Online wallet is primarily a digital version of a physical wallet

by Vikas A. Trendzz Mart Online Store

Online wallet is primarily a digital version of a physical wallet. People go for online payment because of its convenience and a blink fast experience.

Smartphone has become way robust than wallets and that has been very much proved by demonetization. Frictionless payments is the future as from buying daily needs to transfer of money/funds, digital wallets are serving for all kinds of needs. All these activities are paperless and close to no time consuming. In this tech- savvy time, one can foresee that the majority of payments are almost close to cashless transactions. Digital wallets are laying a guard against fraudulent activities as they are much harder to get access on than a physical card. Digital wallets offer an array of advantages:

Advantages to Vendors:

•           Provides Additional Communication
  
•           Increases Online Sales Horizon
•        Access to Targeted Audience
•           Personalized Promotion for user devices
  
•           More Linked and Customized
  
•           Offers Real- time Marketing

Advantages to Consumers:

•         Handy Purchase by tap- to- pay facility
  
•         Undivided payment method for online as well as offline purchase
•      Free shopping coupon vouchers can be automatically redeemed
•         Wallet can be remotely locked
  
•         Faster and more unified user experience
  

It is termed as “futuristic” payment method as it is highly beneficial for governments too. The factors that are advantageous to governments are as follows:  

•         Governments can monitor physical currency
  
•         Fraudulent activities would be reduced as it is difficult to access and steal
  
•         Geographical limits are covered and payments can be made instantaneously
  
•         We will be able to adopt “global” currency
  

A digital wallet work on pre- loaded money and reduces cost of bank transactions. You can recharge your wallet easily via net banking, debit or credit card. There is no minimum recharge/deposit limit and is considered to be one the fastest and accurate channel for transaction.

Online shopping with best discounts or booking a flight with online payment becomes extremely simpler and are just a click away. Digital wallets come with a lot of easy to use features that attracts the consumers who are reluctant to switch to online payment mode. New beginners can search the internet about its benefits to common man and can clear all their confusions.

Though digital wallets cannot be stolen by robbers at railway stations or in market but they still can be breached and you may not just lose its data but your entire bank savings.

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Created on Apr 26th 2018 05:36. Viewed 664 times.

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