Digital wallets are all the rage—you might have seen them. One of your friends might have mentioned them. Or you may be carrying several on your phone at this very moment! If you’ve used Apple Pay, Google Pay, PayPal, Venmo, or even the Starbucks app, then you already have some experience using a digital wallet.
But this may be your first time using a digital wallet—and you’re not alone. Digital wallets are convenient payment tools that can help you better manage and use your money. If you missed our intro to everything digital wallets, now’s the time to catch up.
What is a digital wallet?
As a refresher, a digital wallet is similar to a traditional wallet that securely holds your money and identification. A digital wallet, however, has the added convenience of existing within your phone. A digital wallet allows you to:
- Receive payments
- Send money
- Pay bills
- Make purchases
- Amp-up security
Advantages of digital wallets
There are several advantages to digital wallets—some obvious and some not-so-obvious. Here are just a few:
More flexibility and mobility
What if you're on the go or can’t seem to find your card? No sweat. As long as your phone has battery life, you can spend money online and in person at your favorite stores. You can easily set up your preferred credit or debit card (including the Branch Card) with Apple or Google Pay to get the most from your digital wallet. With a digital wallet, you no longer have to worry about carrying around cash or even your debit card.
Added security
You may have some concerns about the security of digital wallets. But digital wallets can offer greater security for your card info. When you add a debit or credit card to your wallet, your information is automatically stored and protected because digital wallets utilize tokenized technology that encrypts your card and PINs.
For some digital wallets, you can even lock your card for greater safety. Additionally, if your phone uses a passcode or Face ID, your info will have an added layer of security. So even if your phone is lost or stolen, no one can steal your card info.
As a reminder, Branch will never ask for your login, PIN, or any other sensitive information.
Enjoy a variety of options and pick ones designed for you to thrive
Another benefit of digital wallets is that there are plenty to choose from to meet your needs. The ones you choose to use may depend on your phone, spending habits, convenience, and fees.
Chances are, if you’re using a smartphone, you may already be using numerous wallets for different purposes, like paying a friend for dinner and getting paid for a job.
And depending on your situation, making the most of multiple wallets could be the right fit for a work-life balance. Here are a few easy-to-setup options that might work for you:
Apple Wallet
If you have an iPhone, the Apple Wallet is already built in and ready for you to start adding your cards. Apple Pay is accepted at 85% of retailers, once your cards are set up in your Apple Wallet, you’re good to go.
Google Wallet
The Google Wallet and Apple Wallet have a lot in common. You can securely store your cards, identification, and even loyalty cards. When deciding between the two, it mostly depends if you use an Android or iPhone. Easily add your preferred card for an additional mobile payment option.
Branch Wallet
The Branch Wallet is designed for your needs—from instant payments of your hard-earned wages to flexible options that allow you to tackle bills and expenses all in one place.
Backed by an FDIC-insured checking account from Evolve Bank & Trust with an optional Mastercard debit card. Branch has no overdraft or minimum balance fees, so you can stay in control of your money.
Start saving money on everyday purchases with Branch Rewards. Easily connect your Branch Wallet and Card to Apple or Google Wallets for additional flexibility and security.
