BENEFITS OF DIGITAL WALLET
As previously alluded to, additional security and convenience are key benefits of using a digital wallet. Making payments becomes vastly simplified when you eliminate the need to carry cash or credit cards. Digital Wallets are also known as electronic wallets or e-wallets.
Digital Wallets feature encrypted credit card and banking information to safeguard them from hackers. A thief could steal your wallet and have your cash and credit card information within seconds, but digital wallets feature encrypted credit card and banking information to protect customers and prevent theft. Even if your phone were stolen, you are protected by a passcode or biometric authentication, which would still be needed to gain access to the information in a digital wallet.
MOBILE WALLET versus DIGITAL WALLET
Though these two distinctions are often used interchangeably, there is an important difference to consider. A mobile wallet is an app that is stored on your smartphone, while a digital wallet can be found on a desktop, laptop and on your mobile device.
A major benefit of using a digital wallet is additional convenience. We’ve all experienced the inconvenience of dividing checks during group dinners or gathering cash for a pay-per-view-event, March Madness bracket, Super Bowl party game of squares, or countless other situations where groups needed to pool money. A digital wallet easily remedies this issue by allowing a user to log onto their app and electronically send money to whoever is owed. The money transfers directly from your bank account to the account of the person you wish to receive your money.
The physical element of simply carrying a wallet presents varying degrees of inconvenience, depending on your situation. For a mother with young children, carrying all of your children’s necessities, plus remembering to carry your own could be seen as frustrating and unnecessary. It is certainly the latter with the option of digital wallets. Customers knowing they’ve got a payment method on their phone eases their burden with one less thing to carry and worry about. If they are to lose a credit card or debit card, they are looking at a minimum of a few days to replace it and sometimes upwards of a full-week. Digital Wallets are password protected on their phone and laptop/desktop, so they’ll never be left without the ability to access their preferred payment method again. In other words, there’s less of a chance for your customers to be late on payments even in emergency situations.