how to use digital wallet effectively

HOW TO USEDIGITAL WALLET

EFFECTIVELY

In the Past

In the past, we had used natural money (such: nuts, leaf). In 650 B.C, precious metal money was the mainly currency. After that, in 1700s A.D, we have transferred to paper money like US Dollar, Euro and now, we are using card replace for traditional cash. The currency revolution doesn’t stop there, we're going to use our smartphone instead of card, metal money, cash, loyalty card. That's called Digital Wallet (also known as E-Wallet)

Firstly, we have to know,What is Digital Wallet

Digital wallets offer you a way to make online payments without accessing your bank account. All you need to do is load cash in your digital wallet once, and then use it for making payments across online vendors, e-retailers, or for various service providers like your mobile bill payment, payments for cab services, etc.

“A digital wallet refers to an electronic device that allows an individual to make electronic transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual's bank account can also be linked to the digital wallet. They might also have their driver’s license, health card, loyalty card(s) and other ID documents stored on the phone. -Wikipedia-

The system has already gained popularity around the world. In regards to wireless technology, Asian countries have always been one step ahead of America.

The Japanese market is the front-runner in the case of digital wallets. Most of the technology being deployed was developed by Near-Field Communications

Well, we have known what is Digital Wallet, and now,

we'll find out the benefit.

First, it’s slims your wallet

You have more cards but there are no place on your wallet for that? Instead of changing your wallet into the new one- might cost you from $5 to $1000 (even more), by holding on your digital wallet could be the simpler way. A digital wallet is a great way to slim down while still having your important information on hand.

Purchasing more convenient,

Purchasing with one taps, that makes all sense with Digital wallet. Nowadays, you can booking a movie ticket, airplane ticket, billing the electronic, water, gas, cab fare with your mobile phone. No more cash or wise your card for this.

Budgeting Has Never Been Easier

With the rise of digital wallets comes the incredible concept of digitizing your budget, too. No more recording transactions by hand, saving receipts, or manually entering your expenses and income into computer programs. Now you can link your wallet directly to a budgeting app that does all the work for you.

And, how does it work?

Digital Wallet

Mobile

FinanceRetail

In reality digital wallet are not built on a single ecosystem but instead of require the capabilities and expertise that span multi pleeco systems, namely mobile, Retail and finance. Digital wallet lie at the intersection of these ecosystems, which another reason why digital wallet are so complex and why partnerships & collaboration are so important.

FinanceBanks that participate in the digital wallet ecosystem will need to offer a full set of digital wallet services- and these will beyond their existing mobile banking offerings.

Mobile

While, mobile is a bridge between Finance and Retail. Mobile operators have been able to play a key role in the mobile payments value chain thanks to the role of premium SMS and operators billing in supporting direct and third party payment for digital services and content. In the future, mobile wallet not only support for digital services and content, also provide payment method for traditional purchasing.

Retail plays role of acceptance point for payment. They allow user pay by their digital wallet, with technological support, money from user’s digital wallet will direct transfer to retailer’s bank account. The information such as loyalty point, gift code, gift coupon will be transfer into digital wallet of user. The two-way information will help both user and retailer in the financial management.

Retail

Now the most important things, how to use the digital wallet effectively?

Make a purchase with your tap, be careful with your tap.

Make use of your phone’s screen-lock feature as it makes it difficult for anyone to get access into your phone. Make sure your mobile wallet app is password protected. This would ensure no access to your mobile wallet, even if your phone is lost or stolen.

Add super-duper hard password for your digital wallet application. Make sure your mobile wallet app is password protected. This would ensure no access to your mobile wallet, even if your phone is lost or stolen. Have a unique password for all your apps, especially the mobile wallet. Just in case the hacker gets unauthorized access to your phone, your mobile wallet can still be password protected.

Use mobile security apps which act as a safety layer for any unauthorized access to your phone. You can make use of remote monitoring and delete your data so that your details remain safe at all times.

Use mobile security apps which act as a safety layer for any unauthorized access to your phone.

Battery V.s Digital Wallet, never-ending war A traditional wallet doesn’t run out of battery. If you have your cards on you, you can make a purchase. However, using your smartphone as a digital wallet can prove problematic when the battery is dead. You can only pay as good as your last charge. Make sure your mobile is full-charged that equals your wallets is full of energy.

The Mobile network connectivity Don't make a purchase when you are not available for any network connectivity. This could be charged double money for just an item, and it's hard for refunds.