Who carries a physical wallet nowadays? If you do, you won’t when you finish reading this article. Since the onset of digitalization, many tasks around us have become effortless, especially after the Covid-19 outbreak; we have embraced digital technology. This is where a digital wallet came into the game.
It’s been around a year that I hardly do any transactions via cash as I’ve everything I need on my phone. Everything can be done simply via your smartphone, from paying electricity bills to buying goods.
What is a digital wallet?
Also known as an e-wallet or mobile wallet, it is a software application that allows individuals to store and manage various forms of digital currency. There is no doubt in the fact that it offers a convenient and secure way for users to make electronic transactions, both online and in physical stores, without the need for physical cash or credit cards.
Typically operated through smartphones or tablets, although they can also be accessed via computers or laptops. They securely store a user’s payment information, such as credit card details or bank account information.
To make a payment using this wallet, the user selects the desired payment method within the wallet app and authorizes the transaction. This can involving scanning a QR code, tapping a contactless payment terminal, or entering a secure PIN or biometric authentication.
What are its advantages?
● Reduced Clutter
Using an e-wallet eliminates the need to carry those bulky physical wallets filled with cards, unnecessary receipts, and other documents. It streamlines your payment process and reduces the clutter in your pockets, offering a more organized approach.
● Easily accessible
With this wallet, you can easily access your funds anytime and anywhere, as long as you have an internet connection. It enables you to purchase online, pay bills, transfer money to family or friends, or even make contactless payments at physical stores.
One of the prime reasons people use their digital wallets is for convenience! Whether you are shopping online, in-store, or via an application, your digital wallet app stores all the information for easy checkout. Most applications also let you transfer and request money from friends making it easier than ever to split a bill.
How to choose the right wallet for your needs?
The first and foremost factor that is to be considered is security. It is essential in the current era, where cybercriminals are super active, to look for wallets that offer robust security measures such as strong encryption, two-factor authentication, and biometric authentication options as well.
Consider the user interface and feasibility of the application. A good app should have a user-friendly interface to make everything easy for potential users when it comes to navigating and managing funds.
3. Reputation and Reviews
Another factor that is very important to consider is the reputation of the lender. Look for user reviews, customer feedback, and ratings to gauge the experiences of other users. Check if the wallet has a strong record and positive reviews in terms of customer support and reliability.
Which digital wallet is best in India?
Bajaj Finserv. Without any doubt! I’ve used this application for my gold loan as well, and believe me, this application is super easy to use. Of course, I’m not promoting this application, but it is one of the most recommended applications.
Since the day I downloaded this application, I have stopped carrying my wallet. All my important documents were already on my phone, and I used to rely on my debit card for payments. However, this application has sought all the clutter within a blink of an eye.