Smartphones, laptops, and tablets have become vital parts of life. These gadgets with advanced technologies support people in day-to-day tasks—from communication to photography and recently, financial transactions. With mobile payments being on the rise, many users are now converting to a cashless life with digital wallets.
Are you ready to jump on the trend? Learn more about digital wallets, how they work, and the top digital wallet companies to revolutionize the way you handle your money.
Contents
Digital wallets are simply electronic versions of a physical wallet. They are usually accessible through your computer, laptop, tablet, smartwatch, and mobile device. By having a digital wallet, you don’t have to bring a ton of cards with you—plus, you can make quick payments within a few seconds.
But are digital wallets safe? Yes, here are three leading technologies that make it so:
When you pay using your digital wallet, a generated numeric code will replace your credit card information. So, the merchant will not gain access to your valuable details at all, and they will have the code instead.
Digital wallet applications also set your mobile payment app from all the others. By doing this, other apps on your phone, especially the shady ones, won’t interact with your wallet.
Using various digital payment applications means that your financial transactions will be encrypted. When this happens, your data is covered with a random code that will render it useless if hackers gain access to the info.
If you are ready to explore the world of digital wallets, all that’s left is to pick one and create an account—but not all digital wallets are created equal. Here is a list of the top five brands and why you should consider each one as your digital wallet provider.
PayPal hits the top spot for digital wallets as its convenience, speed, and brand recognition makes it a trusted brand for most users. It is easy to install on your phone, and all you need is to link your account to complete payments or receive funds. With PayPal partnering with MasterCard, you can utilize it with a quick tap-to-pay option when you shop in-store.
Apple Pay is Apple’s attempt to give money management solutions to its users. With this digital wallet, you can buy from stores, shop online, pay for transportation, and send money to your friends and family. For security, you can double-click your Apple Watch’s button or use Face ID, Touch ID, and a passcode.
If you’re looking for something quick and fun to use, Venmo might be the best pick. Use this app when you’re splitting the bill after a meal or perhaps sending funds to your roommate for your share of the home expenses. Let them know that the transaction went through with a quick message on Facebook or Twitter.
Best for Android Users: Google Pay
Google Pay is a comprehensive tool offering a payment system service aside from being a Digital Wallet. It is now available in 28 countries, supported by most banks, and compatible with most Android devices. If a store uses NFC technology, you can make a purchase there.
Best in Payment Features: Samsung Pay
Samsung Pay separates itself from the competition by allowing NFC payments and having MST payments as well. These things mean you can use a magnetic strip method aside from contactless scans. Not only that, but Samsung Pay is also very generous with an abundance of gift cards, membership perks, and rewards.
With more and more people trying out digital wallets, it can be tempting to try it for yourself. But aside from popularity, digital wallets can offer something more. Here are some reasons why you should try them:
Digital wallets collect a small percentage of every transaction done through their banking partners with every purchase the users fulfill on the app.
Just like paying with a debit card, you have your digital wallet scanned whenever you make payments. Both of these payment solutions ask for a few seconds of your time when you need to complete a purchase.
Once you’re ready to make a purchase, pull up your digital wallet on your device. Then, hold your gadget up to the symbol on the terminal, and that’s it!
There are various digital wallets available in the market today. You can set it up through your bank or an independent company. Just download the application or sign up to their reputable website. Each provider has its own set of rules and instructions, so be careful and read through them so the process goes smoothly.
Cybercriminals keep getting creative and finding new ways to gain illegal access to mobile payments. Digital wallet companies are heightening security measures, but users have their responsibilities to avoid data breaches.Digital wallets offer unique solutions that can make your day-to-day transactions quicker and easier. They are indeed worth a try but don’t forget to read the fine print and educate yourself. Learn more information about online payments by exploring Processing Card today.
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
