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What Is a Digital Wallet?
Digital wallets are applications that allow you to store items electronically that you might typically keep in your physical wallet. These items include debit, credit, transit, insurance, loyalty program, and gift cards. Additionally, digital wallets can store event tickets, boarding passes, keys, passwords, employee badges, and student IDs. In some states, you can even add an electronic version of your driver’s license or state ID.
Popular digital wallets include:
- Apple Wallet
- Cash App
- Google Wallet
- Samsung Wallet
- PayPal
- Venmo
These wallets come with security features like tokenization, which keeps your payment details secret by sending an encrypted token to merchants instead of your actual card information. This can protect you from card skimming and make digital wallets safer than physical cards. However, not all merchants accept digital wallets, so it’s wise to carry a backup payment method.
How to Use a Digital Wallet
Getting started with a digital wallet usually involves creating an account online. Some popular options, such as Apple Wallet, Google Wallet, and Samsung Wallet, may come preinstalled on your phone. Once set up, you can:
- Add cards and information: Scan your debit and credit cards to add them to your wallet. You may also connect your wallet to your bank or credit card’s mobile app.
- Add funds: Some wallets allow you to store money directly in the app, which you can use for purchases.
- Make payments in stores: Use your smartphone or smartwatch to pay by tapping your device on a point-of-sale terminal after unlocking your account.
- Display stored information: Access event tickets, boarding passes, and other items stored in your wallet.
- Make payments online: Select your digital wallet as a payment option during online checkout and follow the prompts to verify your identity.
Some digital wallets also offer features like paying for transit with a quick tap or using digital keys to unlock your car automatically.
What Is a Bank Account?
A bank account is a deposit account you can open with a bank or credit union. Common types include:
- Checking accounts
- Savings accounts
- Certificates of deposit (CDs)
- Money market accounts (MMAs)
Checking accounts are typically used for everyday expenses and offer easy access to your money via debit cards or checks. Savings accounts are designed for short- and medium-term savings goals and can earn interest, especially high-yield savings accounts. Most bank accounts are FDIC insured, providing a safe place to store your money.
How to Open a Bank Account
You can open a bank account in person by visiting a bank or credit union and speaking with a teller. Alternatively, you can open an account online by following these steps:
- Compare different accounts: Look for accounts with the best features and lowest fees.
- Create an account: Use a strong password to secure your account.
- Enter your information: Provide your name, address, Social Security number, and upload a government ID and address verification document.
- Make an initial deposit: Some accounts require an opening deposit.
Once your account is open, explore the features of the bank’s website and mobile app.
When to Use a Digital Wallet vs. Your Bank Account
Digital wallets are convenient for organizing payment cards and other information, especially if you have many credit cards and loyalty cards. They can also be useful if you have trouble getting or don’t want to open a bank account. However, digital wallets may not offer the same benefits as bank accounts, such as earning interest on your savings or depositing cash and checks.
Most digital wallets aren’t meant to replace bank accounts, and vice versa. Consider how you can use both to your advantage. Compare digital wallets compatible with your devices and explore new bank accounts that offer better features or higher interest rates.
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