A digital wallet is an electronic way to store your credit and debit cards. With a digital wallet, you can make payments from your mobile device without having to carry physical copies of the cards when you shop. Digital wallets are a secure, easy way to access your payment information without keeping up with a bulky billfold.

Digital wallets are as safe as, and in many ways safer than, physical wallets. With security features including password protection and tokenization, digital wallets ensure your card information remains protected at all times. If you misplace your mobile device, Apple and Samsung offer “Find My Phone” features, so you can locate your digital wallet quickly and easily. Additionally, Android users can locate their phones using Google’s Play Protect app.

Tokenization is the process by which digital wallet apps like Apple Pay®, Google Pay® and Samsung Pay® produce unique, single-use tokens for each purchase instead of providing your card number to the retailer. This protects your personal information by keeping your card details safe and secure.