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Protecting personal privacy so people can Thrive in the world with the Freedom we all deserve.

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3 min read

5 Things You Didn't Know You Could Do With a Digital Wallet

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Depending on your ahem, tech-savviness, you may not know what a digital wallet is. You’re not alone, however. As of September 2021 data from a survey from PYMNTS.com claims that nearly 94% of people who have Apple Pay set up on their iPhone do not use the feature when they're in a store for payment. The report states,

Seven years post-launch, new PYMNTS data shows that 93.9% of consumers with Apple Pay activated on their iPhones do not use it in-store to pay for purchases. That means only 6.1% do. That finding is based on PYMNTS' national study of 3,671 U.S. consumers conducted between Aug. 3-10, 2021. After seven years, Apple Pay's adoption and usage isn't much larger than it was 2015 (5.1%), a year after its launch, and is the same as it was in 2019, the last full year before the pandemic.

And digital payments are just one aspect of your digital wallet! You may know “of” your digital wallet, but may not be fully utilizing it. You’ve likely heard of a lot of the mega digital wallet players. Popular digital wallets include but aren’t limited to Google Pay, Samsung Pay, Apple Pay, Venmo, PayPal, and CashApp. We’ve put together a list of 5 things you didn’t know you could do with your digital wallet. 

1) Declutter

As more and more retailers offer digital payment options, you can finally Marie Kondo your wallet. Be sure to keep a backup payment or two in your wallet, but now you can use your phone, computer, and even your smartwatches to *tap* your payment and keep the line moving!

You can also organize your payments, boarding passes, gift cards, coupons, and rewards. 

2) Avoid more germs

You might chuckle at this one because it’s definitely a sign of the times. Yes, germs are still at the forefront of our minds and likely on yours minds as well. One thing about COVID that we most certainly aren’t complaining about, is the fact that more and more retailers have moved towards point-of-sale systems that are contactless payment-friendly. Whereas that function wasn’t overly used prior to the pandemic, we’re now seeing that more than half (51%) of Americans are now using some form of contactless payment, which includes tap-to-go credit cards and mobile wallets like Apple Pay, according to Mastercard Contactless Consumer Polling. Statistically speaking, we’re all being exposed to fewer germs now more than ever. 

3) Send and Receive Money

Did you know that you can send and receive cash from your digital wallet? Yes, Venmo and CashApp are the usual suspects for this sort of transaction, but you can also use your Apple, Google, and Samsung Wallets to send cash. If you haven’t jumped on the Venmo or CashApp trains as of yet, you can keep it simple by using your phone’s app. 

4) Get Better Fraud Protections

PINs and zip codes aren’t terribly secure; definitely the former is harder to crack than the latter. Digital wallets offer added layers of fraud protection. For example, on the front end, in order to utilize your digital wallet, it may require a PIN, facial recognition, a pattern, or fingerprint. 

Behind the scenes, the technology processing your payment information is more complex than the merchant running your credit card number and having access to that, the expiration date, and CVC number. Through a secure technological process known as “tokenization”, the digital wallet requests a token to represent your form of payment and the result is a unique ID number associated that is used to make the payment. The original information is not contained within the token, and thus, the token cannot be reversed into the original, sensitive data. 

5) Split the Bill

There’s a reason that “I’ll Venmo you!” has become part of our daily vernacular–it will become part of yours as well if you haven’t utilized the “Request” function yet. Digital wallets allow you to easily split the bill and request balances from your peers. If you’re the designated receipt splitter (there’s always one in the group, right?), you’ll be grateful for this feature that allows direct requests. Some apps, like Splitwise, allow you to categorize, itemize, and split payments evenly and unevenly and then integrate with your go-to digital wallet app. No more back-of-the-napkin math for you!

As you can see, data trends show that digital wallets are on the rise. Thrivacy takes your digital privacy seriously, and we’re here to help you take control of your ID. You’ll be in control of much more than your digital payment information and boarding passes. You’ll have all the functions of standard digital wallets with the added benefits of identity verification, background verification (for employment), academic background verification, and COVID vaccine status verification (....and more!). 

Our purpose really is, Protecting personal privacy so people can Thrive in the world with the Freedom we all deserve.

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