These days, people are as likely to pay with a smartphone as they are to use cash or card. Nearly two thirds of shoppers use a digital wallet just as often as other forms of payment, according to a report by Capital One, and more than half use a mobile wallet more frequently than other payment methods.
It makes sense; once you know how to use a mobile wallet, you can simply tap your smartphone at checkout instead of digging through your purse or wallet. Plus, mobile wallets can do much more than pay for purchases. You can use them to transfer money, make payments, and electronically track your transactions.
Considering the speed and convenience of digital wallets, now is a great time to learn how to use one yourself. Find out how to choose the right wallet, how to set it up and add funds, and how to keep your money secure.
Key takeaways
- The right digital wallet for your needs should be compatible with your devices, offer the features you want, and be accepted where you’d like to use it.
- Digital wallets have built in security features to keep your money safe, but you should also set up a biometric lock to protect your account.
- Once your mobile wallet has been set up, you can use it to make person-to-person payments, shop online, pay in stores, and make international transfers.
Choosing the right digital wallet
There are many kinds of digital wallets out there, so you’ll need to do a little research to see which one meets your needs. Will Apple Pay or Samsung Pay work better for you? What about PayPal, Google Wallet, or something different? These are the main factors to consider:
- Is the digital wallet compatible with your devices? Some wallets only work with certain operating systems, such as Android or iOS. Others only work with particular smart watches. Still others work with all kinds of devices. Make sure the wallet you choose is compatible with your preferred device.
- Does it offer the features you want? Potential features include tap-to-pay, online shopping, storing airline passes or concert tickets, and sending payments to other people. Decide which features are must-haves for you.
- Is the mobile wallet easy to use? Check reviews to find a wallet with good customer ratings and an easy-to-use interface. If it’s complicated or inconvenient, you won’t be likely to use it.
- Is it accepted everywhere? Some wallets can be used all over the world, at many different kinds of stores. Others can only be used with one retailer, or only in certain countries. Check where your wallet is accepted and make sure it suits the way you’d like to use it.
Setting up your account and adding payment methods
Once you’ve decided on a wallet, download the mobile wallet app to your device. Follow the onscreen instructions for how to use the digital wallet and link your personal information, such as a phone number or email address.
One of the first things you’ll do after that is add a debit or credit card. This provides a funding method you can use to make purchases or send money. Tap the “add card” option and manually type your card details or use your phone’s camera to capture the details automatically.
Digital wallets use security technology that protects and encrypts your financial information. When you use the card in your digital wallet, your real card number isn’t sent to the merchant or payee—the digital wallet uses a token ID instead. That keeps your info safe from scammers and fraudsters.
You can also link your digital wallet to your bank account using the same secure technology. Then when you make an electronic payment, it can come directly from your bank account.
With your financial information linked, you can receive money to your digital wallet, too.
Maintaining security with digital wallets
Digital wallets do have some security features built in. However, to use a mobile wallet safely, there are some additional steps to take to secure your account:
- Lock your phone: Use biometrics like your face or fingerprint to set up a lockscreen. That way, even if someone picks up your phone, they can’t access your wallet.
- Set up remote lock: This feature lets you lock the phone remotely or place it in Lost Mode if it’s lost or stolen. You may also be able to erase the phone remotely as well.
- Update your software regularly: Keeping your operating system and wallet app up-to-date helps fend off hackers with security patches for additional mobile wallet safety.
- Don’t leave cash in your mobile wallet: Money in digital wallets is not federally insured the way it would be in an FDIC-insured bank. Transferring your digital wallet funds to your bank account regularly gives you that added protection.
How digital wallets simplify daily payments
One of the benefits of using a digital wallet is how convenient it is. For example, once you learn how to use a digital wallet on your iPhone, you can pay for purchases, manage transit passes, send money to a friend, store your driver’s license (in certain states), and pay bills—all with your phone. The same applies to an Android phone with Google Wallet, or a Galaxy phone with Samsung Wallet. Your mobile device can tackle a wide variety of payment tasks with a digital wallet installed.
Digital wallets also make it fast and convenient to send or receive money, at home or internationally. Using a digital wallet for international money transfers means you can send money from anywhere, whenever it’s convenient for you. Your recipient can receive the funds right to their digital wallet, ready to spend, quickly and easily.
Send money to a mobile wallet
Sending money to a mobile wallet is simple, safe, and supported by Western Union’s global network. Download the Western Union money transfer app to make international transfers directly to a digital wallet. You’ll be able to see exchange rates and know how much money your recipient will get.
Not all countries accept international payments to digital wallets. When you use the Western Union app, you can see whether your preferred country is available. If by chance it isn’t, you also have the option of sending money to their bank account or a cash pickup location instead.
Download the app and send money now, or stop by a Western Union location near you.
FAQs
First check whether your phone already has a mobile wallet installed, such as Apple Wallet, Google Wallet, or Samsung Wallet. If not, or if you prefer a different wallet instead, download your chosen app from your device’s app store. Then follow the instructions in the app to add your credit or debit card to your wallet.
Yes, you can add multiple cards to your mobile wallet. You can add multiple debit and credit cards as well as store loyalty cards, membership cards, and even identification cards. Your mobile wallet may even have a scan feature that allows you to add cards simply by scanning it with the camera app.
At physical stores, restaurants, and other merchants, look for the contactless payment logo or your mobile wallet’s logo posted on windows and near the point of sale. When shopping online, look for a button at checkout that indicates which mobile wallets are accepted, such as “Pay with PayPal,” or something similar.
