The benefits of adding a credit card to your digital wallet

Picture this: You’re at the farmer’s market and just spotted the juiciest, most perfect-looking local strawberries. To pay, though, you’ve got to put down the rest of your bags to rummage through your wallet and pull out your card… and risk bruising the rest of your produce. Do you buy the berries, or avoid the hassle? 

With a digital wallet, you wouldn’t have to choose. Here’s what you need to know about digital wallets — and why you should consider adding your credit card to yours.  

What is a digital wallet? 

Let’s start with the basics. As the name suggests, a digital wallet is an app that stores your payment methods, including debit, credit and gift cards, in one place on your favourite mobile device. Using a digital wallet allows you to make a payment using your phone or smartwatch — for example, by scanning a QR code — without the need to present your physical card. 

Digital wallets can store a range of other information, too, from concert and plane tickets to loyalty cards, coupons, promotions and more.  

In short, you’ll have the information you need to make purchases and save money at your fingertips, without having to look through your wallet for the right card.  

Are digital wallets safe? 

In a word, yes. Not only is your payment information protected by multiple layers of security, but using a digital wallet allows you to make purchases without sharing your credit card number or pin with merchants directly.  

The benefits of adding a credit card to your digital wallet 

While you can use a range of payment methods with a digital wallet, there are several benefits to adding your credit card.  

1. Gain an added layer of protection for your card 

One of the primary benefits of using digital wallets is peace of mind. Not only do digital wallets store your information securely to keep it safe, they can offer enhanced security compared to physically presenting your card.  

That’s because digital wallets use a security feature called tokenization. In a nutshell, this means that digital wallets present merchants with an encrypted number, rather than your real credit card number. This means merchants won’t have access to your credit card information directly — so if they get hacked and their payment information gets stolen, your credit card number won’t be compromised. 

Pro tip: You play an important role in protecting your payment information, too. Lock your phone to avoid unauthorized use, and use secured networks — not public WiFi — to access your financial or payment information, including your mobile banking app and digital wallet.  

2. Pay quickly and easily anytime, anywhere 

Picking up groceries on the way home from a busy day — only to realize you left your card at home? With a digital wallet, it’s no problem.  

While there are still benefits to carrying your wallet, like having easy access to your driver’s license and health card, a digital wallet means you can make everyday purchases whether or not you have your physical card. It also means you won’t have to hold up the line digging through your wallet to find the right card as you can store multiple credit cards in your digital wallet. Just open the digital wallet, select your payment method of choice, and tap your device or scan a QR code to pay.  

With a digital wallet, you can tap your device and make purchases up to $250 without the need to present your card — ideal for groceries, an unexpected thrift store find, or any other last-minute essentials.  

The convenience of a digital wallet can be especially helpful during travel. You’ll be able to use your digital wallet at businesses that accept contactless payment, allowing you to make transactions without physically presenting your card. However, it’s always best to have any alternate payment handy — like a physical card or cash — in case a merchant doesn’t accept contactless payment. 

3. Earn rewards for using your card 

More good news: The credit card in your digital wallet earns the same great rewards as any other purchase. So you can enjoy the convenience of a digital wallet without losing out on points, miles, cash back and any other perks you’re used to. And, because you can make purchases without presenting your card, you won’t lose out on rewards because you forgot your card at home.  

In addition, some businesses, including Starbucks, offer their own digital wallets and use them to deliver loyalty programs, exclusive discounts. As a result, adding your credit card to a retailer-specific digital wallet could allow you to earn two layers of rewards: The benefits from the retailer’s digital wallet, plus the rewards for using your credit card.  

Make shopping easier by setting up your digital wallet 

Ready for a more convenient payment experience? It’s easy to add your personal RBC credit or debit cards to your mobile device and set up your digital wallet. To learn more — including how to get started on a range of devices — visit us online.

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