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A digital wallet or an e-wallet is a means of securely storing payment information and passwords. The information that a digital wallet can store data for multiple payment methods and websites. A digital wallet allows a user to complete purchases quickly.
A digital wallet also enables a user to create a strong password without worrying about remembering it every time a payment needs to get made. Customers can also use a digital wallet to store digital coupons. Digital wallets are also capable of storing information about loyalty cards.
Customers can use digital wallets and mobile payment systems to make payments using their mobile devices.
The use of digital wallets can help protect customers from fraudulent activities. All of the information that a user stores in a digital wallet get encrypted. This means that when customers use digital wallets to make payments, they are not transmitting their credit card account numbers.
Digital wallets use one-time-use payment codes. Digital wallets also utilize several security features such as biometrics for payment to receive authorization.
Once a user has completely input all card information in a digital wallet, the details are no longer displayed when they make a payment. This prevents other people from capturing credit card information even if they are standing next to the user.
Digital wallets are excellent for people who are always on the go. Using a mobile wallet, all that a user needs to do is to hold the mobile device over the payment terminal and verify the payment. Most payment transactions using digital wallets takes just several seconds to complete.
Customers can leave at home their credit and debit cards when their payment information is in their digital wallets. If a customer uses a digital wallet that is capable of storing loyalty and gift card information, there is also no need to bring them every time they go to an establishment. This can help users avoid having bulky wallets.
Digital wallets make shopping online more convenient. Users can shop online from their mobile devices without having to input payment information with every purchase. This also means that the user limits the number of places where their card information gets stored.
The use of digital wallets can help make earning rewards easier because the user always has the card information at hand, even without the physical card. This is excellent news for users whose cards offer cash backs or rewards.
Digital wallets are popular because of the security and convenience that they offer to users. Each digital wallet has a unique feature that can make it attractive. Here are some of the best digital wallets available to users.
PayPal is one of the most popular digital wallets in the world. PayPal has been around since 1998. PayPal has a presence in more than 200 countries and is the preferred digital wallet of more than 250 million users.
PayPal is an excellent choice for users who want an easy and secure way of checking out purchases. PayPal’s mobile application is available in Google Play and Apple’s App Store. PayPal also supports 25 currencies.
When a buyer uses PayPal, the buyer gets covered by PayPal’s 180-day buyer protection. This means that the buyer is eligible for a full refund on the product or service that the buyer purchased.
PayPal is also an excellent option for those who want a digital wallet that creates professional invoices. A PayPal invoice is also handy for professionals who wish to request payment for services rendered. Users can also send payment requests through their PayPal account.
Venmo is one of the pioneers when it comes to social commerce applications. Users can use Venmo to pay their family or friends through the use of their Venmo balance. Users can even make payments using their credit or debit card information stored on their Venmo account.
There are currently more than 40 million Venmo users. Venmo only allows the linking of US bank accounts and phone numbers. Venmo is available to both Android and iOS users.
The user’s email address is the only information required if a user wants to make a payment using Venmo. The user also has the option to allow Venmo to access their entire contact list.
Venmo allows users to send and receive payments to and from partner merchants and establishments. Users can also transfer funds to their banks using Venmo.
Users can sync their phone and Facebook contacts to their Venmo account if they want to use Venmo to make payments to those in their contact list.
Apple Pay is a digital wallet that comes pre-installed on Apple devices. Users can send and receive money to and from contacts using Messages. Users can even ask Siri to send or request payment.
Apple is famous for its security features, and this is evident in Apple Pay. Apple Pay uses tokenization. This means that transactions conducted through Apple Pay uses tokens and not credit card data. When a user makes a transaction, the user’s bank use Apple’s token to determine which card to charge.
Because a user’s information doesn’t get transmitted to a merchant, the user avoids the likelihood of the said information getting intercepted on air. This can help prevent payment information and personal identifiers from getting stolen and used for fraudulent activities.
Samsung Pay is a digital wallet that’s available to Samsung devices. It is available in 27 countries, including the United States. All major telecommunications companies in the US supports Samsung Pay. Samsung Pay is available to subscribers of AT&T, Sprint, Cricket, MetroPCS, T-Mobile, US Cellular, and Verizon.
What’s great about Samsung Pay is it works on almost all POS systems. Samsung Pay works on EMVs, NFCs, and magnetic stripe terminals. Samsung Pay even works on older POS terminals that are no longer able to work with Apple Pay.
Just like Apple Pay, Samsung also uses tokenization for transactions. This adds an extra layer of security and protects a user’s payment information from online financial theft.
Another great feature of Samsung Pay is it allows users to make up to 10 payments even if their Samsung device is offline or without an internet connection. However, users need to be online if they want to add a new card or if they want to access their transaction history.
Samsung Pay offers cash backs to its users. Samsung Pay also offers exclusive discounts and promotions. Users can get bonus Samsung points and vouchers when purchasing from participating merchants or establishments.
Do you want to learn more about digital wallets? Reach out to us at Processing Card!
Wilbur Graham has been writing about mobile payments and POS systems since 2012. He got his degree in Marketing at California State University.
