWOL, it’s usually noticed sooner than later.
Upgrade to a digital wallet today. Here's how:
Your step-by-step instructions may vary by device, but in general you:
- Install the Android Pay app from Google Play. Check your device to see if Android Pay was pre-installed on it, otherwise download the Android Pay app from Google Play.
- Add your credit or debit card from Bremer Bank. You should have some easy on-screen instructions to help with this step.
If your device is lost or stolen, use Android Device Manager to instantly lock your phone from anywhere, secure it with a new password, or wipe it clean of personal data.
To set up Apple Pay on your iPhone or other mobile device, follow these instructions from Apple.
If your device is lost or stolen, use can use iCloud to suspend or permanently remove the device's Apple Pay capabilities.