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Digital Wallets – The Future of the Planet

Today we are sitting in an era in which everything is digital. So, don’t you think it is also better to move from plastic money to digital money? Below is a crisp session of Q&A’s, with digital wallets as a subject.

Digital Wallet

 

What is a digital wallet?

A digital wallet is a virtual storage system which contain coupons, a digital certificate of your identity and of course money! Digital wallets are more convenient and safer than carrying our cards around.

How can money be added to it?

Money can be added using a credit/debit card or even through net banking. It can then be used for utility bill payments, DTH or prepaid mobile recharges, or purchases.

How can wallet services be accessed?

Wallet services can be accessed through apps, a browser, or even by an SMS.

What are the advantages of a digital wallet?

SAFER THAN MOST METHODS:

Most wallets use heavy-handed security measures to protect the data stored. Authorized payment gateways are used and the information is encrypted making it impossible for even the wallet providers to access any personal information. In addition, you do not give out or share any information regarding your account or credit \ debit cards when a transaction is done, so there is no way anyone can get access to your bank account.

EASY TO TRACK SPENDING:

Any transaction done on the mobile wallet, whether it is adding or spending money through the wallet, can easily be tracked from your account. This makes it quite easy to understand where and how your money was spent. Surprisingly, you can even set an outer limit for all your monthly spends- and add only that particular amount to your wallet for expenditure.

SAVES TIME:

When you wish to make payments through net banking ,or through credit \ debit cards the trouble is to input information each time you use it, and then authorize through a payment gateway. But when you use a digital wallet, all you need to do is just log in and make a payment, without having to go through payment gateway and multiple bank sites.

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