Mobile Wallet

This one’s simple: Start by downloading the mobile app of your choice onto your smartphone or another compatible device. Then, load the card information you want to store, from debit and credit cards to loyalty cards and even coupons. When you want to make a purchase with your mobile wallet, you can either:

• Choose your app and select a card at the checkout screen when you’re shopping online with your smartphone.
• Tap your phone to a digital payment-enabled terminal at participating merchants when checking out. “Mobile wallets use what is called a Near-Field Communication (NFC) chip,” Daniels explains. It’s the same technology that lets you use contactless payment to pay with a physical card

Many retailers offer updated payment-processing terminals that accept mobile wallets. Samsung Pay and Apple Pay, for example, are accepted at millions of stores in the U.S. By 2025, it is anticipated that 53% of eCommerce transactions will be completed with mobile wallets. Given how many merchants accept mobile wallet payments nowadays, when you add your Education First totalREWARDS VISA debit card or credit card, you can earn points for daily purchases and turn everyday expenses into big rewards, like cash back, travel, gift cards and more!* 

Popular Wallets:

PayPal -  Accepted widely online, but less frequently in physical retail stores.

Apple Pay - Transaction authentication via facial or fingerprint recognition make this a great option if you’re concerned about security.

Google Pay - Like Apple Pay, but for Android devices.

Samsung Pay - Available on some Samsung devices. 

Information that you upload to a mobile wallet gets encrypted, making it potentially safer than carrying physical cards with you.

While a mobile wallet could pose potential security if your phone is lost or stolen, most mobile devices now offer two-factor authentication in the form of biometric identification which includes fingerprint identification or facial recognition.

Additionally, you can take extra steps to protect your data by enabling permissions that allow you to locate your phone if you lose it, or remotely wipe the data, so a thief can’t access sensitive information or use your mobile wallet. Our Card Management feature also allows you to turn your debit card on or off, set geographic boundaries for use, and additional personalization options to add additional measures for you to ensure the security of your cards.

Many mobile wallets offer similar features and security measures. The right one for you depends more on personal preference and how you like to interact with your apps. It may also depend, of course, on which devices or credit cards you own. In terms of performance, there’s little difference between the leading mobile apps.