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Woman adding card to mobile wallet

How to get the most out of your digital wallet

Digital wallets — electronic versions of a physical wallet on a mobile device — are growing in popularity. More stores accept contactless payments, and more people enjoy the convenience of shopping without the need to carry physical cash or credit cards. While digital wallets can make it easier and faster to pay for things, did you know they can also be helpful for managing other areas of your life?

Stay organized by carrying less

In addition to credit and debit cards, a digital wallet can be a convenient place to store digital copies of other items you might normally carry with you in your physical wallet, such as:

  • Retail loyalty cards
  • Concert and other event tickets
  • Boarding passes
  • Gift cards and membership cards
  • Insurance cards, student IDs, monthly parking passes and more

Adding tickets, passes, loyalty cards and other items to your device usually involves either scanning the bar code or QR code on a physical card or tapping the “add to wallet” button on an electronic receipt message. Then, when you need to present an electronic ticket or card, you simply open your digital wallet and tap the item you want to use.

Take advantage of additional savings

Some apps give users additional benefits for loading a credit and/or debit card(s) to make purchases, essentially giving you more bang for your buck. For example, Amazon.com®, Target® and Starbucks® apps offer users coupons and loyalty points for using their mobile payment app.

Managing your digital wallet and your information

Similar to a physical wallet, a digital wallet can quickly fill up with various types of digital cards — and digital clutter. With a digital wallet, it’s a good idea to periodically remove any cards or other items you no longer use or need. Remember to add any new cards and replace expired credit cards with updated ones.

Digital wallets, like Apple Pay® and Google Pay™, also offer added security features. When you make a purchase, a device account number, known as a token, is passed to the merchant instead of your actual account number.

A digital wallet can also make life easier in case of theft, as you can secure the contents on your phone or other mobile device, by setting a lock screen with either a passcode or a biometric method like your fingerprint or face recognition.

A new Digital Checkout experience

There is also a new feature offered by the four major credit card processors (Visa®, Mastercard®, American Express® and Discover®) that provides online shoppers with a simpler, more secure digital checkout experience when you see. The click-to-pay checkout option helps safeguard payment information with multiple layers of security that provide extra protection from potential data breaches, making your personal information less vulnerable to fraud.

This new feature also provides an easier and more flexible shopping experience. You’ll have the flexibility of selecting from any of the credit cards you’ve registered with digital checkout. And you’ll only need to sign in with one user name or password, regardless of the card you select.

Both digital wallets and digital checkout are available with Commerce Bank credit and debit cards. If you have questions or would like more information about digital wallets, digital checkout and Commerce Bank credit cards, contact us today.



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