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Your Most Important Mobile Wallet Questions, Answered

Mobile wallets offer convenience and security when you’re making a purchase, whether in person or online. Bank Midwest customers with iPhones or other Apple devices have enjoyed this capability for more than a year. Now, customers with Android or Samsung devices can as well.

“We’re excited that Bank Midwest customers are now able to take advantage of the mobile wallet across all devices,” said Mike Zebedee, Bank Midwest Electronic Banking Operations Manager. “We strive to bring our customers secure convenience whenever possible, and this is just an extension of that.”

What is a mobile wallet?

A mobile wallet is an app on your smartphone or other mobile device. When it’s time to pay, you’ll bring up the app, select your Bank Midwest debit card and scan your fingerprint to complete the transaction.

Multiple cards can be stored in your mobile wallet, including credit and debit cards, prepaid cards, loyalty cards and gift cards. Other items, like event passes and plane tickets, can be stored here as well.

How does a mobile wallet work?

When you use your mobile wallet to make a payment in person, you’ll hold the phone close to a device that’s either attached to or located near the regular debit card payment terminal you usually use at the checkout counter. The phone will communicate with this device using Near-Field Communication, or NFC technology, according to Ars Technica.

When you authorize the payment with your fingerprint, the mobile wallet will create a unique ID that’s specific to that individual transaction called a token. The process is called tokenization, and all three platforms (Apple, Samsung and Android) use it.

How can I use a mobile wallet with my Bank Midwest debit card?

The first thing you’ll need to do is locate or download your mobile wallet. Apple devices come standard with Wallet while Samsung and Android devices require you to download Samsung Pay or Google Wallet, respectively.

Next, you’ll add your card to the wallet. To do this, you’ll enter the card numbers or take a picture of your card so the app can automatically fill in the required fields. If the camera isn’t able to capture a quality photo, you’ll likely add key pieces of information yourself. These may include:

  • Card number.
  • Expiration date.
  • Security code.
  • Billing address zip code.

Once all information is entered, the app will ask you to verify your identification by scanning your fingerprint. Finally, you’ll hit “OK” and the process will be completed.

Whenever you get a new debit or credit card from Bank Midwest, be sure to update the information in your mobile wallet as well.

Why should I use a mobile wallet?

The two main reasons you might use a mobile wallet are for convenience and security.

It’s convenient because you won’t need to fish around your pockets for change or get out your card to make a payment. If you’re using your phone for online shopping, you may be able to make the purchase without having to type in your card number, making the whole process quicker and less cumbersome. If you ever forget your wallet at home, your mobile wallet is an easy replacement.

Tokenization is more secure than using your physical card because the token won’t be connected to your card number, Small Business Trends explained. Your card number will never be shared with the merchant you use your mobile wallet at. And if a criminal obtains the unique ID, it’ll be useless because the tokens are only used once.

Another reason mobile wallets are considered more secure is because the cards are only accessible by you – more specifically, by your fingerprint. If someone steals your physical wallet, he or she can remove the cash and cards and usually use them right away. But if someone steals your phone, it’s unlikely the criminal will be able to get into it, let alone gain access to the mobile wallet.

More Questions

Do you have another question about mobile wallets or using your Bank Midwest debit card with this technology? Connect with Bank Midwest or visit the websites listed below to learn more. Bank Midwest debit cards are currently compatible with three mobile payment providers.