Digital Wallet – What Is It and How Can It Make Your Life Easier?

Having a digital wallet is an excellent thing if you are a crypto enthusiast. The Digital Wallet is a software-based system. There you can store any payment information or password for numbers of payment methods and naturally, for storing cryptocurrencies safely. What’s great about digital wallets is that they can be used together with mobile payments. This gives you the possibility to pay with your phone using crypto or anything similar. They can also store loyalty card information or even coupons (that are digital, of course).

While it’s quite handy, you don’t have to carry around any wallet in the physical form. It’s good to know that all your payment information is secure. The only downside can be the consumer’s privacy since companies collect your digital data. It works the same as Instagram or Google algorithms. It picks up on what you like the most. Moreover, they recognize your habits and when companies collect the data, they can know what to offer you and are pretty sure you’ll buy it. But if you look at it more carefully, you can’t avoid it anywhere nowadays, whether you have a digital wallet or not.

Digital wallets are making it possible for many people to be part of the global financial system’s digital and financial revolution. Digital wallet users can accept payments for various services and receive money from friends no matter where they are. You don’t need a bank or any physical institution.  That means that even if you are in a more impoverished area, it’s possible to get the money you need. We mentioned briefly that you could only store cryptocurrencies on digital wallets, so it’s great for making any transactions with Bitcoin or any digital currency you own.

How to Use a Digital Wallet

In 2020, many top digital wallet companies like Apple Pay, PayPal, Samsung Pay, Venmo, Google Wallet, Walmart Pay, and others became part of the big three which are Google, Apple, and Amazon. To make it simpler, Google Wallet will allow users to store cash on their phones. Customers can spend it in stores but also online wherever Google Payment is accepted. If somebody doesn’t accept Google Payment, Google also provides a physical wallet card. That means a debit card connected to the Bank of Google. While Google merged Android Pay and Google Wallet to create Google Pay, Apple made a partnership with no one other than Goldman Sachs that expands ApplePay services by issuing Apple credit cards.

Benefits of Digital Wallets to Consider

How convenient can it be to have your wallet on your phone? It’s more likely you are going to forget your wallet than your smartphone.

Actually, it’s statistically proven. This way, you only need to hold your phone close to a terminal when you are at checkout, and you’re good to go. You can also shop much faster online. It’s nice to have one less thing to worry about and carry around.

Thanks to digitalization, you are instantly more organized since everything is sorted out. Having digital wallets means you have all of your payment info saved and collected. You can access them quickly. You don’t have to be embarrassed in front of the cashier until you find that one card in your wallet that always seems to be disappearing when you need it most.

With that being said, you are much safer using digital wallets because even if you lose your phone, a thief would need a Face ID to use your digital wallet. When you have a physical one, there are increased chances of becoming a victim of theft. The process of replacing everything is more than exhausting and depressing. This way, you can feel safer and worry less about your “pocket” when going out. Of course, you should always pay attention to your digital privacy. But it’s a fact that it is far safer to store your important documents there.

Some Extra Perks

For digital wallet users, you can consider lots of benefits, almost like a coupon of some sort. It’s like a reward for a certain amount of purchases, and you can save a lot and maximize free bonuses when you purchase online. In case you want to trade or invest in a crypto, you can store it easily in your digital wallet and consider it safe. Whenever you want to use it again, you can access the app on your phone, and it will be there.

E-wallet is also interesting because you can store things you didn’t even think about. For example, you can store your library card, insurance information, and even your passport there. Just remember that your digital wallet has to be connected to GooglePay or some other type of payment so you can purchase it. Otherwise, it serves solely for storing purposes.

In Conclusion

The digital wallet technology and software that allows it to encrypt any user information are highly reliable, especially regarding payment information. The system makes it difficult to corrupt data during the transaction from the app to the payment system, and it protects your private data; particularly, if someone you purchase from has been hacked.