What are digital wallets?
Digital wallets are apps that let you pay with your phone or device instead of having to carry a physical card. Also known as an electronic wallet, e-wallet or mobile wallet, they allow you to securely store digital versions of your payment methods (credit or debit card) to make purchases on your smartphone or smartwatch.
Think of it as another contactless payment method.
Digital wallets aren’t just for payments. You can store a digital version of your essentials, such as healthcare cards, loyalty cards and travel or entertainment tickets.
All security features and benefits that are offered on your credit or debit card will continue to apply to purchases made on your digital wallet.
How digital wallets work
Digital wallets work by using NFC (near-field communication), your device’s wireless technology, including Bluetooth, WiFi and magnetic signals, to transfer payment information to the terminal – just like a physical debit or credit card would.
Types of digital wallets
So what are your options when it comes to digital wallets? For NAB customers, there are a variety of digital wallets available, however it depends on the phone or device you use. For example iOS or iPhone users can only use Apple Pay, while Google Pay and Samsung Pay are available to Android users. By sticking to a specific phone brand, you’ve also chosen a potential digital wallet.
The choice also applies to wearables so you can pay on the move using your Fitbit or preferred smartwatch.
Digital wallets have age restrictions to prevent children adding a card into their smartphone. You need to be over the age of 13 years old to use Apple Pay, and 16 years old for Google Pay.
How secure are digital wallets?
Digital wallets have a built-in security feature that keeps your card details (the card number, expiry and CVV) a secret when you make a purchase digitally. When you make a purchase, instead of sending your actual card details to the merchant, the digital wallet passes a unique code to process the payment, while your personal information remains secure.
For transactions over $100, you may need to enter your card PIN at the terminal for added security.
What are the benefits of using digital wallet?
As mentioned above, NAB customers will find many benefits to using their NAB card in a digital wallet – it’s convenient, seamless, and most importantly, secure. Some other handy information for you to know:
- You can use your digital wallet overseas (at accepted contactless merchant terminals), even with your mobile roaming data off. As long as your mobile device is charged, feel confident to pay with your device.
- Misplaced your card? If you’ve added your NAB card to your digital wallet, you can manage your card via the NAB app. Log into the NAB app and temporarily block your card. This will only block the plastic, but allow you to continue to make purchases digitally for your convenience. Learn how to block and unblock your card.
- Lost your card? Not to worry. Log into the NAB app and block your lost card. This will block and cancel the lost card and issue you with new card details. Your digital wallet will be updated to the new card number instantaneously.
- Recently applied for a new card and waiting for it to arrive in the mail? NAB has made it more convenient and quicker for customers to access their funds. Locate the new card in the Cards section of your NAB app. Depending on whether you’ve got an iOS or an Android device, it will give you an option to set up with Apple Pay or Google Pay immediately. Follow the prompts, and once you have successfully added your card to your digital wallet, you can start spending.
- If you’ve added your NAB Visa debit card to Apple Pay or Samsung Pay, you’ll have the option to select eftpos (Sav or Chq) or Visa network. The eftpos option is only available within Australia.
How to add your card to a digital wallet
Add your card to a digital wallet in just a few minutes.
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