As with the advent of the internet, there is comfort in everything when we look around. So, in the case of a money transaction. Banking systems in older days rely on physical locations, which made it more difficult for their customers. That process was time-consuming, unsecured, and not available for 24*7 as well.
For such problems, there is a solution that is an online money transaction in a secured way. Online transactions and digital wallet methods were heard a few years ago. They are much reliable and hassle-free options, available 24*7 and are secure as compared to the traditional way of banking transactions.
We have to understand in detail the definition of a digital wallet and look upon some of the best safety ways to ensure the secure transaction of digital money using wallets. Then we will briefly know about different types of digital wallets applications.
What is a Digital Wallet?
Digital wallets are the ewallet app development services used for transferring transactions using mobile. They contain the user’s information in the form of data that is securely stored in their database. Some of the examples of digital wallets are Google wallet, Phone pay, Paytm, and many more. They are more prone to security and bridge the gap between any fraud, theft, loss, and potential risk. Digital wallets stored the passwords, card information, and coupons in their system and can be accessed directly by the customer in need.
How to ensure the safety of a Digital Wallet?
Digital wallets act as e-wallets which store the information history of customers and in return serve hassle-free transactions using the secured payment gateways. They refrain from the companies who collect user’s data and serve them their services accordingly. The only downside they have is the loss of user’s privacy under some circumstances.
The main advantage of using a digital wallet application is that customers don’t need a physical location of the bank for their transactions. Merely they only require to fill in all the details inside their e-wallet app and securely be able to do their transactions in no time. You can use your development mobile wallet to pay on many sources including online, in-app, on the go, or ATM, etc.
Below are the important points you should keep in mind to ensure safety while using your Digital Wallet:
- To assure the user’s money, e-wallet mobile app development provides two-way authentication and one-time PIN security. They encrypt the confidential information with virtualization techniques and preach the most secure platform to their users.
- To reduce the risk of any hacking, users must use strong passwords on their Digital Wallets. Try at least 12 character long paraphrases to avoid any mishappening.
- Download the e-wallet app only from the trusted resources like Google play store or Apple play store. Block any suspicious link from any third party or outside user. Read the end-user agreement keenly before downloading any app developer’s digital wallet from a third-party source.
- Avoid any transaction using the public WiFi channel. It may prospect some mischievous data leaking.
- Protect your smartphones using biometric locks and enabled security features such as passwords, fingerprint, or facelock.
- Use paid antivirus to block any unwanted app to download in your system.
- Do not perform any random click on your email, it can be a hacker’s activity to store your e-wallet information.
These are the important features users must keep in mind to avoid any hazards using their digital wallets. Let’s know more about digital wallets and some of the best digital wallets apps.
Different types of Digital Wallet
People now take more interest in the idea of using digital wallets as these are more secure, reliable, and fast. In the coming years with no surprise, the digital wallet industry will certainly boom. Let’s have a look at some of the best digital e-wallet apps used by people.
- Google Wallet: It was introduced in the year 2016, used to transfer money to anyone just by using a mobile number linked to your bank account, debit card, or wallet. For security, it requires just a PIN and transfers your amount within seconds.
- PayPal: It is another popular e-wallet app used to transfer your money with a high level of security trust among customers. It is one of the oldest digital wallets and can be downloaded from both Android and iOS users.
- M-Pesa: Mainly used in Kenya, for transfer money, funds, withdraw money, pay bills and allow every kind of transaction.
We all know that with the extent of technology and convenience of e-wallet app development services there are chances of breaches in security. We should ensure that any comfort could not risk our security. For this, we must keep our digital e-wallets safe and assure their safety. In the above blog, we have discussed all of the important factors to keep in mind to save our digital wallet apps and enjoy the services without worry.