Understanding Your Digital Wallet – and Six Ways to Keep it Safe

Gone are the days when people used to carry a wallet. Look around you. Do you see any person without an internet-enabled smartphone? No, right? Now is the time of Digital. However, in my personal experience, out of all the list of e-wallets I came across on the web, I chose the Bajaj Finserv. Firstly, its reviews were positive, and secondly, one of my colleagues has used the same application for over a year, so he suggested me. 

What is a Digital Wallet?

Also known as an e-wallet, it is an online service that enables any individual or business to make transactions electronically. One can easily use it by downloading any e-wallet app on their smartphone or can even access it via a desktop. However, the mobility and flexibility offered by smartphones make them a more preferred device. 

Furthermore, it allows you to pay safely as it secures your payment information and passwords. These digital wallets are convenient to carry and use and much safer than physical wallets.

What are the benefits of using digital wallet payment apps ?

  • Safe

When you use an e-wallet, you just have to take care of your smartphone. In the worst-case scenario, your money is safe even if it gets stolen, as most e-wallet apps offer password protection. But on the other hand, one has zero resources to recover stolen or lost cash.

  • Saves effort & time

Instead of going all around your traditional wallet, an e-wallet only requires your smartphone. Just scan the QR code, and you are good to go. The transaction is processed within seconds compared to the physical ones, which generally take longer. 

  • Access to rewards/cashback

When you use an e-wallet, you get rewards and cashback after almost every transaction. Now, these can be in the form of points or cashback. Not only this, but you may also find discount coupons for fuel, food, or even travel. 

What are the six Ways to Keep it Safe?

1. Never share password

Remember, passwords are never meant to be shared. Even if someone asks you for it, tell them it is there for a reason. So remember your password and keep it to yourself to keep your money safe. (Note: Keep a strong password)

2. Keep your phone locked

One of the biggest mistakes most smartphone users make is that they don’t set up a password for their phone. This is not only a risk to their funds but also their privacy. So instead of roaming freely without any password, make sure you set one. 

3. Update software regularly

Always download the latest software updates. This is because the developers are constantly finding and patching security holes, so the latest software is often the most secure. (Pro tip: Turn on automatic updates.) 

4. Use a secure internet connection.

Most of the time, people connect to free Wi-Fi connections without even thinking whether they are secure networks or not. So avoid using public Wi-Fi networks. If networks are unsecured, your device becomes susceptible to threats and can lead to serious issues.

5. Download digital wallet apps directly from official websites 

Make sure that any app you download is through the official App Store or Play Store or the official website of the financial institution or bank. Like I downloaded the Bajaj Finserv app, one of the top digital wallet payment apps from the App Store and avoided clicking on any links to download it. 

6. In case of any problem, know whom to contact.

While ensuring that digital wallets are protected from threats is important, it’s also essential to know whom to contact in case any problem arises. In addition, you should know how to safeguard your devices if you notice any fraudulent activity.

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