Need Help with Online Banking? Login Here

I heard someone say that Apple Pay™ is a “virtual wallet.” What does that mean?

Last Modified Monday July 27, 2015

A virtual wallet (also commonly referred to as a “mobile wallet” or “digital wallet”) is an application — in this case, the Apple Pay™ function in enabled iPhone or iPad devices — that allows you to store your credit/debit cards and banking information on your mobile device, and use it to pay for purchases in stores or online. They provide the virtual equivalent of a physical wallet and use encryption software to protect your payment information, so the mobile wallet device only provides a retailer with a digital token or digital certificate, not with your actual credit card numbers and related personal information.

Not Finding an Answer

Submit a question to support.