A digital wallet, sometimes also called an e-wallet is an electronic version of your payment cards that have been authorized to make payments on your behalf. Typically, e-wallets are available on your smartphones, laptops, or desktops to carry out instant financial transactions round the clock.
In this tech-savvy era, digital wallets play an integral role to make global transactions much more convenient and quicker for us. Not only that, but e-wallets also provide an extra layer of security, as their high-end tech can be accessed by the authorized user only. Moreover, it is much handier than carrying a physical wallet – you can easily install it on your smartphone, and pay for your purchases with the bank card of your choice, within a blink of an eye.
Most users rely on e-wallets to transfer online funds, carry out forex trades, international transactions, online purchases, and more. Now, before we get into more details, let’s find out what perks it offers. Here’s a list of the top five advantages of electronic wallets to check out if you are thinking about embracing this tech in the near future. Let’s dive in!
Due to the ever-growing trends of contactless payments, e-wallets have become even more popular. These days, most buyers want to shop without contact, therefore, they rely on digital wallets to make instant payments. It allows them to enjoy contactless payments, even if they do not own any sort of contactless card from the bank.
The best part is that using an e-wallet is even faster than using your credit/debit card. All you need to do is just pull out your phone from your pocket and punch in your touch ID, or Face ID to process the payment – so, you do not need to fumble anymore to find the ‘right’ card in your wallet.
E-wallets have also made checkouts much more stress-free and convenient. With the right e-wallet app, you do not need to carry tons of cash with you everywhere. Instead, you can simply make your payments with a few taps on your smartphone, or other internet-enabled devices.
Easy Access to Other Cards
Digital wallets allow easy access to your personal credit and debit cards. Once you have saved your financial information on the e-wallet app, you can make payments from any card of your choice. Although digital wallets can be used for a wide range of credit/debit cards across the state, still you need to ensure that your bank card(s) is compatible with the type of wallet you are using.
The best part is that e-wallets allow you to enjoy a paperless lifestyle, which certainly means saving more trees and reducing the overall paper trash. However, as the e-wallet apps are available on the Google Play Store, you need to ensure having a stable and fast internet connection at home before downloading them. For ultimate convenience, you can always opt for high-speed internet connections like CenturyLink internet which supports prompt downloading, uploading, and streaming, 24/7.
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E-wallets lower the risk of online fraud and data theft, as they are fully encrypted by high-tech security systems, strong passwords, and touch/face IDs. Therefore, you do not need to worry about your confidential data being leaked on any platform.
With a digital wallet, the bank information is saved via third-party providers. So, it cannot be accessed without entering set passwords or biometrics. This certainly means that you will still be able to access your e-wallet, even if you lose your smartphone – your data will remain secured until you log in to the app from other smart devices.
Due to the increasing demand for digital wallets across the globe, e-wallets have become widely accepted everywhere. For example, most of the online platforms, or even walk-in stores allow you to make payments from e-wallets easily, instead of cash or debit/credit cards. This has not only added tons of convenience to our shopping regime but also provided us with higher levels of security.
Besides this, e-wallets have also allowed the retailers to enjoy a more organized, and streamlined cash flow. Digital wallets provide them with a detailed report of their financial ins and outs each day and keep a track of their overall debit and credit transactions, etc.
Who doesn’t love rewards? Well, we all do.
The best part about switching to an e-wallet is that it provides you with more incentives, discount offers, and rewards as compared to traditional payment options. For example, you will find a wide range of discounts on several food chains, fuel stations, cosmetic shops, even traveling packages, etc. It is mainly because there are many retailers on the market that are supporting the idea of using e-wallets. So, they offer more and more promotional discounts, and bonus offers to the users.
Interestingly, if your debit/credit cards offer any exclusive discount or reward, you will still be able to avail of it via your e-wallet app, as it is synced with your bank account.
The above-mentioned digital wallet apps are our best picks for various types of credit/debit card users. For an ultimate experience, we suggest you download a couple of apps together and assess their features, specifications, and functions before you settle for the final option.
Just in case, none of these options ring your bell, then feel free to reach out to Google Play Store to check out the customer reviews, ratings, and comments of other applications on the internet. It will provide you with clear know-how on which app fits your needs the best.
Finally, before you begin your research, just remember that you are going to need a secure, and robust internet connection like CenturyLink to enjoy faster loading of your web pages. So, make sure you connect to it before clicking on your web browser.