Have you just started to dabble with cryptocurrencies or are you perhaps considering about getting into the crypto marketplace? Well, in this guide, we will talk about the essentials of crypto wallets – what are they, what do they do, is it necessary to use one, etc…
What about do you remember the last time you paid for something with cash? I am guessing you probably cannot remember because most consumers now transact with digital money. In addition to the contactless credit and debit cards issued by banks, digital e-wallets have become an equally essential digital tool for modern digital life. Thus, we will also explore its many uses in this post.
First of all, you must understand that not all digital wallets are the same. Digital e-wallets and crypto wallets both serve distinct purposes and they differ in many aspects and functions. So, let’s gain some understanding of their differences which will help you maximize their potential.
What Are Digital E-Wallets?
Digital e-wallets are software applications that store payment information, such as credit card details or bank account numbers. Popular examples include PayPal, Apple Pay, Google Wallet, and Venmo. You can use these e-wallets to make online purchases, send money, and pay for goods and services in physical stores with just a smartphone or smartwatch.
Practical Uses of Digital E-Wallets
- Online Payments:
Simplify the checkout process by securely storing payment details. With a digital e-wallet in your hand, you do not have to store credit or debit card details with your favorite shopping websites. This helps to improve data privacy as your personal details are not scattered across multiple websites. - Contactless Payments:
Use NFC-enabled devices to pay in stores without carrying cash or cards. With Near Field Communication (NFC), you can securely exchange digital data over short distances, typically within a few centimeters. NFC can transfer other types of digital data apart from payment details. You can use the technology to pair Bluetooth devices, pass contact details or links to a nearby person and it can even unlock smart locks. - Peer-to-Peer Transfers:
With digital e-wallets, you can send or receive money instantly. For example, you can use your e-wallet to split the bill or receive money from a customer who is buying something from you. You can of course also use NFC if your devices support the technology. - Finance Management:
Digital e-wallets usually allow the user to track recurring payments for streaming activities or bill payments. This convenience enables the user to easily manage their finances in one app. For enhanced security, you can authorize only specific transactions. For example, you can block peer-to-peer transactions if you don’t need it but automatically authorize payments that go to your bills and favorite merchants. - Lifestyle On-The-Go:
If you are looking around for a digital e-wallet, you might want to look for one that rewards you with loyalty points. You may then redeem your points for free merchandise or food and beverage vouchers. One of the distinct advantages with digital e-wallets is its seamless integration with merchants.
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