Mobile Wallet Basics

August 23, 2018, by Lindsey Owens Krausen

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:

  1. Download the mobile wallet app on your smartphone (it may already be installed on your device).
  2. Add your card information to the mobile wallet.
  3. 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.