Digital Wallet: In today’s modern world, with the big leap in technology in last few year payment have also gone digital. Many people have made digtal payments their primary payment method. There are several applications which have made digital payments easy and fast. These apps includes Google Pay, Paytm and Phonepe. With the increased convenience, these apps are the reason for the boosted growth of the fintech sector. While having so many advantages, digital wallets also come with some risks. Check more details in the full story.
Basically digital wallets are the applications that enables users to pay digitally through computers and mobile phones. These transactions are much quicker than the traditional ways of payment. These digital wallets saves the user’s bank account information and credit cards and linked to bank account digitally which is the primary reason for faster payments.
Advantages Of Digital Wallets
Digital wallets are the easiest and quicker for electronic transactions. You just have to scan a QR code, enter the amount and UPI Pin and in few seconds your payments will be done.
Digital payments provides the utmost convenience to the users by allowing them to pay to anyone from any corner of the world with their computers and smartphones.
User can pay multiple times with the digital wallets and it also allows them to pay for all their online purchases and monthly bills while sitting at the comfort of their home.
No Need To Maintain Balance
People using digital wallets don’t need to maintain a specific minimum balance in the digtal wallets, they just need to add money in their wallet to make payments.
Safe and Secure
Digital Wallets provides enhanced security features which includes fraud recognition, app encryption and multiple authentication. Digital Wallets are more secure than the conventional ways of payments like card and cash payments.
Disadvantages of Digital Wallets
In the present scenario, where cyber crimes have become common. Digital Wallets are prone to be accessed by fraudster who can easily get the access of user’s bank related information which can even lead to an empty bank account.
Even with the highest authentication and encryption digital wallets still comes with the risk of accessed by hackers. You are suggested to always use a digital wallets from a reputed organisation or company.
Users often come across errors while making payments with the digital wallets. Although these technical issues can be reduced but can’t be completely avoided as the digital payments operate on a fully tech driven system.
Although, digital wallets are acceptable all over the world presently, but sometimes some specific applications have limited acceptability, so its an another disadvantage of Digital wallets. On the other hand, these apps requires a stable internet connection to make payments.