Digital wallets are an electronic version of your physical wallet, allowing you to pay through your phone. It is also known as an e-wallet app that stores your credit and debit cards details and enables you to make payments conveniently. If you’re an Airtel user, you might be aware of Airtel Money. It is an electronic wallet that can be topped up and used to make secure payments for goods and services online with ease. Moreover, your digital wallet can’t process payments without authentication. That way, your information stays protected, and you can make secure payments anytime. Despite the mobile wallet apps being safe, you still need to be vigilant while making online transactions. Let us take a look at the benefits of using a digital wallet app and ways to keep it safe.
Benefits of a Digital Wallet
Safe and Secure Transactions
Your wallet eliminates the need to carry a physical wallet full of cash and credit cards, making it easier to use. The payment request won’t be processed till you provide the right password. Hence, a digital wallet is more secure than traditional payment methods.
Ease of use
There are numerous ways to pay using a mobile wallet. Some wallets even allow you to withdraw cash from ATMs, as all your financial information is stored inside the digital wallet app. You can check your account balance and get a detailed history of your transactions. Also, you can use your digital wallet to store
- Driver’s license
- Boarding passes
- Concert tickets
- Insurance cards
- Gift cards
Avail Bonus Rewards
When you use your digital wallet to make payments, you may earn additional rewards with selected merchants. With a mobile wallet app like Airtel Money, you can pay bills, recharges, shop online, and get a chance to avail cashback offers on your digital transactions.
5 practices to keep your Digital Wallet Safe
- Monitor your transaction activity
It is best to stay on top of your account transactions, just as you do when you use your debit cards for payments. This way, you’ll be on guard against unauthorized payments made through your account. Unusual activity is a sign that your account has been hacked. In that case, you can immediately report any suspicious activity and secure your account.
- Make use of security authentication
If a hacker gets access to your wallet, all your accounts details will be compromised. To avoid this, use the security features available on your e-wallet app. Usually, digital wallets offer authentication options such as two-factor authentication (2FA), multi-factor authentication (MFA), or biometrics; consider using them for extra security. This also applies to other smart devices that you may use to access your mobile wallet.
- Don’t use a public Wi-Fi network
Public Wi-Fi isn’t secure, so it is unsafe to use a public network, especially when you have sensitive information on your phone. It is dangerous as it creates opportunities for thieves to access your information and commit fraud later. Instead, it is safer to use your phone’s cellular connection or a virtual private network (VPN) to make transactions with your mobile wallet app.
- Practice good password hygiene
When you’re using a digital wallet app, it is a good practice to use strong, unique passwords for your accounts. You should also regularly update these passwords so that cyber attackers can’t use your old password to get in and misuse your account.
- Keep your payment details up to date
When you get a new credit or debit card, you need to make sure to update it in your digital wallet. Doing so will avoid any breach in your financial accounts, and with updated information, you lower the chances of payment failure and ensure swift payments through your mobile wallet app.