What is a digital wallet? How to Use a Digital Wallet

Consult your digital wallet provider for applicable terms. Your use of a digital wallet may also be limited by where you shop. Not all merchants accept digital wallets yet, so you’ll still need to carry a credit or debit card as a backup payment method. Digital wallets are available to consumers free of charge, and they're fairly easy to obtain.

Starbuck gift cards can be uploaded and also reloaded with a debit or credit card. Checks can be altered, cash can be stolen, and credit card numbers can be used in card-not-present transactions. Bank accounts can now be accessed with no more than an email address and a password. Sometimes, transfers can even be made just by entering a sum into a messaging service.

If your phone isn't password-protected, you risk giving someone else access to your finances if you lose your phone. Additionally, there might be local businesses you prefer to shop at that don't yet have a point of sale that accepts this technology. Digital wallets allow people in financially underserved parts of the world to access financial services they may not have been able to before.

This page is intended to help you understand the benefits of digital wallets, how digital wallets work, and the steps for integrating digital wallets into your payment page. Developers should review the full API referencefor complete instructions on how to integrate digital wallets. Instead of redirecting your customers to a Masterpass lightbox, you can make use of Masterpass Hosted to process digital wallet transactions without redirecting your customer to the Masterpass page. Instead, the Masterpass authentication process is hosted on your merchant website.

Please note that the third party site may have privacy and information security policies that differ from those of Elan Financial Services. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy. While we adhere to strict editorial integrity, this post may contain references to products from our partners.

You can also manually add a card starting from the digital wallet on your phone or smartwatch. When your card is linked to a mobile wallet, your information is encrypted and your actual card number is not transmitted. The merchant never sees or stores your data during a transaction. Integrate the digital wallet provider into your payment form and include a visual indicator when you display your payment form -- typically, the digital wallet logo. Set up correctly, your customers will enjoy a seamless digital wallet payment experience right on your website, with no need to redirect your customers to a separate page for payment authentication.

A process called “tokenization” — that keeps your credit or debit card number a secret when you make a purchase. Major digital wallets like Apple Pay, Samsung Pay and Google Pay are dependent on the phone you carry. You can’t use Apple Pay on an Android phone, for example. So by sticking to a specific brand of phone, you’ve also chosen a potential digital wallet.

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