What else can a digital wallet be used for?

A digital wallet—sometimes referred to as a mobile wallet—can provide a convenient way to make purchases with various merchants. But that’s not the only benefit of using one. 

Use this guide to learn about some other ways to use a digital wallet and how adding your Capital One card to a digital wallet can streamline how you make purchases and more.

Key takeaways

• A digital wallet is a tool that gives you the ability to store credit cards and/or debit cards and make digital transactions in stores and online. 

• Digital wallets provide a quicker and more secure way to pay for your purchases.

• More benefits of using a digital wallet can include sending and receiving money, organizing travel and event tickets, splitting expenses and gaining spending insights.

• Capital One customers can connect their Capital One credit cards to various digital wallets, like Google Pay™, Apple Pay® and Samsung Pay®, for a convenient and more secure payment option.

Here are a few more advantages of using a digital wallet: 

Digital wallets can store payment methods like debit and credit cards as well as other types of documents and information, like boarding passes and membership cards, which can help declutter your physical wallet. You could also use a digital wallet to help with the following:

• Store boarding passes, gift cards and tickets

• Organize coupons

• Manage membership cards, like library cards and warehouse club cards

•  Store student IDs and transit cards

• Access hotel reservations digitally

• Keep loyalty rewards cards in one place

Tip: Remember to keep a backup payment option with you just in case the merchant doesn’t accept digital copies of your cards. 

A mobile wallet is a type of digital wallet that lets you take advantage of contactless payments. If a payment terminal features the contactless payment symbol, you can simply open up your digital wallet app and tap to pay by holding your mobile device close to the reader to complete a transaction.

Using a digital wallet can be a more secure way to pay because it usually requires another form of verification, like facial recognition or a PIN passcode, to access. Through tokenization, which is a process that replaces your credit card information with a random number—or token—for each transaction, each payment made via a digital wallet uses a unique number so your actual card number isn’t shared with the retailer or merchant. 

You can use certain apps like Google Pay, Apple Pay and Samsung Pay to transfer and receive money from your debit card, bank account or an available balance on the app. This can come in handy when you need to pay someone, or it can be a quick and easy way for a friend to pay you back when you pick up the tab. 

Capital One account holders can also send money to friends and family with Zelle® right from the Capital One Mobile app.

Some digital wallets let you separate bills when sharing an expense with another person or a group of people. For example, Venmo and Google Pay give you the option to request payments from other users. From there, you can customize the amount requested from each person and track any pending payments.

When you use a digital wallet to make a purchase, you typically will enjoy the same benefits, like earning cash back or miles, as you normally would for qualifying transactions. For example, you may be able to link your Capital One cash back credit card to your digital wallet and receive cash back on qualifying purchases made with that card. 

Tip: Be sure to read the fine print because some of these promotions may require you to activate them first to earn the reward.

Do you have friends or family living abroad, or are you planning a big trip? Depending on your location, your digital wallet may allow you to transfer money internationally. It can also be useful if you need to send money to a family member who’s traveling out of the country and in a bind. Just make sure to check the laws of the country you’re sending money to in order to determine whether digital wallet transfers are allowed.

Certain digital wallets let you link your bank account to the app so you can keep tabs on your financial habits. For example, Google Pay gives you the option to view how much money you’ve spent and how much money you have in a given period.

From there, transactions are automatically broken down into spending categories so you can better understand where your money is going. You can use this information to find areas for improvement and even establish a budget tailored toward reaching your financial goals.

If you’re a Capital One cardholder, you can link your credit card to various digital wallets—at no added cost. Check out the following guides to learn more about how to add your credit card to the digital wallet of your choice so you can choose how you want to pay:

• Adding a Capital One card to PayPal®

• Adding a Capital One card to Google Pay

• Adding a Capital One card to Samsung Pay

Using a digital wallet can provide convenience and added security when making purchases. Plus, there are added benefits, like the potential to maximize credit card rewards and split expenses when you’re out with a group of friends.

Learn more about the advantages of linking your Capital One credit and debit cards with your digital wallet and how to set yours up quickly.