Digital wallets have rapidly taken off in Ireland over the last number of years. Whether it’s online or in person via your mobile phone or smart watch, digital wallets have become a handy way to make purchases, manage tickets, boarding passes and much more.

Digital Wallets reduce the need to carry cash or physical cards. The Irish Government have also mentioned their intentions to roll out a digital wallet to store digital versions of important documents such as birth certs, driving licence, health insurance etc. Its clear digital wallets are here to stay, but how do we best use them?

What is a digital wallet and how does it work?

A digital wallet (or e-wallet) is an electronic device that securely stores users' payment information, tickets, coupons, and passwords for use in any shop, website or app. It’s usually added to your mobile phone or smart watch so you can make payments without bringing out your physical wallet.

To use your digital wallet, you will need to unlock the wallet app using multi factor authentication to verify your identity. This could be done by using the mobile phones facial recognition feature, fingerprint id or a PIN code. For online purchases, you will then complete the purchase process as normal but select payment via your digital wallet app rather than physical card. In person purchases meanwhile are completed using wireless technology such as Near Field Communication (NFC) where you tap the top of your mobile phone off the card reader in the store. Payments happen in seconds much like when using a bank card and you can see your payments history on the digital wallet app on your mobile phone once the payment is authorised.

Different types of digital wallet

Two of the most popular and widely available digital wallets come from Apple and Google and are available on most smart phones. Adding your debit or credit card to your mobile phones digital wallet enables you to make payments fast, simple and safe, while shopping in-store, online and in-app.

• Apple Wallet
  The Apple Wallet allows you to pay via Apple Pay using your iPhone, Apple Watch, iPad and Mac.
   
• Google Wallet
  Google Wallet encompasses Google Pay which also allows fast and secure payments via your smart phone, smart watch or tablet.

You can use Google or Apple Pay anywhere that accepts contactless payments. Just look for the Contactless or Apple Pay or Google Pay symbol. You can make payments for any amount with Google or Apple Pay, although some retailers may not support transactions above €50.

Benefits of a digital wallet

There are many benefits of a digital wallet which include:

• Convenience - No need to carry physical cards or cash.
• Security – extra layers of security for authentication make transactions safer.
• Easy access to cash or credit from your mobile phone at any time.
• No spend limit meaning you are not limited to using digital wallets for transactions under €50 like the tap functionality on physical cards
• Speed - Faster checkouts online without the need to find your physical debit or credit card.
• Easy card replacement – if you replace your card, the new card is instantly updated in the digital wallet, so therefore there is no need to wait for the new card to arrive in the post
• Everything is stored digitally - the increasing use of digital wallets as storage devices allow you to keep everything on the app, reducing the likelihood of losing important documents.
• Ability to see your transaction history in the digital wallet app on your mobile phone at any time

Ways to use a digital wallet on your mobile phone or smart watch

The features offered by digital wallets mean you can use them in a number of different ways:

• Add your credit card to your digital wallet for immediate access to credit.
  For example, Avant Money credit cards can easily be added to your Apple or Google digital wallet allowing you to spend virtually everywhere.
• Add your debit card to your digital wallet so you do not have to carry physical cards or cash around with you to make payments.
• When you are taking a flight, load your boarding pass to your digital wallet so you don’t have to print them out.
• Add gift cards, coupons and supermarket loyalty cards to your digital wallet to make shopping easier.
• Load any event tickets to your digital wallet so you don’t risk losing them in transit.
• Pay instore and online for purchases using your digital wallet.

How to set up a digital wallet on your mobile phone

Its relatively straightforward to set up a digital wallet on your mobile phone. For Apple wallets, just open the Apple wallet app on your mobile phone, tap the plus ‘+’ symbol at the top right hand corner of the screen and tap the type of card you wish to add, whether it is a debit card, credit card, travel card or otherwise. Then enter the details. Google Wallet users need to follow a similar process by opening the Google wallet app on your Google device and tap the + in the top right corner and enter your card details. Once you have completed the onscreen steps, your card will be added to your digital wallet.

Avant Money credit card customers can also add their One Card or Reward+ credit cards to their digital wallet for more convenient spending. The most convenient way of doing this is by downloading the Avant Money app, then selecting the ‘Cards’ tab and clicking ‘Add to Apple Wallet’ for Apple Pay or “Add to G Pay” for Google Pay. Once the onscreen steps are completed, your card will be added to your digital Wallet.

See further instructions on adding Avant Money credit cards to Apple Pay and adding Avant Money credit cards to Google Pay.

Keeping your digital wallet secure

It is important to be vigilant and protect your digital wallet from fraud as credit card and other financial information can be stolen just like with an ordinary physical wallet. Never share your one-time-passcode (OTP) with anyone. Always enable multi factor authentication and biometric authentication on your device and digital wallet. If your mobile phone has been stolen or you suspect you may have been a victim of fraud, ensure you contact the authorities, and your debit or credit card provider immediately if they are stored on your device for purchases. If it’s possible, try to freeze your debit or credit card as soon as possible. You can also try disabling your digital wallet remotely from another device. This can be done on Google Pay by going to Google Pay Security and selecting remove device access and on Apple Pay by logging into iCloud and selecting your device and then remove Apply Pay.

Lending criteria, terms and conditions apply. Avant Money credit cards are only available to customers over the age of 18 and resident of Republic of Ireland.

The above content of this blog is intended to provide general information only and does not constitute financial or professional advice or recommendations from Avant Money. Readers should always seek independent professional advice and not solely rely on the information within the contents of this blog.

For more information on Avant Money credit cards, please visit https://www.avantmoney.ie/credit-cards
 

Avantcard DAC trading as Avant Money is regulated by the Central Bank of Ireland.