A digital wallet is a wallet that allows you to easily send and receive money while online, with some of the most well-known being Apple Pay, Google Pay, or Paypal. Instead of having to log into your bank account and finding the receiver’s banking details to send them money online, you can use an e-wallet which allows you to execute the transaction with just a simple recepient email address or e-wallet username. They’re a very popular option when it comes to pay money between friends, but not only that. Many businesses now accept digital wallet payments too due to their simplicity and efficiency.
Convenience
One of the main reasons people use digital wallets is because they are convenient. Most digital wallets can be accessed on your phone, so you can shop without the need of carrying a wallet or a purse with you. Using a digital wallet online is even more convenient, as most businesses have payment portals for these wallets built-in to their site. For example, when someone is looking to sign up to a real money casino Canada, having an e-wallet payment method may close deal, as many players are looking for convenience and ease-of use, which are both intrinsic features of e-wallets. All it takes is one button press, and the transaction is complete. The simplicity of sending or requesting money from friends, makes it easy to lend and receive money, or even split a bill together.
Organisation
If you’ve ever fumbled around your physical wallet looking for a specific payment card or coupon, you’ll know how much of a pain it can be sometimes. You end up having to carry every single loyalty card with you everywhere, just in case you need it, and your wallet ends up too thick to fit in your pocket! However, with digital wallets, you can save coupons, gift cards, loyalty cards, travel tickets, and more to your phone! No more carrying physical cards and hoping you’ve remembered them all; they’re all saved in your phone for easy access. Not only will you be more organised, but you also don’t have to worry about losing them while digging around in your wallet, as they’re all safely stored as one central digital version.
Easy to use
One of the main benefits of digital wallets is their ease of use. Once you’ve downloaded the app, created your account, and linked it to a payment source (credit card, debit card, bank account etc.), you’re ready to start using it. When using it online, you just have to log in to your digital wallet account and click “confirm payment,” and your payment will go through without having to re-input your financial information for every single transaction. It’s even easier to use it in person, as most of these digital wallets work just like a debit card – one tap and your purchase is paid for. They even come with added benefits, like rewards or loyalty points for using them often, which you can then redeem for cash or prizes.
Secure
Digital wallets are one of the most secure ways of payment and are considered by most as a safer option than physical wallets. If you were to lose a physical wallet, whoever finds it would have access to all your cards, cash, and information. However, if you were to lose your phone, that information isn’t readily available. They would have to log into the phone, and as an added security step, both Andriod and Apple software require a password before accessing the digital wallet app, most of which consist of a two-factor authentication. Even if someone were to get your e-wallet information, making a purchase will often require a unique code, face ID, or touch ID to confirm it. Finally, another reason why some digital wallets are so safe is their use of tokenisation. When you use an e-wallet with a tokenisation feature, your card’s information is replaced with a tokenised version of your card to use when making transactions, meaning that your card information is never exposed.
Conclusion
Digital wallets are one of the best payment options to date. They’re more secure than physical cards, more convenient than carrying a wallet full-up disorganized wallet, and they make online and in-person purchasing a breeze. Not only are they great for saving your payment information, but they can also save other important documents, like plane tickets and railcards. Add in the rewards you get from using them regularly, and it’s hard to see why anyone would want to revert back to a physical credit card!
