Now a says, traditional banking is no longer preferred for money transfer purposes. Digital wallet platform has taken a considerable place in money transfer platform over the old banking system and other money transfer processes. Most often it seems that digital wallet platform use for money transfer and payments like electricity, restaurant, and other house utensils bills.
Even, you can book concerts, movies, travel tickets, and hotel rooms through digital wallet pay. It seems incredible, right? Yes, a digital wallet makes a payment more accessible, flexible, fast, and convenient.
Many merchants and retail shops prefer digital wallet payment over cash. E-commerce and online businesses mostly make payments through a digital wallet. Freelancers need a most digital wallet to receive payment from their international clients without any money transaction issues.
So, it is we can say digital wallet platform is time-saving and the easiest way for money transactions or payment purposes. This article will help you know more about the digital wallet platform and the money transfer process.
- What is Digital Wallet Platform?
- How does Digital Wallet Platform Work?
- Is Digital Wallet Platform Safe for Money Transfer?
- How Safe are Your Digital Wallet and its Process
- What is Difference Between a Digital Wallet Platform and Bank Account?
- Which is Better for Money Transfer?
- Why Should You Have to Choose a Digital Wallet Platform for Money Transfer?
- The 9 Best Digital Wallet Platform for Transfer Money
- Frequently Ask Question (FAQ)
- Final Verdict
What is Digital Wallet Platform?
A digital wallet platform defines a money transaction online with an electronic device or mobile phone for business purposes or personal interest. You can keep your money on a digital wallet on various websites, and it could be any payment mode. Many people call a digital wallet an e-wallet.
Even many people keep coupons or gift cards in a digital wallet on websites or apps. Digital wallet keeps all sorts of information like account information, account owner name, account type, credit history, money transaction time, and date. The most attractive digital wallet is that you don’t need to take any cash or change.
Though the digital wallet platform is usually made for smartphones or mobile phones nowadays, it is also available on Pc. However, the most preferable and famous is the mobile phone digital wallet version. It is easy to carry a mobile phone anywhere.
People find it the most flexible way to keep along for money transactions. Even a digital wallet is one kind of contactless payment option in shops or retail malls. Check our link – Best Contactless Debit Cards for Personal Use.
A digital wallet is a safe and fastest way to pay bills rather than a traditional banking system. There is no longer a need to go to a conventional bank or ATM and wait in a queue to withdraw money. It is so annoying and frustrating to stay in a long line to withdraw cash. Thanks to a digital wallet, you don’t have to face things anymore.
How does Digital Wallet Platform Work?
A digital wallet platform is a place where you can keep sending or receiving money and deposit money based on the electronic process. You can find many digital wallet apps on mobile websites like apple pay stores, google pay stores. Nowadays, there is an electronic e-wallet device only for payment purposes.
So cool. However, the digital wallet platform makes money transactions easy and fast. Anyone can have a digital wallet, and the best part is you can carry your bank account with you anywhere.
You can open a bank account on a digital wallet website with verified bank links or payees. Also, you can connect your digital wallet with trusted online members.
First of all, open your digital wallet app and link your wallet with a bank that allows a digital wallet system. You should choose the most accepted digital wallet app for making purchases or payments, ATM money withdrawal, and contactless payment methods in stores.
Digital wallet works in a store or restaurant for payment through a contactless payment option. You need to find a POS terminal section or device to make payment in-store and then open your digital wallet. Now, choose a payment method in your digital wallet and then click on the POS terminal device.
If the payment is accepted, you will get a green signal and a confirmation text on your digital wallet device or mobile. Many POS terminal has scan or QR code option for payment. So, you can make payment by scanning your QR code in the scanner.
Is Digital Wallet Platform Safe for Money Transfer?
A digital wallet is secure and safe to use for money transactions. Usually, there is a security software to use a digital wallet called API (Application Payment Interfaces). Using API is to make sure that the money transaction process is accurate, the site is verified, and all information is encrypted.
Also, it keeps away malware and fraud from digital wallet app or websites on your device or smartphone. Including API software, credit card companies, credit unions, and retail cards that issued your account, make sure to keep secure your digital wallet. Even your financial information and other personal information are safe and secure with the app security process like login.
Even though your account gets hacked, which is nearly impossible due to its tight security, your credit card number will remain hidden. As API protects it, the hacker will need to go through multiple layers of protection process to pass the system. That’s why you don’t need to take tension about your digital wallet security.
How Safe are Your Digital Wallet and its Process
There are multiple layers of the security process to keep your digital wallet app on your mobile phone or electronic device. Here are some data security processes and methods to keep your digital wallet safe and encrypted-
First of all, you need to lock your mobile phone with a strong passcode.
Your digital wallet app also needs a different and robust passcode from your mobile phone or electronic device.
You can’t share your digital wallet passcode with others or use it on other social sites as a login passcode.
Make sure no one is watching your passcode while you are login into your digital wallet.
You shouldn’t use any public wi-fi or data while you are using a digital payment wallet. There is a high chance of transfer your financial information through an unsafe network.
You can use extra security software to keep your payment wallet device safe and secure.
It would be best if you didn’t keep extra or unnecessary apps in your digital wallet device. These additional unprotected apps may become security threatening to your digital wallet.
It would be best to keep monitoring your wallet history, transaction process, and data to make sure there is no error in your account.
However, the digital wallet is way to flexible and safe than traditional banking systems and cards. For safety, you can note down your passcode of a digital wallet, mobile serial number, and IMEI (International Mobile Equipment Identifier).
What is Difference Between a Digital Wallet Platform and Bank Account?
A digital wallet is an online-based money transaction software on an electronic device or smartphone that you can receive or send money as like as online banking. Whereas the traditional bank account is a financial agreement between a person and a bank, the account’s purpose is to keep stored fiat money and make transfer money from one bank to another.
Digital wallet is based on online documentation, information and traditional banking rely on manual documents to keep information. Digital wallet is used in payments like in restaurants, shopping malls, or retail markets.
But it is not possible to use a traditional bank account for such payment purposes. In fact, digital wallets replace cash in many places, which is suitable for a change. In a traditional bank, you need to withdraw money within a specific time and working days.
You can’t withdraw cash on weekend holidays or government holidays. At the same time, you can use digital wallet 24/7 hours any time for money transactions or payments. You can make payments or send money from a digital wallet within seconds, whereas you will need to fill up some manual processes in a bank account.
Digital wallets make the client more convenient about their financial information as all information is kept in the website account. But in a traditional bank account, clients may not get all information quickly at any time.
The client needs to give the application forget all information regarding their account data. However, both advantages and disadvantages are using a digital wallet or a regular bank account.
Which is Better for Money Transfer?
Well, both platform has a different working system for money transaction or keeping savings. Digital wallet platforms transfer money online through an electronic device. At the same time, traditional banking systems require manual processes to move money.
It is a matter of a couple of seconds to send or receive money from the digital wallet platform. But in the traditional banking system, it may take 1-2 days to transfer money.
You need to enter the sender’s account number or email number in a digital wallet to transfer money. So, it is simple to send money through a digital wallet. On the other hand, you need to fill up a manual form and wait for approval of money transactions in the old banking system.
So, we can say that a digital wallet is a better way to transfer money. However, we don’t encourage to transfer of significant amounts through the digital wallet for safety purposes.
Why Should You Have to Choose a Digital Wallet Platform for Money Transfer?
In this e-commerce and online business era, people prefer a flexible and safe money transfer platform for payment and money transfer. The digital wallet platform has both features to keep your secure and fast money transaction.
Most importantly, you can see your money transaction process through the digital wallet app. Money transactions will take a short period to complete, and you will be confirmed through a conformational text.
Meanwhile, the traditional banking system is a lengthy process to transfer money. If you are interested in making a fast money transaction, it is better to choose a digital wallet platform over a traditional banking system.
The 9 Best Digital Wallet Platform for Transfer Money
Below is the list of the best digital wallet platforms:
- Amazon Pay
- Apple Pay
- Google Pay
- Arttha Digital Wallet
Zelle is one of the best digital wallet platforms. It is easy and safe to use for money transactions.
It is not so difficult to open an account on Zelle. You will need a verified email or mobile phone to open an account on Zelle. You can make a money transfer at any time with Zelle.
If you want to make international money transactions with a digital wallet, then Payoneer is the best option. It is best for online business payment, e-commerce money transfer, money received, and money withdrawal. It is an internal online digital wallet and the most popular among all digital wallet platforms.
Every Payoneer users have a MasterCard logo debit card, and they can withdraw money from ATM that approves MasterCard.
PayPal is a digital wallet platform that consists of three facilities, such as credit card, debit card, and banking information altogether. It is an international digital wallet for money transactions.
It is easy to make payment by login with a username and passcode in your PayPal. Then choose a payment option.
In online payment history, Citi is the first digital wallet launched in the USA. You can make payments through Citi’s digital wallet to most of the retail shops and merchants within seconds.
Even you can withdraw money from ATM that accepts MasterCard as Citi has a Mastercard logo.
Amazon launched Amazon Pay digital wallet back in 2007 and they support three digital wallets- Apple Pay, Masterpass, and Visa checkouts.
Amazon Pay is suitable as a digital wallet as it makes sure customer money transactions safety. As amazon is well known for its best customer care service, its digital wallet is safe reliable for money transfer.
Apple Pay is a digital wallet and the best mobile payment medium. Apple Inc owns it, and you can have both debit, credit cards in your Apple Pay wallet. Also, you can make payments through Apple Pay in IOS or on the website through safari.
You can keep your transit card, boarding pass, and tickets on your Apple Pay. However, only Apple-owned devices allow Apple to pay with a wallet.
Google is a tech giant, like other financial services providers, Google has financial services that are much more trustworthy than others, Their service name is Google Pay and it is also known as G-pay or Android Pay.
People can use Google pay’s feature In the android phone, tab, desktop, or watch. Google pay is used for contactless payment in restaurants, shops, sending or receiving money.
Arttha Digital Wallet
Arttha digital wallet is the safest and easiest way to make payments and purchase online. You can make transactions through Arttha digital wallet via P2P, P2M, G2P, and payroll.
Arttha digital wallet’s most attractive part is its single unified solution. This feature solves multiple system dependency hassles. So, you can choose Arttha’s digital wallet if you want a single cooperative facility.
Venmo is the best digital wallet platform that allows peer-to-peer transactions. Mainly this is a popular digital wallet among students and the young generation. You can make small payments or purchase through a Venmo debit card without any hassle.
You can use Venmo digital wallet both on android and IOS mobile phones. Even if you want to withdraw money, you can get it in any ATM that supports Mastercard and you can also withdraw money from Venmo without a card.
Frequently Ask Question (FAQ)
Digital wallet platform has enormous benefits to use rather than traditional banking system or cards. In a sense, you can carry your bank with you anywhere, and you don’t need to have cash with you. Most merchants and business people prefer online wallet payment rather than other banking mediums. It is a more convenient and time-saving way to money transactions online. Also, the digital wallet platform indirectly enhances online business and e-commerce.
People prefer digital wallets most due to their online bill payment and other ticket booking systems like travel, movies, concerts, etc. Also, an e-wallet is safe to use and money transfer as it has multiple encrypted processes. So, it is high time to choose a digital wallet over the old banking process as the digital wallet is likely the future.