In the recent, technology has been advanced and new online payments methods have been introduced The availability of cheap and convenient payments methods such as Electronic Visa and smartcards, mobile wallets among others, pose a worry of losing your wallet. Unlike the traditional wallets where you must possess the cards physically, the e-wallets hold them electronically. Digital wallets have a complex system which stores passwords and payment information for online check-outs. The digital wallets provide extra security features e.g. strong passwords, to secure all your credentials safely.
In addition, the digital wallets are the most convenient payment modes. They are easily assessed on the Internet and using secure application. Handling a physical wallet may be hectic and risky. One is predisposed to losing his cards. E-wallets are a solution for the above problems. Examples of digital wallets are the Google wallet and the Apple’s Passbook.
Using the e-wallets is simple and efficient-one does not need a special training for him/her to know how to use the digital wallets. The core purpose of the digital wallets is to store payment information and for transactions. The e-wallet system works in either of the two ways below.
A bank can issue a digital wallet as the first party and not as a third party or
A third party application can provide storage space for your payment information and electronic cash.
The digital wallets issued by banks are more secure and personal details (payment and banking information) are never compromised. The examples of third-party applications used as e- wallets include: paytm and free charge. The third-party applications store money electronically and allow the user to purchase at his/ her convenient time. Do you think theft will stop if each state runs in a cashless economy? The e- wallets such as MPESA, Oxigen, Chillr and Freecharge are a great deal!
We are thankful to our sponsors Hunts-International(experts in removals to Ireland), who made this app a great success