9 Things You Need to Know About Digital Wallets

Digital wallets are a new technology and have made paying and receiving money a lot more convenient than before. Companies like Trriple are making it easy to process payments and speed up the checkout process.

Digital wallets come with a lot of benefits. Some people are wary of them due to security concerns, but after reading the following 10 points, even those who’re scared will open up to the idea of digital wallets.

 

1: Digital Wallets can be linked to your bank account

Users can link a digital wallet to their bank account and use their phone in conjunction with applications like Trriple to make payments and transactions. The funds are transferred securely through the program from the bank account, making it easier for many merchants to purchase and sell items.

2: Digital Wallets are highly secure

Digital wallets provide heavy levels of encryption for the user. Due to the advanced encryption utilized by digital wallets, they are often considered more secure than carrying cash or even using a debit/credit card. With digital wallets, you can actually control your information and change or delete it, at any time.

3: Digital Wallets are great for e-commerce

Almost 25% of online shoppers report dissatisfaction with payment forms they are usually required to fill out online. Many of these people abandon their orders altogether, due to this hassle.

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With a digital wallet, the users can transfer their information with just a click of a button and save their valuable time and prevent frustration.

With the emergence of digital wallets, online merchants will also see an increase in their sales as most of the consumers will find it easier to pay online via digital wallets rather than going through the hassles that come with in-store shopping.

4: They can be used with crypto-currencies

Most crypto-currencies such as Bitcoin have their own versions of digital wallets, which have their private keys that can be stored and encrypted. This makes it easier for users to make transactions with crypto-currencies, especially smaller ones that don’t have much of a name in the marketplace yet.

5: Client-side digital wallets

A client-side digital wallet is stored on a client’s smartphone or computer. It is easy to set up and requires little to no maintenance. It requires a one-time installation and requires the owners to enter their information only once. All the transactions made with digital wallets are heavily encrypted and highly secured.

6: Server-side digital wallets

A server-side digital wallet is also known as a thin wallet. These are made by merchants to create a profile for each one of their customers who use a digital wallet. This information is also heavily encrypted and cannot be accessed by any members of the organization. It is simply used by the application when a transaction is made.

7: Digital wallets are free

Consumers can obtain digital wallets for free – there is no extra charge to use a digital wallet if a certain company has one. This makes entering the world of digital wallets even easier for anybody who wants to benefit from its convenience and superior security options. Digital wallets can be acquired by downloading online or at a physical location from the vendor, as long as the user has a smartphone or a computer.

8:  Digital wallets don’t expire

Unlike credit cards, there is no expiry date on a digital wallet (unless it’s linked to a credit card). This means that users only have to worry about registering for the card and then use it, without worrying about its renewal.

9: Digital Wallets are safer than physical wallets

A physical wallet that gets lost or stolen may contain cash, credit cards and important personal information. On the other hand, if a phone gets stolen, the data can be frozen and accessed from a remote point and the smartphone can also be disabled remotely. This means that you don’t have to worry about cancelling cards or losing cash. This is what truly makes digital mobile wallets the future of payments.

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