MMCCU just launched Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, LG Pay, and Garmin Pay. If you have a smartphone, odds are that you also have access to a digital wallet that can either be downloaded or already exists on your phone as an app. This electronic feature is a ticket to financial convenience, security and efficiency. (See a video demonstration with MMCCU VP of Finance & Risk David Murphy HERE.)
This payment method has been growing over the past few years, as numerous tech companies have introduced them to the marketplace, shifting goods and services payments away from traditional cards and towards a more mobile form of payment. Most of these digital wallets work with the help of a technology known as Near Field Communication or NFC, and have also begun to integrate with check-out in mobile apps and e-commerce websites.
There are many reasons to begin using a digital wallet, including convenience, enhanced security, and additional benefits.
In just a few seconds, you can complete a transaction at the checkout terminal by using a digital wallet with a tap or wave of your smartphone. Gone are the days of digging around for the right card, because your payment is stored on your phone. In fact, you can organize all of your credit cards, membership cards, and customer loyalty cards in one digital space. This method can also make the checkout lines go quicker, and it’s less items to carry around when you’re shopping!
A credit card can fall out of your wallet, but it can’t fall out of your phone. Plus, additional security that most people have on their phone (like a passcode) further protects your digital wallet. If you lose your wallet, someone can steal your cards…but if they find your phone, they won’t be able to access your cards. When you pay with a digital wallet, your card’s information is not exchanged like it is when you use a physical card. Instead, a unique transaction identifier or token is used – so the store where you shop won’t have to store your account information, which helps keep your data safe.
Using a digital wallet is typically free. There’s no charge for the convenience. You’ll often find promotions and point reward systems in your digital wallet, which you can access at-a-glance.
To get started with your digital wallet, simply download the app or check your phone for existing apps. Contact MMCCU with any questions!