Why It’s Time to Embrace the Digital Wallet
With the rise of Google Pay, Apple Pay, and companies like CashApp, Venmo and Zelle, digital wallets are becoming ubiquitous. Paying for items with the tap of a phone or smartwatch may seem like something right out of science fiction, but it’s a very real and very convenient payment solution for many people.
Digital wallets are more than just the latest tech trend; they can be a resourceful way to simplify your busy life while keeping your accounts safe. If you’re curious but not sure you’re ready to start using it, here is a guide to its benefits.
Digital wallets protect account info
Arvest views digital wallets as a shield for your finances, offering an added layer of protection that physical plastic cards don’t have. According to the Federal Trade Commission, consumers reported $434 million in losses to online shopping fraud in 2024. Digital wallets lower this risk by ensuring your sensitive data doesn’t sit on a merchant’s server, where it could be hacked. When you tap to pay with your digital wallet, your actual card number is not shared. Instead, it utilizes a token – a unique, randomized code – to keep your debit or credit card information safe. Digital wallets also typically require a biometric scan or PIN to authorize a transaction.
Using a digital wallet is convenient
Aside from keeping you from digging for your debit or credit card, digital wallets let you tap your phone at places that accept cashless or contactless payments. Your digital wallet will also securely autofill your information when shopping online, so you don’t have to keep re-entering your credit or debit card information. Digital wallets can centralize your personal and business spending in one organized place.
Digital wallets are user-friendly
Most smartphones have a digital wallet: iPhone users have Apple Pay, Samsung users have Samsung Wallet, and Android users can set up Google Wallet. You’ll add your card by taking a photo of it or manually entering the information, then follow any prompts to verify your card’s info. Paying with your digital wallet is as easy as unlocking your phone (double-click the side of an iPhone for quick access), tapping or scanning your phone and authenticating your purchase. You can also select Apple Pay or Google Wallet as your preferred payment method when shopping online.
Additional tips to secure your digital wallet
- Ensure your phone is locked with a strong passcode or biometrics.
- Set up features to find, freeze or wipe your phone if you lose it.
- Always use a secure network (no public Wi-Fi) when managing your digital wallet.
- Continue to monitor your bank accounts for unusual activity and set up transaction alerts.
It can be hard to break the habit of immediately reaching for your debit or credit card when making a purchase, but digital wallets are becoming a more popular way to securely store information, such as insurance cards, transit passes and event venue tickets. Digital wallets may take some time to get used to, but once you start, you’ll find that the safety and convenience are worth the learning curve.
Learn more about Arvest Visa credit cards, including protection benefits wherever you go through Visa’s Global Emergency Assistance Services and Visa’s Zero Liability protection.
Jennifer Fulton is a senior vice president and branch administrator for Arvest Bank - Greater Kansas City.
About Arvest
With more than $27 billion in assets, Arvest is a full-service bank that delivers financial solutions to individuals and businesses of all sizes. Since entering the Kansas City market in 2009, Arvest has grown to become one of the top 20 banks and the sixth-largest mortgage lender in the region. The bank has 20 locations in the metro area. Arvest is an Equal Housing Lender and Member FDIC. Arvest Credit Cards are subject to credit approval.