It’s time to confess that the world we live in is profoundly digitalising itself in more ways than one.
And especially in an era of pandemics and social distancing, quicker and convenient interactions can help further digital realities for so many of us. In short, the online banking industry is using powerful tools for a better world of customer base over the internet. One of them is digital wallets.
What is a Digital Wallet?
To expand our understanding of this financial innovation, a digital wallet is built within a software-based system where users have the continuous freedom to make transactions, store funds and track payment archives from a mobile app in place of your traditional credit or debit card.
Virtual financial exchange systems such as the cryptocurrency or bitcoin also function on digital wallets when making transactions and maintaining balances.
One of the main advantages of digital banking is highly encrypted security and a better fraud risk management solution. Users need not be fussing over forgotten credit card numbers because a digital wallet app in your smartphone can help you store them with complex characters. Sometimes, you might have to go through a two-factor authentication such as an additional login step in the form of a fingerprint swipe or an approval code to access your account.
How Does it Work?
With such a personalised banking method, put your physical wallet to sleep forever and do all the shopping online. There’s less hassle of strenuously going through typing out a credit card number.
After logging in using a password manager at the site, autofill your contact information such as address and phone number to get started. Then, look for a point of sale (POS) system terminal that is compatible and strong enough with your digital wallet to use it even with Magnetic Secure Transmission technology.
You can not only hold your smartphone close to any sales terminal and make a payment, but withdraw cash at any verified ATMs. It’s that simple and on the go.
Why Should You Start Using a Digital Wallet?
Apart from aiming beyond traditional banking services, digital wallets bring in a wealth of financial values for regular users.
- Safety and Convenience
With access to extra security measures, the best part about having a mobile wallet do all the work for you by holding the mobile to a terminal without having to shuffle through a bulky leather purse for the exact card is incredible. Such that most of the contents in your wallet are also trimmed out because mobile wallets have the luxury to store loyalty cards and gift cards in an organised manner, with less items to carry around physically, of course.
- Say Yes to Rewards
Each time you make a payment with the mobile wallet, you’re putting yourself out there to receive a variety of promotions and point rewards systems, and have access to all information without having to fill out unnecessary forms or documents.
