An introduction to digital wallets, listing different benefits and perks of using digital wallet apps.
In today’s world, a digital wallet offers more perks than you could have imagined even just a few years ago. The convenience and ease of using a digital wallet have made Apple Pay, Google Pay, and Samsung Pay all household names, and are quickly making your physical wallet almost obsolete.
According to Worldpay’s Global Payments Report, more than half of the world’s e-commerce transactions will be paid with a digital wallet by 2023. Convenience, security, and transferring money are just a few reasons to go digital. If you’re still anxious about using your digital wallet, here are a few reasons to take the plunge.
First, what is a digital wallet?
A digital wallet, a contactless payment method, stores your credit and debit cards on your phone. It conveniently stores your event tickets, plane tickets, gift cards, and even store coupons.
To use a digital wallet, you open the digital wallet app, select the card you’d like to use, then hold the back of your phone up to the payment reader. You may need a passcode or face ID to unlock the payment method.
The mobile wallet you use will depend on your phone. So, if you have an Apple iPhone, you’ll use Apple Pay, and an Android uses Samsung Pay or Google Pay.
Even though virtual wallets are becoming more and more common, not every brick-and-mortar business accepts them. So, if you’re going to an unfamiliar store, you should still carry your credit, debit card, or cash to make payments…for now at least.
Why should you go digital?
Fraud protection and enhanced security
A digital wallet can help protect you from potential fraud. Did you know that digital wallets use a unique transaction code per purchase? The code protects your card number from being accessed by the merchant. Instead, they only receive a unique identification number for that specific payment. This tokenization enhances security and reduces fraud and the threat of chargeback.
Also, carrying a physical wallet is just another item to leave at checkout or get pickpocketed. If you lose your phone, you can lock it remotely, so the thief can’t access your information. Plus, phone passcodes and face ID add an additional layer of protection for your private information.
Convenience and simplicity
Digital wallets can simplify your life with contactless payments. You don’t have to hand over your credit card every time you make a purchase No more holding up the line to search through old gift cards, event tickets, and cash to find your credit cards. Now, you can free up wallet space by condensing all your payment methods into your mobile wallet.
Your digital wallet can store your travel passes, concert tickets, coupons, gift cards, student IDs, transportation cards, plus more. Apple is working with eleven U.S. states to add your license or state ID to your Apple Wallet. Eventually, this will help make traveling through airports a cinch.
Checking out online has also become much easier. When online businesses offer Google Pay in their checkout, it makes it that much easier to clear out your cart and keep your credit card number safer.
Send and receive money with ease
Did you know Western Union lets you reliably transfer money to different mobile wallet apps across the world? You can check the Western Union website to see if the country you’re sending money to uses a digital wallet as a payout option. Then, download the Western Union app and register for a free profile online if you haven’t already. After you type in your loved one’s information, including their phone number and digital wallet service provider, you can choose from various payment options to transfer the money. Then, you’ll receive a tracking number and get notified when your transfer has been successfully delivered.
Manage your money better
One of the other benefits of going digital is the ability to manage your finances better. If you use Google Pay for e-commerce transactions, it tracks your spending patterns. So, you can review your most common expenses and get an idea of where you’re spending your most money. With Google Pay, you can also access all the linked credit cards and debit cards to check your balances.
A digital wallet provides ease and convenience in all areas of your financial life. It’s time to stop overstuffing your wallet and go digital instead.
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