7/23/2018 | By Team United
There’s no denying it – the age of virtual payments and the digital wallet are here. Online shopping sites like eBay and Amazon have become commonplace for gifts or textbooks, but now we’re seeing people utilize their smartphones and PCs to buy and store all sorts of things – from airline tickets to groceries (delivered right to their doorstep) – and there is no shortage of companies who offer solutions.
When you’re ready to build a digital wallet, you’ll find a number of resources, apps and online shopping tools available to help you manage your money and buy products. To simplify your choices and to get comfortable with the virtual banking world, start with these programs first:
Apple Pay™/Passbook – Apple Pay is a mobile payment system that became available last fall and allows users to link their credit or debit cards to an iPhone 6, iPad Air 2 and iPad mini 3, or Apple Watch. To pay, users hold one of these Apple devices near a contactless reader while placing their finger on the Touch ID™ – there’s no requirement to open an app or wake the display. With Apple’s Passbook you can store passes, like tickets and gift cards, on your iPhone and use them to check in for flights, get in to movies or sports events, and redeem coupons.
Google Wallet™ – Similar to Apple Pay, Google Wallet is a mobile payment system that lets anyone with a Google account make electronic transactions in stores, online or to anyone in the U.S. with a Gmail address. It works with any debit or credit card, and requires Near Field Communication (NFC) technology. Google Wallet has a $5,000 daily spending limit, which is higher than what some competitors, like Venmo, allow in a week. PCMag.com gives Google Wallet an Excellent rating in their latest review.
PayPal® – Online shoppers and business owners will find PayPal to be a digital wallet must-have. The service allows users an easy, secure way to pay for items on eBay, on websites, in apps, or in stores as well as the ability to send money between other PayPal users and friends. PayPal accounts are accepted by virtually every online vendor and it has become a trusted source for many online shoppers.
Visa Checkout – Another way to conveniently pay for online purchases is through Visa Checkout. It is a digital payment service that allows users to skip typing in credit card and shipping information every time, and instead login and pay online using their Visa Checkout account.
Financial institutions, including UFCU, are working with these digital payment service providers to make life easier on customers. Earlier this year, UFCU gave Members the opportunity to link their UFCU Visa® credit and debit cards to Apple Pay. It was also announced that Members would have similar access to Visa Checkout. These payment systems offer greater convenience to manage your money and also provide multiple levels of security. To find out more about the future of digital wallets, listen to UFCU’s Monday Morning Money Talk podcast series.
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