With the digital age, digital wallets have emerged. A digital wallet is any kind of electronic device or service online where individuals can make payments by linking a credit union account through a computer or smartphone. The normal monetary transactions are replaced with encryption software that saves time and lowers the risk of theft.
What a Digital Wallet Is
A digital wallet can be lumped into two different categories: client and server-side. Both of these have wallets that can work with specific vendors while others can work with any merchant.
- Client-side wallets are maintained by you by downloading and installing a program where you’ve entered your payment and shipping information that is then stored on your personal computer. This means you don’t have to input your information at checkout on compatible websites for quicker and easier checkout.
- Server-side wallets store your information on your company’s secure computers. On your credit union-supported retail sights, you just have to enter your connected e-mail address and password instead of having to enter your credit card It keeps your information secure and convenient to access.
Digital Wallet Uses
- Pay bills for utilities including phone, electricity, water, internet, and auto insurance
- Pay school fees or purchases
- Book flights, bus or train rides, and movie tickets
- Transfer money to a credit union or e-wallet
Benefits of Digital Wallets
- Convenient and secure
- Paperless transactions
- Time-saving and multi-tasking potential
- Manageable transactions that are easy to record
- Options of rewards and benefits
Digital wallets allow people to feel safer and avoid worrying about carrying cash. Applications offer cashback and other rewards, allowing individuals to reap benefits with little effort. You can choose a form that works best for you and can fit your needs best while keeping your money secure.
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