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Digital Payments Are Here!

November 29, 2017

Digital Payment Options

– Digital payment methods have come a long way in recent years and, in fact, may be safer today than cash. One of the most recent options for digital payment apps is the digital payment wallet.

What Are Digital Payment Wallets?

Digital payment wallets such as Apple Pay, Samsung Pay and Android Pay are programs that are used with electronic devices such as tablets or smartphones to make digital payments. They can be used when making digital purchases without you having to reach for a debit card, credit card or money. Digital wallets can even be used to make payments with digital gift cards or store cards.

How Do You Use Digital Payment Wallets?

Digital payment wallets are very easy to use. NFC (near-field communication) options mean you don’t even have to reach for your wallet. Your credit or debit card information is securely transmitted to the payment terminal of a store automatically. Just hold your mobile device near the payment terminal, press one button, and your payment information is securely processed and the funds are removed from your account.

Android Pay vs. Apple Pay vs. Samsung Pay: Which Is Best for You?

The major digital payment wallets include Apple Pay, Samsung Pay, and Android Pay. If you are wondering about the difference between these options, take a closer look.

 Apple Pay

Apple Pay is an NFC-enabled digital payment wallet that can be used with your iPhone or Apple device, such as an Apple Watch. It is a very secure option because it uses Touch ID, or a fingerprint reader, to authenticate each purchase. Apple Pay is accepted at thousands of retailers nationwide.

In order to use Apple Pay, you will need an Apple device. You will also need to set up the Touch ID function for Apple Pay to work. Touch ID adds an additional layer of security to Apple Pay and your Apple device. This feature will only allow you to make purchases with your phone. Apple Pay is only accepted at NFC terminals.

Samsung Pay

Samsung Pay is accepted by many retailers and allows you to use almost any card that has a barcode, so you can add rewards cards, credit cards, debit, loyalty cards and membership cards to your digital account. Another advantage of Samsung Pay is that it can be used with EMV or magnetic strip retail scanners as well as NFC terminals.

Your payment is made secure with either a password or fingerprint scan, and your display can be asleep and still allow you to make payments, which can be a handy feature. Samsung Pay even lets you earn Samsung Reward points, which you can redeem for items in the company’s catalog.

Android Pay

If you have an Android phone, you can use this contactless payment option to make purchases in apps, online or in physical stores. You can use loyalty cards, debt, credit cards or gift cards to pay. Simply add the cards you want to your account and choose which card you want to use at the time of purchase.

Android Pay also allows you to choose the security feature that is most convenient for you. Choose between a PIN, password, face recognition, pattern, iris scan or fingerprint to unlock your phone and make your payments. You will need Android 4.4 or greater to use Android Pay, so if you have an older device you may need to update it. In addition, you can only use Android Pay where NFC terminals are used.

Want To Learn More?

If you have questions about Digital Payments or would like additional information, please visit the Digital Payments section of our website, call our Client Care Center at 888-846-1970, or stop in at one of our conveniently located Financial Centers for assistance.

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