A digital wallet uses electronic devices and online-connected apps to make transactions with digital currency and store your payment details all in one location on your phone. With a digital wallet, there’s no need to sift through your purse for your cash or credit cards when it’s time to pay at a restaurant or bar, you can easily split the bill with these digital services. Learn more how to use your digital wallet for transactions and easily split the tab on your next night out.
How to use your digital wallet
Smartphones come with a digital wallet, which holds your payment methods. Most businesses’ point-of-sale (POS) terminals or card readers are equipped with wireless near-field-communication – this technology allows customers to tap their phone on the terminal to complete a transaction.
The Western Union money transfer app allows you to send money, pay bills, check exchange rates, or start a transfer. Transfers are fast, reliable, and can be completed from the convenience of your smartphone.
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How to split the bill with a digital wallet
One of the easiest ways to split the bill with your friends is to use a digital wallet app with direct payments. Most apps can be linked to your digital wallet; you can add it as a payment method or use it to scan a QR code that’s tied to a payee. Your friends and family also need to have an account with the same application, but once everyone has set up an account, you can easily send and request money. Input their username, phone number, or email address associated with their account. You can also include a note to describe the transaction.
Benefits of using a digital wallet to split the bill
The convenience and simplicity of digital wallet apps have made them a popular option for customers. More than 53% of people use digital wallet apps and services over traditional wallets.1 The rate of digital wallet adoption will continue to grow, and there are several benefits promoting its growth. Some benefits include the following:
- You don’t have to carry bulky cash or coins. These can be unhygienic since they’re passed from hand to hand.
- You can send and request money instantly. You do not have to wait for cash or a check to clear.
- Transactions and balances are digitally and automatically tracked, so it’s easier to stay on top of your budget.
- Certain digital apps, gift cards, and wallets offer rewards and cash back.
Disadvantages of using a digital wallet to split the bill
There are great benefits to using a digital wallet, but there are some disadvantages consumers should be aware of. Some disadvantages and issues to look out for include:
- You may face security risks, fraud, or identity theft if you lose your phone, share your password, or connect to an unsecure network.
- Compatibility may be an issue if you and your loved ones use different apps or digital wallets.
- You may be vulnerable to data breaches or phishing attacks.
- You can potentially lose funds if there are errors in the transaction process.
A digital wallet is a fantastic way to split bills with friends – but it still has privacy and safety concerns. Western Union takes safety seriously. Western Union uses photo identification, tracking number (MTCN), and keeps its agents and customers informed to prevent security risks, and encrypted money transfers add another layer of security. Go online or download the Western Union money transfer app to send and receive money securely and conveniently. You can also visit an agent location if you prefer to handle transactions in person.
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