What is a digital wallet? How does it work? Is it easy and secure to use? How do I get one?
We understand! There are many questions related to digital wallets, taking rounds in your head. Don’t worry! We’ve got you covered.
“I often forget to carry my wallet with me. And end up coming back home with no work done.”
Gone are the days where you have to carry cash physically to do offline shopping. It’s all digital now. You can quickly make the payment using your digital wallet.
What is a digital wallet?
A Digital wallet stores your money in an electronic device that enables you to make online transactions. These digital wallets are linked to your bank account, credit card, or debit card to conduct transactions efficiently. Digital wallets also store your information and passwords to make your next purchase easier.
Digital wallets are secured and protected with a password, just like your mobile phone. Any merchants accept digital wallets. So you can create a strong password and store credentials — payment-related as well as non-payment-related (tickets, loyalty cards. etc.).
You can install any of the digital wallet applications and create an account. These are friendly and easy to use. For example, Apple Pay, Samsung Pay, PayPal, PayCircle, Google Pay are a few popular digital wallets.
Significance of a Digital Wallet
With growing popularity, numerous players are entering the digital wallet market (adding innovative and flexible features to the digital wallets) and reducing the need to carry physical wallets.
Digital wallets also help companies understand users’ purchasing habits and increase their marketing effectiveness. Through digital wallet data, companies reach out to their potential customers and conduct branding activities. They also help firms to participate in the global financial market and interact with a worldwide audience.
Usage of Digital Wallet
Digital wallets are simple to use. You can use it on the go, in-app, or make an online payment. Few digital wallets allow users to transact single currency, while a few offer multi-currency transaction features.
A few digital wallets allow individuals and businesses to conduct digital assets transactions (BTC, ETH, ERC20 based tokens, and stable coins like USDT). The signal wallet for the multi-currency transaction feature eliminated the risk of using two wallets for different currencies (Fiat and digital assets). And hence, one can use it anytime, anywhere around the clock, 365 days a year.
On the go
Digital wallets are simple to use. Users can pay by holding the phone up to the symbol on the terminal.
Once you finalize your purchase and jump to the payment step, you can select a digital wallet instead of paying using a debit or credit card. The payment gateways automatically store the users’ digital wallet information, such that the user doesn’t need to enter the details each time while making a purchase.
You can pay for your Uber rides or order food online, and make a quick payment using your digital wallet.
Digital wallets are safe and secure. No one can use them unless the user authenticates them. So your data, money, and other private information are securely stored in the digital wallet.