Different ways for keeping your money always emerge along with time. Some time back, people mostly rely only on the cash but as the time passes out, the trend of plastic money (ATM Cards) becoming popular and it’s really the secure and more comfortable. But, it didn’t end here. Now, you would hear the trend of digital money or most of the people might be using digital wallets.
I hope you would know that digital wallet is an electronic device that contains your stored amount online behind a password to make eCommerce and other online transactions comfortably and instantly.
In this article, I will tell you the important benefits or advantages and some disadvantages of having digital wallets.
Benefits/Advantages of Using Digital Wallet
Here are some benefits of having a digital wallet. These benefits of digital wallets will make you eager to have one for you.
Time Saving: Many times when you go for online shopping or for mobile recharge, you even wouldn’t have time to enter your credit card details. So, for that time you would miss digital wallet. If you keep some amount in your digital wallet, it will be easier to make payments online without having to enter the card details. It’s really time time saving.
Security: If you’re thinking that your money is insecure in digital wallets , then you’re wrong because all the wallets offers the password security service to lock your wallet very well. And most of the wallets provide the extra security to keep your money secure from unauthorized access.
Track the Expenditure: Every amount spent on your mobile wallet or each of your transaction can easily be tracked through your account. How many dollars you add to your wallet from your bank account, how many dollars you spend everyday, and everything you can track through your digital wallet account.
Attractive Discounts: Sometimes you can get lots of attractive discounts for buying products online. If you’re using digital wallet of any online wallet provider, you may find some discounts but for this you will have to make payments only with your digital wallet. So, it can also be a great benefit of having digital wallet.
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So, this proves that with digital wallets you can not only save your time but also the money. But, still there are a few disadvantages of digital wallets that you should know before start using them.
Disadvantages of Digital Wallets
International Restriction: You know every country has different services and so the different digital wallets so you can”t use your country’s digital wallet to make payment while you’re in other country. So, it can be a great hurdle for those who often need to travel different countries.
Limited Merchants: However, the number of mobile wallets supporting merchants are increasing day to day but now they are not that more. There are some platforms that supports digital wallets are Paytm, Mobikwik, Ruplee, Payumoney and more. Still, there are many online stores that doesn’t offer digital wallets and Amazon is the great example in this list.
Dependent on the Devices: As you know the digital wallets can only be used online and via your devices like laptop, smartphone or tablet, so the use of digital wallets are highly dependent of your device. If anyhow you’re unable to reach your smartphone or laptop such as due to battery problem of any other reason, digital wallets are of no use. This is the main reason why digital wallets can’t beat credit and debit cards.
Danger of Losing your Money: Digital wallets are not as safe as credit or debit cards because most of the banks provide the 3D secure password and without knowing your 3D secure password, nobody can use your card for making payments. But, this is not the case with digital wallets. In case if you miss your smartphone, then anybody can use your wallet money with your digital wallet app and if there is a password, there are lots of ways of cracking the password. So, wallets are not secure as your bank’s debit or credit cards.