A Mobile Wallet is an app that can be installed on a smartphone to store payment information from your credit and debit cards. Once your information is stored, you are able to use your device to make purchases. There are a number of different mobile wallets that are compatible with specific devices. Like a credit card, your mobile wallet will only work at retailers that accept your device as a payment method. The major mobile wallets are Apple Pay, Google Pay, and Samsung Pay. The apps come integrated into your mobile devices.
How a Mobile Wallet Works:
- Download the mobile wallet app on your smartphone (it may already be installed on your device).
- Add your card information to the mobile wallet.
- When you’re ready to pay, simply open the app, touch the phone to the compatible reader next to a register, and you’re on your way.
Are Mobile Wallets Secure?
Mobile Wallets rely on EMV technology at the point-of-sale that creates a one-time code that is sent to your bank over a network for approval. This technology was introduced to provide an additional layer of defense against fraud by allowing the one-time code to be used in place of a primary account number.
- Oakworth cards include 24/7 fraud monitoring protection.
- When you download the SecurLOCK Equip Mobile App, you can get real-time alerts each time your card is used.