May 17, 2017, 1:28 pm

Why You Should Have a Digital Wallet

by: The Financial Blogger    Category: Personal Finance
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One of my first jobs was to work in a store as a cashier, among other tasks. Back then – and that is not too long ago – I’d wait for the clients to take their wallet out, calculate their spare change and finally pay their goods. I must admit that during a busy day, I was getting impatient by all this process.

Things surely evolved since then. In a small decade, social medias exploded and smartphones hit the market big time! Many people tend to react negatively to technological changes. However, there are many advantages to turn your old leather wallet into a digital one!

 

What is a Digital Wallet?

A digital wallet is an electronic device, usually used with a computer or a smartphone, that allows one to make electronic transactions. Traditional bank account or credit card can be linked to an e-wallet. Other credentials could be included depending on the service: driver’s license, health card, ID documents and even bus pass, concert tickets and gift cards!

A digital wallet can be a good thing for your online purchases but also for items bought in-store. In fact, more and more businesses, including merchants, now rely on a digital wallet company for their in-store transactions. Some stores will even have their fidelity program provided by the help of a digital wallet service company.

Through the app in your smartphone, simply tap your phone on the register or enter your pin and all is quickly paid for. Such service provides fraud protection for the merchants and enables them to improve their customer experience in terms of payment processing.

There are many examples of such companies. Paypal probably is the most well-known for the average man in the street. Google Wallet also has its fans because of the Google brand itself. Another good alternative for merchants and customers is Paysafe as they are known for their easy to use digital wallets. But truly, the list goes on and you could find the one that answers best your needs within a few minutes.

Should you be a business owner, digital wallets could be a game changer as well!

 

The Advantages

 

Theft

Because your digital wallet does not include physical cards and personal information, it is easier to stay safe. Used with a locked and secured smartphone, it is a lot more complicated for a theft to get to your money. At the very least, it gives you more time than before to react and cancel your credit card.

 

Simplify Your Finances

Because we almost never go out without our phone anymore, it becomes very easy to use it for every payment. That way, you can quickly track your expenses at the end of the month and become more dedicated to your financial goals.

If you can link your bank account, gifts cards, credit card and other financial tools to your e-wallet, you can see at a glance where you’re at and everything applies automatically.

 

Save Time

Do I really have to explain that one? It does take a little time to set, but once done it saves time before your purchase, during, and after.

 

Main Concerns

The two main concerns about having a digital wallet are: security and expenses explosion!

In fact, experts agree that security on digital is higher than traditional methods. However, one has to be careful to use proper passwords and lock its smartphone for better results.

As for expenses explosion, it becomes very easy to spend within seconds and allow people to express their impulsive spending side, which is not necessarily a good thing. Used properly though, digital wallet can save you some!

 

Do you use such service? What do you think about it?

 

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