Pay Smarter with Mobile Wallet
When it’s time to make a complete a purchase at your favorite online retailer, restaurant, grocery store, or anywhere your travels take you, use your CVF Visa first!
Mobile Wallet
What Is Mobile Wallet?
Mobile Wallet is a digital version of a physical wallet, which stores your CVF Visa credit card and other payment types on a mobile device, like a smartphone, tablet, or smartwatch. Like a traditional wallet, they can include credit cards, financial information, driver’s licenses, loyalty cards, tickets, and gift cards. It is a feature often already pre-loaded onto these devices, including those sold by Apple, Samsung, and Google.
How Does a Mobile Wallet Work?
Whether you use a mobile wallet that has already been pre-installed or choose to install a third-party app, adding your CVF Credit Union Visa cards is fairly easy. Simply manually enter the debit and/or credit card details into the wallet app or by scanning the card with the device’s camera. The information is stored and encrypted securely for future transactions.
When making in-store purchases, mobile wallets use near-field communication (NFC) or a QR code to facilitate payments. These contactless methods offer the convenience of tap-to-pay at a compatible terminal, eliminating the need to physically swipe or insert a card. Contactless also provides several extra layers of security, for example, by requiring you to enter a PIN or use a biometric on your mobile device before tapping your device.
Are they secure?
Mobile wallets are popular, in part, due to their advanced security features, including:
- Tokenization: This method replacing card account information with alternative account info, or tokens, that are unique to you, your card, and your device. Electronically it computationally generates a sequence of one-time-use dynamic characters that is unique to each transaction. These tokens have no value outside your device, which helps prevent their use by hackers if they were fraudulently accessed.
- Encryption: Transforming card details into a complex code that can only be deciphered by an authorized system. This guards sensitive data against potential cyber threats, ensuring that it remains unreadable and secure even if data is intercepted.
- Biometric Authentication: Using methods like fingerprint or facial recognition ensures that only the valid device owner can authorize transactions through their mobile wallet. This prevents unauthorized access and transactions if the device ends up in the wrong hands.
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