If you haven’t heard of digital wallets as yet, you are probably living under a rock. A digital wallet is basically the latest way to pay, using an app either on your smartphone, or smartwatch. To use an e-wallet, you must download the digital wallet app, and some of the best-known options today include Apple Pay, Samsung Pay, Google Pay, and Fitbit PayTM. In this post, we are sharing a few basic details about digital wallets in general.
Why use digital wallets?
First and foremost, digital wallets have made it possible to pay easily without use of cash or cards. Yes, you can add your debit or credit card with the wallet, so that you can pay very easily, but there is no need to use the actual card. This, in return, gets away with the common risks that are typically associated with debit & credit card frauds. When you make a payment using a digital wallet, the merchant concerned will never get your card or bank details. The payments go from a virtual account number in your name. When you want to receive a payment, you just have to share the details of this virtual account, and the amount, once debited by the depositor, goes straight to your bank account.
With digital wallets, you can make payment anywhere and without any extra effort. Just make sure that you don’t select an app that’s shady.
Protecting your digital wallets
If you are using a digital wallet to make payments, we strongly recommend that you use a second layer of protection, which can be something like a passcode, password, or even use of biometrics like finger scanner on phone, or facial recognition. If you are using a passcode, ensure that you do not use something that is easy to guess. Do not use biometrics of someone else on your mobile, and be more careful with use of mobile, because it is your quick gateway for making payments. If you are using your passcode at a merchant’s shop, make sure that no one is standing behind you. Some digital wallets are more secure and often recommend more layers of security, and these are worth your trust.
Check online to find more on digital wallets that are popular and have been in use. Google Pay, for instance, is deemed among the most secure ones, and it is incredibly easy to use too, even for those with limited tech knowledge.