Added security features make digital wallets an important feature of your Community Choice account
Convenience, access, and safety are three of the features that make digital wallets so valuable. Want to experience the easiest way to pay for goods and services when you’re out and about? A digital wallet makes checkout quick and safe while shopping in person and online.
The most common types of digital wallets are Google Pay, Apple Pay, and Samsung Pay. Plus, your Community Choice debit and credit cards can be added to each wallet! But what features give digital wallets an added layer of security?
Safety features of a digital wallet
While most people switch to digital wallets so that they can leave their plastic cards at home, the focus on security is one of the most important benefits. Digital wallets come with added security features such as:
Tokenization
Any transaction made using a digital wallet is protected through tokenization. A token is a one-time password the merchant receives to complete your transaction. This means that your debit and credit card numbers are never shared with the merchant which is important because in the scenario where a retailer gets hacked, your number won’t be compromised.
Contactless payment
Most of our members understand that this feature is all about convenience. Now, you can pay for your coffee, groceries or oil change easier. Better yet, you don’t even need to carry a physical card around with your digital wallet. There’s no card to drop or leave behind, giving you peace of mind. Plus, contactless payments don’t get “swiped.” Simply tap your digital wallet on your mobile device above the card reader. It’s easy and takes just seconds.
Instant notifications
For every transaction you make using a digital wallet, you will receive an instant notification alerting you of the transaction. If a bad actor does happen to access your account, you’ll be notified immediately.
Built-in authentication
The built-in authentication feature adds a personal identification number (PIN), two-factor authentication, or biometric authentication to process your transactions. This means no one but you can authorize purchases. These authentication features make hacking your account much more complex, thereby deterring hackers. If you don’t feel comfortable using facial recognition or fingerprint scanning, setting up two-factor authentication with a passcode of your choice can still help protect your account.
Nothing that stores data is 100 percent safe. Yet digital wallets come with extra layers of protection through added technology, lessening the ability for hackers or thieves to easily access your data.