Today, there are 2.53 billion smartphone users around the globe, and 46 percent of them are millennials. At work, business owners stated that 87% of their employees are using smartphones.
Nowadays, smartphones offer convenience for everyone. It offers great number of software applications that help us in every aspect of our lives. One of those is a Digital Wallet “DW” or Electronic Wallet “E-Wallet”.
In fact, digital wallets were already make known in 90’s. According to Due.com, PayPal was first introduced as a solution for E-Bay payments. However, because of security and other issues, it was not popularized. Later in 2014, when Apple announced its Apple Pay, digital wallets became popular due to its exclusivity.
The advent of crypto-currency and its popularity affects the users and the technology behind digital wallets. The arrival of blockchain give rise to a whole new level of security.
Digital Wallet is a technology that helps you store payment information and make transactions digitally. It allows users to pay a certain amount of expenses using a smartphone without relying on physical cash and ATM cards.
At present, millennials are using digital wallets rather than the traditional physical wallet. Listed below are reasons why they are into Digital Wallets and why you should consider using it too.
Millennials are generation who appreciated so much comfort. Digital Wallets offer online purchases. You can also send and receive payments anywhere. Similarly, it allows you to perform transactions quickly by using your smart devices anywhere you are.
Likewise, digital wallets give users the ability to check their bank accounts and balances. They can also track their expenditures and pay utility bills directly by using their mobile devices. The comfort it provides helped millennials to embrace digital wallets.
In addition to convenience, efficiency is similarly one reason to use digital wallets. Using digital wallets fasten up your payment at stores. There will be no more digging and searching your wallet for right card. If more consumers use digital wallets, lines could become shorter due to its hasty nature of transactions.
Stores will scan your smartphone code (usually QR codes) and you are done. It’s extremely easy to use, quicker and more efficient at any given time.
In addition to the list, digital wallets offer more secure handling of your funds. Every day, you could lose your physical wallets, worst, having stolen by thieves. You will not only lose your money, but also your cards, documents and licenses. When it’s gone, you need to go through other lines getting new ones.
Digital wallets require password to protect your funds. Most likely, crypto wallets require double authentication to give you more protection. Similarly, your card number is never actually shared with somebody or other merchants. Your funds are protected due to the constant changing technology of tokenization.
In addition to two-factor authentication, your phone itself has security measures like pass-codes and fingerprints scanning.
Cost and Discount
Usually, digital wallets are free. You can download it from Appstore and Google Playstore.
Most of digital wallets offers some affiliate programs, promotions and discounts. For example, coins.ph offers 10% rebate every time you buy load from them.
You do not earn rewards from using cash and that is the benefit of using digital wallets. Loading up your balance gives you reward incentives that you can use some other time.
Organization and Tracking
Typically, digital wallets help you organize your credit cards, debit cards, loyalty cards and more. Some digital wallets also offer payment scheduling so that you are able to pay your bills on time.
Every time you do transactions like loading or spending your balance, digital wallets automatically track your account. How many pesos you add, how many pesos you spend.
Nowadays, digital wallet is a must-have because of its efficiency and convenience. Sending money outside the country is no hassle. Long lines to pay bills are eliminated. It is more secure and safe.
Digital Wallet give the unbanked individual bank-like services without the bank.
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