Digital Payments Digital Wallet Fintech Primers

What Are Mobile Wallets?

 

The global market for mobile wallets and payment technologies is projected to reach $12.6 trillion by 2027, up from $4.5 trillion in 2022, at a compound annual growth rate (CAGR) of 23.1% during the period between 2022 and 2027.

A Beginner’s Guide to ‘E-Wallets’

An electronic wallet, or “e-wallet,” is a virtual payment system that facilitates purchases made via a computer or mobile device. It serves the same purpose as a debit or credit card. To make purchases, an electronic wallet must be linked to a checking or savings account.

Read: Top 15 Business AI Tools For You

The Best of E-Wallets for you

How to Incorporate E-Wallets into Your Everyday Life?

The speed and ease with which transactions may be completed with a mobile wallet is undeniable. You only need to make a few taps and clicks before you’re finished. There will be no need to visit an ATM or stand in a queue for long periods of time. Getting what you desire quickly and easily is one of life’s greatest pleasures.

Read: How Can Banks Stay Competitive With A Secured IT Security Infrastructure?

Simple and fast: A mobile wallet eliminates the need to repeatedly enter your credit card information at checkout. Your information is securely saved after you input it, and your payment is processed at the touch of a button. In addition, you won’t have to rummage around in your purse for your money when you are shopping; instead, you can just pull out your phone, which is always close at hand, and scan the QR code. As simple as that!

Conveniently located: Having all your card information in one spot streamlines your regular purchases. In addition, you may use your phone for more than just talking because it is constantly on hand.

A mobile wallet’s versatility means it may be used for anything from paying bills (DTH, energy, water, broadband, cable, etc.) to making travel arrangements, buying concert or theatre tickets, stocking up on essentials, and more. These days, a mobile wallet can be used all around the world.

Always pay on time: Your hurried and unpredictable schedules make it easy to miss the bill payment deadline. In these situations, a mobile wallet can be a lifesaver. If you enable autopay, the app will deduct your bill payments from your bank account on the date you specify. You can go about your day without any interruptions.

There was a 1,150% increase in searches for “digital wallet” over the previous decade.

Your traditional wallet could be stolen, but your digital one couldn’t. Your mobile wallet can be secured so that only you have access to it, even if you lose your phone.

That way, your bank card will be safe from robbers who may try to steal it. In addition, the account number is never transferred when using a mobile wallet to make a payment. Payments are instead made using encrypted codes to prevent fraud.

Promotions, Reward Points, CashBack, bonuses, gifts, and other incentives: Mobile wallets frequently provide promotions, which can save you money.

What Are the Most Common Hacks of Online Wallets?

Cryptocurrency wallets are the current worst-case situation for electronic wallets, which are frequently targeted by hackers. As more individuals invest in cryptocurrencies, attackers will have a greater opportunity to profit from them.

Since the pandemic began in April of 2020, approximately $3 billion USD in cryptocurrency has been stolen from exchanges in a dozen separate attacks. Theft or guessing of passwords, exchange platform hacking, phishing for information, and other tactics all help hackers get their hands on cryptocurrency.

Read: Unveiling The Indispensability: 5 Crucial Financial Reports For Your Company’s Success

 [To share your insights with us, please write to  pghosh@itechseries.com ]

Related posts

Advantage Communications Group Unveils Automated Bill Payment

Fintech News Desk

Majority of Online Retailers Leave +40% of Chargebacks Undisputed, Contributing to Lost Revenue and Eroding Profits

Fintech News Desk

MoneyGram Launches New Business Line, MoneyGram as a Service, for Enterprise Customers

Fintech News Desk
1