With the high rise in crimes related to robberies and theft, many of us wonder how much convenience it would be to walk around having a good amount of money in our pockets. It is not a hidden fact that some criminals are so desperate in their acts that they will go through any means to acquire however little that they do have. For people who are often engaged in monetary transactions-such as but not limited to buying and selling-this has become a big problem.
However, the problem has been recently solved by the creation of digital wallets. Digital wallets are online “wallets” that contain your assets and associated with respective financial institutions. It functions almost the same way as actual money does or the way credit cards do however it is only accessible when you are connected to the internet and making monetary transactions over servers. Although its features are currently limited, improvements are done daily to better and expand the services it can offer.
If you are thinking about getting a digital wallet, you may find the following advantages as one of your reasons to acquire one:
1. Fast. Unlike waiting in long queues for the things you want in exchange for your money, you will be able to control your time by accessing your digital wallets at your own convenience. With just a few taps of your fingers, you will be able to complete a transaction and get a record of its history as provided by your application.
2. Low Costs. It is often very cheap (and often free) to acquire a digital wallet depending on the institution that supports its application. The transaction fees are often reasonable-if not waived-since you get perks in using it like rewards.
3. Safe. You don’t have to carry around a large sum of money wherever you want to go and you will be able to enjoy the same things as you do with fiat money as a lot of institutions already allow online monetary transfers.
4. Up-to-date payments. (Not all applications provide this feature). A lot of digital wallets have the capacity to be set for the time when payments need to be made to specific enrolled accounts and business. This makes sure that you do not incur high interest rates due to delayed payments and you don’t even have to leave work early to be able to make it to the deadline.
5. Easy monitoring. Since you can view your account from time to time, you will be able to monitor all transactions transpiring and verify them in a timely basis. You have an easy proof at hand.
Although there are a lot of other features that a digital wallet can offer, you need to make sure that you are protected and secured by the provider as this still involves money and while you are protecting yourself from physical attacks, you are still vulnerable to online attacks from scammers and people who will try to abuse an applications policies. Make sure that transactions are only done on selected and trusted network servers. Remember, this is money you worked hard to get.