How digital wallets protect your money and simplify payments

Spring has sprung, bringing a full social calendar for many as concert season arrives and seasonal sports kick off. As more sports and event venues announce cashless procedures, digital wallets are becoming more and more prevalent. Apple Pay, Google Pay and other tap-to-pay options can be convenient to use at ballparks, concert arenas, grocery stores and more.

What else do you need to know about embracing the digital wallet? For starters, digital wallets are more than just the latest trend in technology; they are regular, very convenient payment solutions for many people. They can also help simplify your busy life while protecting your financial accounts. For those who are curious about using digital wallets but not quite sure where to start, here is a guide to some of their 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 may be difficult to break the habit of immediately reaching for a credit or debit card to pay, but digital wallets are more than just a convenient payment method. They are also becoming more popular as a way to securely store and access insurance cards, event tickets and transit passes. While they may take some time to get used to, digital wallets are worth mastering the learning curve to make sure your information is both accessible and secure.

Jen Eldridge is an assistant vice president and branch sales manager for Arvest Bank – Springfield Region. She can be reached at jeldridge2@arvest.com.