What is a Digital Wallet?

A digital/mobile (or virtual) wallet is essentially an app that enables you to make mobile payments from your smartphone. A digital/mobile wallet allows you to store the information from credit and debit cards in one convenient place. You can easily make purchases and payments with a swipe of your finger.

There are many great benefits to digital/ mobile wallets. One benefit is the security provided to your personal card information. Digital/mobile wallets use a technology called tokenization, which is a process that substitutes non-sensitive information for sensitive, personal information like your credit card number.

Digital/mobile wallets are great for budgeting, too. Use of a digital/mobile wallet allows you to keep track of where your money is going and how frequently you are spending it. With a digital/mobile wallet, you can look at past and current purchases and adjust accordingly to stay on track with your budget and future spending. A digital/mobile wallet is also a good way to store all of your loyalty cards and member rewards information to help you save even more money.