Digital Wallet

Add your Lanco FCU debit card to your digital wallet

paying with a cellphone at a cafeEnjoy the convenience, speed and security of making payments from your Lanco FCU checking account without having to reach for your debit card. Paying with your digital wallet is a secure payment method accepted online, in apps, and even in stores—so you can breeze through checkout.

Add your Lanco FCU debit card to your digital wallet to pay from your phone, computer or watch. Supported wallets include Google Pay, Apple Pay, Samsung Pay, Garmin Pay, and Fitbit Pay.

If you’re new to using a digital wallet, click the applicable link below for step-by-step instructions to get started:

Digital wallet is a safer way to pay

A digital wallet offers a convenient and secure way to pay by using your mobile device or watch. Opting to pay with a digital wallet offers a few key advantages over other payment methods like paying with your plastic card.

Your card information is not stored on your device

Digital wallets use a technology called “tokenization” to authorize payments. When you add a compatible card to your digital wallet, such as your Lanco FCU debit card, the digital wallet verifies your card information and receives and stores a unique token that corresponds to your card and device. The only card information stored by your digital wallet is the last 4 digits of your card and a representative card image to help you keep track of your cards.

Your personal information stays private

Your actual card number and other associated information is not stored on your device, and it is not provided to merchants when you pay. The only personal information that the merchant will receive is any information that you actively provide to them during checkout.

Your account information stays protected

Because the digital wallet passes a virtual number to the merchant, your card number and information will not become compromised should the merchant’s payment system be hacked. If a hacker gains your virtual payment information, it will be useless to them because the tokenization only works with in combination with your digital wallet device.

Also, by keeping your debit card at home or safely tucked away, you lessen the chance that you may misplace your card or get your card information lifted from a card skimming device.

Your authorization is needed to pay

When you make a purchase using your digital wallet, you will be prompted to authorize the use of your wallet by biometric verification, such as your fingerprint or face recognition, or by entering a passcode. This helps to ensure that, should your device be stolen, your account remains secure and payments will be inaccessible to anyone you haven’t authorized to use your wallet.

What are the disadvantages of digital wallets?

With all of the benefits of choosing to pay with a digital wallet, the next logical question may be “what’s the catch?” The drawbacks are limited, but they do present reason to always have a second form of payment available just in case.

Not all merchants accept all digital wallets

You will find that you can use your digital wallet at a lot of stores and restaurants, and not just at large chains. However, as this payment method is still growing in popularity and requires certain hardware and software to support the technology, some merchants do not yet accept digital wallet payments or may only support limited devices.

Your device is needed to pay

While most of us always have our device at-hand, sometimes the device-dependency of using a digital wallet may present problems. If your battery or network connection tends to be unreliable, be sure to have a card or cash in your physical wallet just in case your device goes dark.

Even with these considerations, having your digital wallet set up gives you the opportunity to choose this secure way to pay wherever you see the option presented.