Digital wallet vs. mobile wallet: What’s the difference?
Digital wallets and mobile wallets offer a revolutionary level of convenience, security and speed. Although they function in similar ways, they’re technically different—a mobile wallet is a type of digital wallet designed for use on mobile devices. Knowing how they work can help you better understand the tools you have at your disposal.
Here’s what you need to know about the differences between digital wallets and mobile wallets.
What you’ll learn:
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Both digital wallets and mobile wallets store your payment information for faster and easier digital payment transactions.
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Mobile wallets are a type of digital wallet that you can access and use on your smartphone, smartwatch or tablet.
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Digital wallets let you make purchases online without having your credit card on hand, while mobile wallets let you make purchases in stores without your physical card.
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You’ll still earn rewards on purchases you make with your Capital One credit card when using a digital or mobile wallet.
Are a digital wallet and a mobile wallet the same thing?
The terms digital wallet and mobile wallet are often used interchangeably, but no, they’re not the same thing. You can think of digital wallet as more of an umbrella term. A mobile wallet is a type of digital wallet.
Both digital and mobile wallets can be used to store bank and card information and to make purchases. But unlike other types of digital wallets, mobile wallets are purpose-built for use on mobile devices. And in most cases, you can tap your device to make contactless payments in stores.
Many digital wallets can also be accessed on mobile devices through an app. For example, you may use your PayPal® digital wallet on a desktop browser, but if you want to access it on your phone, you may find it easier to use the mobile version of the wallet through the PayPal app.
The differences between mobile and digital wallets
Mobile wallets and digital wallets offer similar features, but there are a few differences you need to be aware of.
How you can access each wallet
Digital wallets can be accessed by any internet-enabled device. This means you could manage the cards stored in your wallet for online transactions from your computer, smartphone or tablet.
Mobile wallets, on the other hand, can only be accessed through your mobile devices, usually through an app. Depending on the app, you may be able to access your mobile wallet from your smartphone, smartwatch or tablet.
The types of transactions you can make
Digital wallets can be used to make purchases online. But to use them to make contactless payments in-store, you typically need to access them through a mobile wallet on a compatible device.
You can typically use a mobile wallet for both online purchases and contactless in-store payments.
How to get digital and mobile wallets
To get a mobile wallet, you could download a popular mobile wallet app—such as Apple Wallet®, Samsung Wallet®, Google Wallet™ or PayPal. You should be able to find these apps in your mobile device’s app store. But you may already have one pre-loaded on your phone. For example, Android phones typically come with Google Wallet pre-installed. Check your phone to see if you already have an app available.
You can also set up a digital wallet without using a mobile wallet. To get a digital wallet, you can create an account with a digital wallet provider online and add your payment methods.
Capital One cardholders can easily add their Capital One credit cards to their digital wallets by navigating to the Digital Wallet Manager when signed in to their account online or in the Capital One Mobile app. Check out these helpful guides to learn how to add your card:
Digital wallet vs. mobile wallet FAQ
Digital wallets and mobile wallets are similar, and this can lead to some confusion. Here are answers to some frequently asked questions to help you better understand the difference between the two.
Do I need to have both a digital wallet and a mobile wallet?
No, you don’t have to have both a digital wallet and a mobile wallet. You’re free to use one or the other or both, depending on your buying habits and what you’re comfortable with. For example, you can use your mobile wallet to make purchases from your smartphone in stores and a digital wallet to manage your payment information and make purchases online.
Do I have to use a digital or mobile wallet?
No, you don’t have to use a digital or mobile wallet unless you want to. But both digital and mobile wallets offer features that could make completing online and in-person purchases easier and more convenient.
Do digital wallets help me keep my information secure?
Digital and mobile wallets often use enhanced security features to protect your information and your card numbers. For example, you may enable two-factor authentication using biometric scans like fingerprint scanners or Face ID scans.
Can I withdraw cash from my digital wallet?
Yes, you may be able to withdraw cash at cardless ATMs using a digital wallet with a mobile app. Your debit card will need to be stored in the digital wallet to withdraw cash from your bank account.
Key takeaways: Digital wallets vs. mobile wallets
Both digital wallets and mobile wallets can make purchases more convenient, but mobile wallets are specifically for use on a mobile device like your smartphone, smartwatch or tablet. They make it easier to complete purchases on the go, even if you don’t have your physical wallet handy. And if you use the Capital One Mobile app, you can add eligible cards to certain digital wallets right from the app for even more convenience.
Learn more about how using digital wallets and mobile payments can make it easier to check out online or in-store.
