Now Is The Time To Start Using A Digital Wallet, If You haven’t Already!
The COVID-19 pandemic has brought different changes to our lives. As we go about our days, we are forced to adapt to the “new normal”. As human interaction has lessened, people go out less frequently and with that, technology has really been the key to adapting. With everything done virtually, the biggest shift in the financial sector is with payments now going electronic.
The trends and pace of technology today ensures that a cash-lite society is no longer a wishful dream but rather, a vision that countries are inching towards everyday.
What is a Digital Wallet?
A digital wallet, sometimes called an e-wallet, is a service that allows purchases and money transfers without the use of physical cash, checks or Debit/Credit cards, usually through a mobile phone app. Digital wallets are not only easy to use but are also more secure than traditional physical wallets.
Popular wallets include Apple Pay and Google Pay, included by default with iOS and Android devices, respectively. Some other popular digital wallets include PayPal and Venmo, both of which are uniquely social by allowing you to easily send money to retailers and friends.
How Digital Wallets Work?
Unlike the conventional wallets, digital wallets don’t store currencies in a single physical location. Instead, they use secure technology such as biometric authentication and encryption to safely store payment information.
Digital wallets can be used in-store at special payment terminals (think tap and pay), or in card present situations online. As the digital wallet adds an extra layer of security, consumers don’t have to worry about their sensitive payment information being transmitted online.
Why You Should Make the Shift to E-Wallets?
- Enhanced Security
When it comes to your everyday physical wallet, you could lose it. And when you do, you obviously have to go through the hassle of getting new ones. Why go through that? With digital wallets, a password is needed, protecting your funds and information making you the only person who can access it. Whenever you use a digital wallet, you never give away your actual card number because each transaction is protected by what is called tokenization which is constantly changing in order to keep your information safe. Making it safe to say that using a digital wallet can be safer than using your credit card.
2. Convenience
Digital wallets represent instantaneous online purchases, payments, receiving, sending, etc. With digital wallets, you can perform transactions and checkout in minutes or even seconds by using your smartphone, tablet, smartwatch, and desktop all from the comfort of your own home.
3. Organization
How many times have you had trouble finding something in your wallet between your ID, credit cards, reward and loyalty cards, and errant receipts? Digital wallets don’t have this problem. Most apps allow you to easily organize all of your information in an easy-to-access way, saving you time shuffling through your wallet for the items you need. Also, some applications allow you to organize payments by scheduling them.
4. Mobile Shopping
Digital wallets allow consumers to make quick payments on mobile devices by choosing the appropriate app on checkout. Today, modern shoppers want an all-inclusive shopping experience and that includes payment. With this being said, shopping cart abandonment can be minimized with seamless, easy checkout process.
Final Thoughts
While digital wallets might not be on your radar at the moment, they really should be if you want to stay ahead of the game. It’s important to remove as many conversion barriers as possible to win a sale, and digital wallets are a great way to do that!
Digital wallets can give you bank-like-services without the bank! All you need is an internet connection! Now is the time to make that shift to digital payments.
Let me know your thoughts in the comments below!
See you next week :)
