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![]() ![]() In the event your phone is lost or stolen, without those additional verifications, it's unlikely that anyone could access it. In addition, you need a biometric scan or pass code to access your wallet in the first place. Because a new token is created for every new transaction, it makes it very hard for hackers to obtain your information. This token masks your credit card information so the merchant doesn't collect it and the entire transaction remains secure. This is when a unique string of numbers, called a token, is created for that one-time transaction. Yes, digital wallets are considered secure due to a process called tokenization. In a similar way, the data stored on those items can be digitally transmitted when you're ready to use them. These signals transmit your credit or debit card information from your phone to a device the merchant provides, which is designed to receive this kind of data.ĭigital wallets can also store things like gift cards, event tickets, airline tickets, membership cards and more. The magnetic signals connect through something called Near field communication (NFC). To make a payment, digital wallets use your mobile phone's wireless functions including Wi-Fi, Bluetooth and magnetic signals.
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