Digital Wallet – Good or Bad?

digital wallet

Organizing cash has always been a hurricane task for every person. And it becomes a lot more difficult when you have to take care of a physical wallet. A physical wallet has to be protected from pick-pocketing, carrying around, etc. So, a solution that promises to wipe out this woe is nothing but digital wallet or an e-wallet. E-wallet has become very prominent in the world of eCommerce. Once you have your digital wallet, then there is no need to carry your credit/debit cards along with that big fat wallet. Digital wallet is nothing but an electronic wallet or a medium wherein you can save your money and is password protected. With its popularity spreading around, several eCommerce site builders in India make it a point to have this facility. However, digital wallet also has its share of advantages and disadvantages! Want to know? Then read on.

Advantages:

Digital wallet is extremely secure. Many people have the misconception that the online world has a complete insecure environment, but that’s not the case. If you undertake good security measures, then your data is not going anywhere else. In the same way, digital wallet also secures as it is protected by a password. With this your wallet and locked and can be saved from unauthorized intrusion. Even though, you lose your mobile phone, your data is safe on cloud and so your data doesn’t go anywhere.

Most importantly, digital wallet saves time. How? Imagine that you’re shopping online; you like a product and want to buy it immediately. However, your credit/debit card isn’t around and you don’t remember your card number and other details. With this, your shopping experience is going for a toss; however digital wallet comes to your rescue. If you maintain an amount in your wallet, then you can easily make payments.

Not only this, but you can also keep a track of your expenditures. Just like a bank account, digital wallet will guide you with your credit and debit details. With this you can curtail your expenses accordingly. Additionally, if you are shopping from your wallet, you might also get some attractive discounts too! Many websites or digital wallet providers have an array of discounts while using wallet, so you are on the winning side if you are having a wallet.

Disadvantages:

Digital wallet is definitely spreading like a wildfire but still many websites have kept themselves away from this payment mode. PayTM, Mobikwik are classic examples of digital wallet. Just like websites, not all countries support digital wallets. This is because every country has different policies and services and also while paying bills there can be differences in currency conversion too!

Moreover, digital wallet is also merely dependent on laptops, tabs and mobile phones. Unfortunately, if the battery of any one of these devices dies, then there is no use using a digital wallet because you will be unable to access it. Not only this, but if you experience low internet connection, then you won’t be able to access your wallet too! Last but not the least, security still remains a major issue because digital wallet passwords can be easily hacked unlike credit/debit card.

Times are changing and adapting to it is a pre-requisite. So, with changing internet trends we are sure that digital wallet will also overshadow the obstacles and head to the winning line!

Author: blogmart2web

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