Digital Wallets myth busters

Chewing gum takes seven years to digest; crusts make your hair go curly; a couple once survived an IKEA trip. Life’s full of myths and deciphering fact from fiction can be tricky – especially when there’s so much information online.

There are also a few myths about digital wallets popping up that are simply not true. To help you get the facts, we debunked five of the most common ones.

Myth one: Only certain merchants accepts digital wallet payments

Uh-uh. Digital wallets are accepted anywhere that accepts contactless payments. Just look for the contactless symbols, available on most merchant terminals in store. You can pay with your digital wallet in supermarkets, restaurants, trains, taxis and many other places.

Myth two: Digital Wallets save your card details

Wrong. They’re actually one of the safest ways to make purchases. When you add your card to your phone or wearable the details are encrypted. And if you use the camera to enter the card information, the information is never saved on your device. The only information stored on your device is your unique digital card number, which is encrypted and serves as an alias to protect you.

Myth three: You can only use digital wallets in physical stores

There are an increasing number of apps and online websites that have added digital wallets as a payment option, so you can check out easily and quickly on your eligible phones, tablets, or computers. You can avoid entering your credit card details every time you buy online. Check the merchant or partners page of the Digital Wallet to find out who they are.

Myth four: You can only upload one card

A digital wallet is like a real wallet. You can store multiple different cards: credit, debit and even loyalty. Plus, you can switch between cards as often as you like.

Myth five: You don’t get receipts with digital wallets

Just because it’s quick and easy, doesn’t mean you won’t get proof of purchase.

In store, you can ask the merchant for a receipt, and if you bought something online, a receipt will be emailed to you from the vendor (business as usual). So, if you regret buying those acid-wash jeans (no judgment), returning them should be hassle free.

It’s also worth noting that transactions made on your phone or wearable will appear on your bank or credit card statement.

Mything anything?

If you’ve still got questions about how digital wallets work, head to our support page on the following Digital Wallets and get all the FAQs.

Apple Pay FAQs

Google Pay FAQs