Statista estimates that by 2020, 294.15 million Americans will own and use a smartphone, and that figure is expected to keep rising. A digital wallet is likely to be available if you’re one of the millions of Americans who own a smartphone. What exactly is a digital wallet, and how does it differ from a traditional wallet? Users’ financial details and passwords are safely stored in a digital wallet. In other words, a digital wallet is a lot more than just a convenient method to pay for goods and services online. Digital wallet MasterCard is becoming increasingly helpful and may eventually supplant conventional wallets altogether, thanks to the rapid advancements in technology. A digital wallet is the quickest way to make in-store purchases after entering your personal information once. Just touch your phone at the point of sale for a contactless purchase and leave your wallet at home. Using a digital wallet means paying your friends and family using several apps. Apple pay, GooglePay, and Venmo are just a few examples of digital wallets you may be familiar with.
To help you get started, here are five good reasons.
For many people, convenience is the primary reason for using a digital wallet. You may use your digital wallet to purchase online, in a brick-and-mortar store, or even in an app. To make it even easier to divide a payment, most digital wallets allow you to send and receive money from pals.
Tokenisation is one of the most secure ways of payment accessible for digital wallets. For each transaction you perform with your digital wallet MasterCard, you generate a one-of-a-kind, randomly generated code to protect your personal information further. Put another way, your cards and personal information in a physical wallet are more vulnerable to theft than in digital wallets protected by Face ID or two-factor verification. People will have a more challenging difficulty getting into your phone if you drop or lose it, assuming they can get into it. As a result, you’ll be able to keep track of your card’s transactions via mobile banking and your monthly statement.
How often have you been unable to locate a particular card or voucher in your genuine wallet? As a result of using digital wallets, you can keep track of anything from loyalty cards and discounts to travel passes (such as plane tickets and hotel bookings) to your student ID on your phone. Having everything in one location makes it easy to access, organise, and keep in mind everything.
Over the past several years, contactless payments have become increasingly popular, and many individuals desire the opportunity to pay without touching their credit or debit cards. Contactless payments can be made even if you don’t have a contactless card because of the convenience of using a digital wallet. Using a digital wallet is, in reality, the same as using a contactless card when it comes to the technology involved. A digital wallet is also more convenient than using a credit card to purchase. Touch or Face ID is all that is needed to complete the transaction. You won’t have to waste time looking for the sound card and entering your pin anymore. There is no need to worry about making a transaction at the checkout counter when you have a digital wallet at your disposal.
All of your reward points are still accrued because your card is connected to your account. Because so many shopping apps interact with your digital wallet, you may even earn store-specific incentives through other mobile applications while using your digital wallet to purchase.