3 Reasons to Use Digital Wallet
Digital Wallet is simple, secure and super convenient.
What is Digital Wallet?
Digital Wallet also known as Mobile Wallet, is a system that allows users to make electronic transactions. This system securely stores users’ payment information and passwords for numerous payment methods and websites. This can include purchasing items on-line with a computer, or using a smartphone to purchase something at a store with just a tap of their smartphone. Digital Wallet allows users to do away with cash and physical credit cards in favor of electronic transactions and payment methods, usually relying on a person’s smartphone to transmit payment data securely.
1. Digital Wallet is simple to use
Once the application is installed, you can simply scan and go at participating merchants.
2. Digital Wallet technology is secure
There are extra security measures you should take, to keep your personal information safe.
Have a strong password
A strong password has a minimum of 12 characters, and should have a mix of different types of characters that include numbers, symbols, upper and lower-case letters. Avoid dictionary words or combinations of dictionary words, and don’t rely on obvious substitutions (ie: Pa55word). A trick for creating a memorable password is creating a memorable sentence (ie: “The first house I ever lived in was 218 Fake Street. Rent was $500 per month.”) Turn your sentence into a password by using the first digit of each word, so your password would become: TfhIeliw218FS.Rw$5pm.
Use Two-Factor Authentication (TFA)
TFA is a method for confirming a user’s claimed identity by utilizing a combination of two different components: ‘something the user possess’ and ‘something the user knows.’ (ie: smartphone and a personal identification number.)
Data encryption translates data into another form, or code, so only people with access to a secret key or password can read it. Choose a top data loss prevention software that offers data encryption for your device, email, and application to secure your data.
Promptly install software updates
Security flaws with software applications are discovered daily. Vendors are constantly updating their products to address newly discovered security vulnerabilities. Therefore, promptly install security-relevant software updates to continue to be protected.
Only shop on sites you know are safe.
Shop on trusted sites you know are safe rather than shopping with a search engine. Beware of misspellings or sites using a different top-level domain (a .net instead of a .com). Never buy anything from a website that does not have an SSL encryption installed. An encryption is a data-scrambling technology that keeps hackers from stealing your personal financial information. The website will start with an HTTPS:// if an SSL encryption is installed. There will also be an icon of a locked padlock at the top or bottom of your web browser.
3. Digital Wallet is super convenient
With Mobile Wallet technology users are able to get through a purchase in seconds with a simple tap or scan of their mobile device. You no longer have to fumble through your wallet or purse to find your credit card, enter your data, or wait until there is no one around to see your payment information. Every amount spent and every transaction made using your Digital Wallet can easily be tracked through your account, keeping you organized.
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