In the current era of digitization, your smartphone is your everything. Long gone are the days when people used to worry about carrying their wallets with them. Nowadays, they look for their smartphone as an e wallet is the next big thing. This is because we rely on it for almost everything. From carrying important documents, initiating payments etc., and many other essential tasks, it does it all.
Moreover, nowadays, it is tough to spot an individual without an internet-enabled smartphone. We depend on it for almost every task and cannot think of living without it. From personal use to work use, the usage of smartphones cannot be neglected in the current times.
What are digital wallets?
As the term suggests, it is basically a digital/online service that allows individuals to store their financial information, such as debit/credit card information, in a very safe and secure manner. This technology makes the life of an individual relatively easy as now they don’t have to carry their wallet everywhere. Secondly, it helps them to make purchases, receive payments and manage their finances effortlessly. In order to ensure the safety of the user, it is pertinent to mention here that a digital wallet employs encryption and multi-factor authentication.
What are its advantages?
● Convenient
One of the top reasons people are increasingly adapting to digital wallets is convenience. This is because whether you shop online or offline, you can make easy payments with a wallet app within seconds. Moreover, it also allows you to transfer and request money from friends and family.
● Allows to be more organized
Searching for cash or a card in a physical wallet is quite a task and a time-consuming one. However, digital wallets help one to be more organized as consolidating everything in one place makes everything accessible.
● Security
These wallets employ advanced security measures such as encryption and multi-factor authentication. This protects the user’s financial information, ultimately reducing fraud risk.
● Accessibility
It enables individuals to manage their finances effortlessly without even visiting any bank branch. With just an internet-enabled smartphone and the right application, they can work their money and make transactions.
Which e wallet to use?
To make it easy for all the readers, it’s better to share my personal experience here. I’ve been using the Bajaj Finserv application for over a year on my smartphone. Believe me, it is one of the best applications to use if you plan to switch to digital methods. Moreover, it is pretty simple to use and offers various kinds of payments.
Conclusion
Physical wallets are history. Using the right app is mandatory to sustain in the current era of digitization, where digital payments are widely accepted. Moreover, it is safe and secure to use. Also, do you go anywhere without your smartphone nowadays? Exactly. So, if you haven’t started using a digital wallet, now is the right time!
