What else can a digital wallet be used for?

A digital wallet can provide a convenient way to make purchases with various merchants. But that’s not its only benefit. 

Use this guide to learn about 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. 

What you’ll learn:

• A digital wallet is a tool that enables you to store credit cards and debit cards and make digital transactions in stores and online. 

• Other uses for 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 Apple Pay®, Google Pay™ and Samsung Pay®, for a convenient and more secure payment option.

The main purpose of a digital wallet is to securely store payment methods—such as credit cards, debit cards or bank account information—for making online and in-store purchases without cash or a physical card.

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

Here are a few more things you can do with a digital wallet: 

In addition to payment methods like debit and credit cards, digital wallets can store other types of documents and information, which can help declutter your physical wallet. 

Here are some examples of what you could keep in a digital wallet:

• Transit information, such as plane boarding passes, metro cards and bus passes

• Gift cards

• Event tickets

• Coupons

• Membership cards, like library cards and warehouse club cards

• Identification cards, such as a student ID and a driver’s license

• Hotel reservations

• Loyalty rewards cards

• Digital car keys

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. Additionally, digital wallets use tokenization, a process that replaces your credit card information with a random number—or token—for each transaction. That means 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 some digital wallet apps, like Venmo and PayPal®, for peer-to-peer (P2P) payments. P2P payments let you 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 gives 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’ll typically enjoy the same benefits you normally would with that card—like earning cash back or miles. 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 of your card’s terms because sometimes promotions or shifting reward categories may require you to activate them first to earn the rewards.

Do you have friends or family living abroad, or are you planning a big trip? Depending on the provider and 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. Just make sure to check whether your digital wallet supports international transfers and review any applicable fees, exchange rates and transfer limits.

Certain digital wallets help you keep tabs on your financial habits. For example, Google Pay and Apple Pay may allow you to view past transactions. From there, you can review your spending patterns to 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:

• Adding a Capital One card to PayPal

• Adding a Capital One card to Google Pay

• Adding a Capital One card to Samsung Pay

• Adding a Capital One card to Apple Pay

Using a digital wallet can provide convenience and added security when making purchases. Plus, there are additional uses for a digital wallet, like storing other items—like event tickets and loyalty cards—and splitting expenses when you’re out with a group of friends.

Learn more about making digital payments with your Capital One credit and debit cards, including how to set your digital wallets up quickly.