Digital wallets have replaced the use of cash and written
cheques to pay the bills. With digital wallets, people walk around with virtual
money in the form of cards or mobile applications. All you need to do is log in
into your account and transact the amount you want. Your recipient will receive
the money within seconds. You can also receive money in your digital wallet,
money sent from both local and abroad accounts.
Digital Wallets are Just like Your Physical Wallet
In your physical wallet, you keep debit cards, credit cards,
loyalty cards and other types of private information. Many people think Digital
wallets don’t contain such components, but the truth is that all these
documents can be found on your digital wallet. A digital wallet stores all your
data including deals and coupon codes so that when you need the information,
you just log in and access it.
Proximity and Remote Wallets
Proximity wallets are the kind of digital wallets that allow
a user to make transactions in premises located near the digital wallet service
provider. You cannot make international money transfer so you need to use it
locally and only within the specified area. Remote wallets have no borders and
you can make payments to any part of the world. Wallets like PayPal and
Skrill.com allow you to make global payments instantly. Almost all digital
wallet service providers have made their wallets to operate remotely so that
users can make global payments.
Digital Wallets Do More than Just Money Transfer
If you think digital wallets are just virtual financial
stores, you are wrong. You can keep tickets for events and transport fees. You
can access keys to your house and car, you can track your mobile phone and you
can store your coupon information. Information like driving license, passport
number, ID card number and employee ID can be stored in your digital wallet.
Looking at all those vital functions, you need to make sure
you create strong passwords and authentication steps. Although digital wallets
are convenient, they make you vulnerable to cyber-attacks.
