Mobile wallets
Learn more about mobile wallets and how they store and use your payment information. Learn what to do if you lose your device or it’s stolen and know your rights when using a mobile wallet.
Understanding mobile wallets
A mobile wallet is an app on your mobile device that stores payment information. It works like a wallet for your credit, debit and prepaid cards.
You can use a mobile wallet to:
- make contactless payments
- shop online
- make in-app purchases
You can add:
- credit cards
- debit cards
- prepaid cards
- loyalty cards
How a mobile wallet stores your payment information
A mobile wallet may store your payment information in one or more ways.
You may be at risk for fraud if you lose your SIM card or mobile device, or someone steals them.
In the cloud
A cloud is a secure network based on the Internet. Your mobile wallet may encrypt your payment information and store it there.
You need an active Internet connection to pay this way. The mobile wallet gets your payment information from the cloud.
On your device
Your mobile wallet may store payment information on a computer chip in your mobile device. This chip links your payment information to a specific payment card network.
Payment card networks include:
- Interac
- Visa
- Mastercard
- American Express
On your SIM card
Your mobile wallet may store your payment information on your mobile device’s SIM card. A SIM card stores information that identifies mobile devices.
Getting a mobile wallet
To get a mobile wallet, you usually need:
- a mobile wallet app
- the agreement for the app
- payment information, like a credit, debit or prepaid card
- a default payment method
To set up a mobile wallet:
- Open the mobile wallet app on your device or download one if needed
- Read and accept the conditions of the agreement for the app
- Register your payment information
- Set your default payment method, which is the payment you’ll use each time unless you change it
Tip
Help protect your mobile wallet by setting up face ID, a password or fingerprint. This lowers the risk of unauthorized transactions.
Paying with your mobile wallet
You can use a mobile wallet for:
- contactless or tap mobile payments
- QR (Quick Response) code mobile payments
You can also use your mobile wallet for online shopping or in-app purchases.
A financial institution or merchant may set limits on how much you can spend using a mobile wallet.
Learn more about paying with your mobile phone.
Understanding how co-badged debit cards work
You can add a co-badged debit card to your mobile wallet.
A co-badged debit card may give you two debit options on your mobile wallet. If it does, two separate applets will appear when you add the card. You don’t need to add both.
The two debit options you may add are:
- Debit transaction using Interac: money comes from your chequing or savings account
- Debit transaction using another payment brand: money still comes from your account, but another brand processes the payment
This second option is usually used for online or international purchases, like Visa Debit and Mastercard Debit.
You have the right to choose the options you want when you add your co-badged debit card.
You should be able to:
- use both Interac’s debit option and another payment brand’s debit option, like Visa and Mastercard
- add or remove one of these options
- set any card on your mobile wallet as the default payment option
Learn more about co-badged debit cards.
Knowing what to do if your mobile device is lost or stolen
Protect your financial and personal information.
If you lose your mobile device or someone steals it:
- Contact your mobile wallet provider to disable your mobile wallet
- Notify your debit and credit card issuer if that card information is in your mobile wallet
Learn how to secure the data on your mobile devices.
Understanding your rights when you use a mobile wallet
In Canada, card issuers follow rules that protect your rights when you use a mobile wallet.
They must:
- let you choose your preferred payment source
- use that choice as your default payment source unless you change it
- tell you before adding a card if you won’t be able to change the default payment source later
If your mobile wallet has more than one payment source:
- each option must appear as a separate icon
- you must be able to choose which one to use for each transaction
- you must be able to change the default payment option easily
- if you can’t change the default payment option, the card issuer must tell you before you add a card
Most financial institutions offer an online security guarantee and other online protections. This means you may not need to pay for unauthorized transactions.
Learn more about unauthorized mobile payments.