Digital wallet vs. mobile wallet: What’s the difference?
Whether it’s online or in a store, the way we make payments has changed over the years. Today, digital wallets and mobile wallets offer a revolutionary level of convenience, security and speed.
Though both digital wallets and mobile wallets function in similar ways, knowing how each one works 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.
Key takeaways:
-
Both digital wallets and mobile wallets store your payment information for faster and easier digital payment transactions.
-
Mobile wallets are a type of digital wallet that you can access and use on your smartphone, smartwatch or tablet.
-
Digital wallets let you make purchases online without using your physical credit card, while mobile wallets let you make purchases in stores without your credit card.
-
You’ll still earn rewards with each digital or mobile wallet purchase you make with your Capital One credit card.
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 use your mobile wallet to make in-store purchases.
Most digital wallets offer a mobile wallet version of their software. For example, you may use your PayPal® digital wallet on a desktop browser, but if you want to access PayPal® on your phone, you may find it easier to download the mobile version of the wallet via the app.
The differences between mobile and digital wallets
Both 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, including your computer. This means you could manage your cards to use for online transactions from your laptop as well as your smartphone.
Mobile wallets, on the other hand, can only be accessed through your mobile devices and usually require you to download an app to use them. Depending on the app you download, 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 download a mobile wallet version of the app.
On the other hand, you can typically use a mobile wallet app to make online purchases from your phone without switching to the desktop version of the digital wallet.
How to get digital and mobile wallets
To gain access to a mobile wallet, you could download a popular mobile wallet app like the following:
-
Apple Pay®
You should be able to find these apps in your mobile device’s app store. But some may already come pre-loaded on your phone. For example, Samsung phones typically come with the Samsung Pay app pre-installed. Check your phone to see if you already have an app available.
Capital One cardholders can add their Capital One credit cards to their mobile wallets easily. And when you use the app to make purchases, you’ll still earn the same rewards you would if you used your physical credit card.
Digital wallets vs. mobile wallets FAQ
Digital wallets and mobile wallets are similar, and this can lead to some confusion. Here are 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?
You don’t have to have both a digital wallet accessible on your computer and a mobile wallet. You’re free to sign up for one or the other, depending on your buying habits and what you’re comfortable with. You can use your mobile wallet to make purchases from your smartphone and log in to your digital wallet online to manage your cards for different payment methods, make purchases from online vendors and more.
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.
Digital wallets vs. mobile wallets in a nutshell
Mobile wallets are a type of digital wallet that you can use from your 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.
