Digital Wallets: Quicker Payment Options are Here!

Digital Wallets and online checkout options offer convenience and security.

By: Navy Federal on October 22, 2014

We've all been there: you're waiting in line at the grocery store and the person in front of you is slowly rummaging for the right credit card—or worse, pulls out a checkbook. As you stifle an internal groan, think positive: quicker payment options are here!

The way you pay is changing, in-store and online. Enhanced online checkouts now make it easier than ever to make online purchases. Here's what you need to know about fast, secure payments at home or on the go.

Mobile Wallets & Near-Field Communication

While Apple Pay, Android Pay and Samsung Pay have recently made headlines, the technology behind them—near-field communication (NFC)—has been available for some time. Because NFC is being included in more devices (like the iPhone® 6 and new Android and Windows® smartphones), and because merchants have been upgrading their payment systems to accept smart chip credit cards (likely becoming NFC-ready in the process), the technology is now poised to go mainstream.

How it works:

NFC enables two devices placed close together to communicate data. To get started:

  • Load your Navy Federal credit or debit card information into your device's mobile wallet app.
  • When you make in-store purchases, look for the Visa payWave® or MasterCard PayPass® symbol at the credit card terminal.
  • Simply tap or hold your device at the terminal. You may be asked to scan your finger or enter a PIN to approve the transaction. That's it!

You can use a mobile wallet for in-app or online purchases, too. Some also enable you to store gift cards, loyalty cards and coupons in addition to credit and debit cards.

Why it's secure:

Security measures vary depending on the mobile wallet. Many don't show your full card number to the merchant. Apple Pay and Android Pay, for instance, generate a random, virtual account number rather than transmitting your card number. For in-store purchases, because your payment method stays in your hands, you won't reveal your name or security code, either. If you lose your phone, many devices enable you to lock it remotely or completely remove any personal information.

Online Checkouts

Improved online checkout options like Visa Checkout and MasterPass make online payments more convenient by eliminating the hassle of re-entering personal information every time you shop.

How it works:

  • Create a username and password, and enter your payment and shipment information once.
  • When you see the online checkout service you use as a payment option, click it and log in. All your payment and shipping details will be loaded automatically.
  • Submit your payment to authorize the transaction.

Why it's secure:

Many online checkouts offer fraud protection and liability coverage in addition to your credit card protection features. Because you can log in from any device, it's easy to disable a card and monitor transactions. You can also receive instant notifications of completed transactions.

In addition to the security features offered by these services, Navy Federal credit and debit cards always come with 24/7 fraud monitoring and zero liability protection from unauthorized transactions. And when you use Mobile Banking*, you can set account alerts and view your transactions anytime, anywhere.

Find out more about Android Pay.

Learn more about Apple Pay

This article is intended to provide general information and should not be considered tax or financial advice. Please consult a tax or financial advisor for specific guidance on tax laws and your individual financial situation.

*Message and data rates may apply. Terms and Conditions are available. Apple® and iPhone® are trademarks of Apple, Inc., registered in the U.S. and other countries. Apple Pay is a trademark of Apple, Inc. Android and Android Pay are trademarks of Google, Inc. Windows® is a registered trademark of Microsoft Corporation in the United States and/or other countries. Visa payWave® is a registered trademark of Visa Worldwide PTe Limited. PayPass is a trademark of MasterCard International Incorporated.