Digital Wallet: The Good, The Bad, and The Ugly

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A digital wallet allows you to hold, send, and receive money through electronic transactions. In another way, you can say that the digital wallet is nothing but an advanced version of the traditional, physical portfolio which you may keep in your pocket or purse. Most of the digital wallet has all the functionality of often used old wallets, with a key difference being that you can access them through connected devices like a computer or mobile phone.

These days most of the people likely to use digital wallet around the world. If you look around the world, you will find that most of the countries are using digital wallet & mobile payments as a primary means of transacting. Some digital wallet is linked to the bank accounts & credit cards which allow the user to move money back & forth as needed.

Benefits Of Digital Wallet

There are several benefits of digital wallet including improved security, greater convenience, & financial flexibility. Some of the advantages of digital wallets are

Advance/Modern:

It is one of the new aspects of payment methods in the broader markets which introduce many business opportunities & greater potential revenue.

Convenience:

A digital wallet user can get through a purchase in a few seconds with a simple tap or scan of their mobile device. Hence it makes the purchasing experience quick & easy.

Lower Cost:

Use of digital wallet eliminates the needs of intermediaries. Shopping in-store may no longer require a cashier because the purchasing process becomes as simple as a tap of a mobile device.

Competitive:

A digital wallet offers a more convenient transaction process method for customers. It also redefines the user experience of paying & incorporates a novelty aspect to each purchase.

Disadvantages:

Investment

A digital wallet requires the initial development of the software as well as the frequent maintenance, updates & fixes associated with it.

Security

An organization must ensure that their customer information is encrypted and well protected or secure. One of the biggest concern of digital wallets are “will my data be safe”? This is the main issues which a needs to me solved hence most of the organization develop security systems that are safe & full proof.

System Outages

All the data for the digital wallets are stored on the cloud of the organization server hence the chance of system malfunction or shut down is always present. Due to this, the business will not be able to process the payments or they will become much slower due to the high traffic in the server.

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