Take Advantage of the Benefits in Your Digital Wallet
Posted on May 06, 2019
Topic Categories: Credit Cards
By Milton Jones, Collections & Card Services Manager
More and more retailers are using advanced technology to accept payments from digital wallets in customers’ smart phones. This means the purchasing process is faster, more convenient and can bring additional benefits for you (the member) when you take advantage of them.
Consumers are still becoming familiar – and comfortable – with digital wallets, also known as mobile wallets. A digital wallet is software that stores your payment methods, such as credit card or bank account information, in your smart phone and allows you to use that information to make a payment.
When you’re out shopping, digital wallets can make purchases faster and easier. Your account details are stored within the software, so you don’t need to pull out your wallet, find your card and hand it over to be scanned, or have to enter sensitive account details like your PIN (personal identification number) while standing in the checkout line. As a result, you are able to get through the checkout process in a few seconds with a simple tap or scan of your smart phone. You can run through your ‘to-do’ list more quickly - leading to a greater sense of satisfaction. Furthermore, with faster transactions, checkout lines within stores become much shorter.
Digital wallets also allow you to track your payment details more easily. Your purchase history and account balances can be reviewed instantly on your mobile device, or you can call up a statement on your desktop computer when you return home.
With your account information safely stored in your smart phone, you don’t run the risk of a mishap with your credit card – dropping it or leaving it behind by accident, or having the information lifted by a scammer who might be in line with you.
Digital wallets require authentication in order to access the account information necessary for a purchase, such as providing login credentials or a fingerprint. This authentication layer increases checkout security because it’s information only you can provide. In addition, your digital wallet purchases are automatically logged, so you have a list of your most recent transactions. If you get an alert or message from your payment card provider about a questionable purchase, you can quickly check your transactions to confirm that it was a purchase you made.
With your digital wallet, you can select a card or account to be your primary or “default” payment source – meaning it will be the card used for your purchases unless you indicate otherwise. This can be a great opportunity to take advantage of cards that offer you cash back or rewards.
With a cash back or rewards card, you earn benefits with each transaction – which can accumulate quickly if you’re a frequent user of your digital wallet. If you have multiple cards, take the time to review the rewards program for each and determine which benefits you the most – then set that card as your default selection. Some cards also have agreements with retailers to offer discounts for using specific cards. Be sure to do some homework and see if any discounts apply at the locations where you’ll be shopping.
Digital wallets can offer you substantial benefits. While the efficiency and convenience are significant, you can also take advantage of cash back and rewards when you set up your accounts properly.
Cinfed offers two great options: Cinfed World Mastercard®, which provides 1.25% cash back on all purchases; and Cinfed Platinum Rewards Mastercard®, with reward points toward merchandise, gift cards or travel. Both cards are compatible with digital wallets including:
• Apple PayTM
• Fitbit PayTM
• Garmin PayTM
• Google PayTM
• Samsung PayTM