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What’s A Digital Wallet?

June 29, 2020 Never heard of a “digital wallet”? No biggie. Also called an e-wallet, digital wallets include apps like Apple Pay, Google Pay and Samsung Pay, and can be used to make payments right on your phone or smartwatch without stopping to dig around in your purse, futz with your wallet and then race to get your cash or card out. Plus, it’s a great way to make payments with your phone safely. What’s the difference between an e-wallet and a mobile wallet, you ask? Well, while the two bear similar features, the e-wallet can be accessed on a wider range of devices, like a desktop, laptop and mobile device, whereas the mobile wallet is exclusively accessible via your mobile device. Ready to swipe right on your digital wallet? Here’s what you need to know:

How Do Digital Wallets Work?

An e-wallet is a secure money management app or online platform that allows you to make purchases with retailers on-site, transfer or send money and track rewards programs. You can link the e-wallet to your bank account or pay as you go with a prepay option. Ditching your real wallet (which, let’s be honest, contains mostly loose change and old receipts anyway) for a digital wallet is easier than you think. With a payment app, all your Summit credit and debit cards can be stored in your digital wallet right on your phone, ready to use online or at a store wherever you see the pay wave icon. Mobile payments work just like regular transactions. All you have to do is wave or tap your phone, and you’re done. Easy.

What Are the Benefits of Using a Digital Wallet?

  • SECURITY: It’s hard to know which tech tools are really safe to use, but digital wallets are actually one of the best options out there to keep your information protected. If someone steals your wallet, your cash and cards are gone just like that. But payment apps are based on encryption software, meaning your information is secure and less likely to be hacked. In fact, payments from digital wallets don’t even use your actual card number, but instead a token that’s only good at that merchant for that transaction. That means if a store or company ever experience a cyberattack, your numbers and private information won’t get stolen!
  • CONVENIENCE: While not every merchant accepts digital transactions…YET…a large majority do, and more plan to provide those services in the future. When paying via your e-wallet, you are able to complete transactions in an easier, faster and more secure way.
  • EFFICIENCY: Say goodbye to filling out tedious checkout fields while you shop online or fishing through your purse for your loose debit card in the drive-through. Your e-wallet will make your transactions seamless and simple.
  • IT'S FREE: Making the switch from physical cards and cash comes at no cost to you! Most transactions via your e-wallet do not come with any associated fees. Score!

How to Set Up Your Digital Wallet:

  1. Verify that the operating system on your mobile device supports Tap and Pay (Android Lollipop 5.0+ or iOS 8.1+).
  2. Download the mobile payment app of your choice. *Bonus! Many phones already have a payment app installed, so you may be able to skip this step.
    • With Summit, you can choose to use  ,   or  .
  3. Follow the app’s instructions on how to upload your financial information. Then choose your or as your default payment option. Upload your information easier and faster by taking a quick snapshot of your card during the process.
  4. Pay with your e-wallet. If you are in-store, it is as simple as opening your e-wallet app and holding it next to the payment terminal. If you are shopping online, your information should automatically populate.
And just like that you are able to connect your e-wallet to your Netflix subscriptions, monthly meal kit deliveries, Starbucks account and so much more! Enjoy a new ease at checkout during your drive-through visit or online shopping trip. With Digital access growing faster than ever. What are you waiting for?  or You might also be interested in You know it's important to keep your personal information private and protected, but what if sneaky criminals are already one step ahead? If your scam-spotting senses are telling you something seems off – listen to them! Here are some red flags that could indicate someone has your identity: The more you know, the more you say “No” to scammers. So we’re clearing up some common myths about fraud as part of our ongoing efforts to help you keep your money safe. How can we help you avoid difficult money situations and put you in the best financial position for success? This question is at the heart of so many things we do here as your financial partner – including our decision to eliminate the non-sufficient funds (NSF) fee as of April 1. A digital wallet is software that allows you to make payments right from your phone, easily navigate online checkouts and gain extra security. Ready to swipe right? It’s easier than ever to access your money from your mobile phone. Make sure you’re keeping your money safe with these mobile banking security tips from Summit. As a small business owner, you’re making all kinds of things happen every single day – from wrangling supplies to communicating with clients. But even the savviest of business managers encounter a cash flow issue once in a while. Here are a couple of tricks to help you master your cash flow. Where you bank might seem like a small decision (all financials are more or less the same, right?). But the truth is that choosing the right financial partner can have a big impact on your overall financial well-being – and there really are some big differences from one financial to the next. Whatever the reason or the season, planning your next vacation could be weighing on your mind. According to an article in LearnVe$t, an organization committed to providing resources to help consumers with money management, the average US traveler spent $1,246 per person in 2014 on summer vacation. This can be a real budget buster when you start adding up the expenses for spouses, children, and other family members. So, we’ve compiled some travel savings suggestions to help ease your mind – and your budget: Spring is here-ish and it’s time to open the windows and tackle our springtime to-do lists. And as long as you’re on a roll, why not turn a little of that energy to your finances? After all, you just had to dig out all your paperwork to deal with your taxes. 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