Introduction
In the times we live in today, digital wallets have more or less become the new norm due to their cutting-edge technology and convenience. In this week’s blog post, we look into just how convenient digital wallets are by looking at what they offer in terms of transactions, security and accessibility.
Easier payments
Digital wallets are taking the world by storm and this is mainly due to the fact that they allow users to make payments and transfer money efficiently with just a mobile connection and a smartphone. This makes it a lot easier for people to keep track of their transactions, as well as monitor their spending habits as digital wallets usually provide a breakdown of a user’s expenses. Not only does this ensure more convenient transactions for people but also highlights the efficiency of it all as it can be done in just one click.
Enhanced Security
Much like most of the advances within FinTech, digital wallets are well protected by heavy security measures put in place which usually include two-factor authentication as well as encryption. Additionally, verification processes for digital wallet apps are comprehensive as it also verifies the card with the user’s bank to ensure there are no risks of any fraudulent activity. Ultimately, digital wallets remain one of the safest features of FinTech products.
Wider Accessibility
As mentioned due to the online nature of digital wallets, it makes it globally accessible for all, not only promoting financial inclusion but also opening doors for people in terms of not having to worry about which bank accounts to use when travelling. This makes digital wallets even more appealing as they remove the stress of worrying about bank transfers and tracking expenses when abroad.
What the future holds
From looking into the different aspects of why digital wallets are so convenient it is safe to say that they are here to stay and become even more popular. Despite the fact that one would still need a physical card to withdraw cash, the fact that most shops and businesses are becoming cashless shows that digital wallets are more in demand than ever and it is without doubt that this function will continue to open doors for people at a global scale.
