Gone are all those days when you had to wait in long queues for hours to withdraw cash or make a payment through a cheque. In this era of technology, one click on your smartphone to make a payment is sufficient. Online or digital wallet payments are quicker, simpler, and more practical than other traditional payment methods. The recent advancement in technology, nevertheless, is dependent on online security and mobile technologies. There has been a development in digital wallets over the past ten years. Still, some people are unsure of the safety or the risk involved in storing their financial information online.
Consequently, security precautions are built into digital wallet designs to offer a seamless and stress-free user experience. Utilising one can facilitate transactions and keep your money safer than with conventional wallets.
What is a Digital Pay Wallet?
A digital pay wallet, also known as a “digital wallet,” is a software-based online payment tool that often resides on a phone app or web browser. The user can store details of online debit cards and credit cards in their eWallets to make instant payments.
By saving the card details, you can avoid the hassle of entering account information each time you make a purchase, thus, saving you time and providing you with added security. With digital wallets, you can securely set up recurring payments, track spending, and have digital receipts sent to you. The convenience of digital wallet payments makes them an increasingly popular payment option.
Now that you know what are digital pay wallets, let’s move further to know how to pay online via a digital wallet.
How to Pay Online Via Digital Wallet?
It is easy to use and set up a digital wallet, which involves the user logging into the desired account and approving the credentials. Once it is done, however, users can regularly use the digital wallet to pay at Point-of-Sale (PoS) systems in companies. They can transfer and accept money electronically, connect an Automated Clearing House (ACH) payment, send money abroad, and much more.
Steps to Set Your Digital Wallet
- Download any digital payment application and log in with your registered phone number
- Tap the “wallet” icon on the home screen
- Add your personal details, such as name, date of birth, ID, etc., along with your bank details
- Your wallet is successfully set for any payments
Steps to Pay With Electronic Wallet
- Go to a digital payment application
- Go to the bills and payments section to select the kind of payment you want to make
- Fill in the necessary credentials
- Select the wallet and amount to proceed with your transaction
- You have successfully paid your bill.
Ways to Keep Your Wallet Safe and Secure
To stay secure from digital fraud, you should follow best practices for information protection and password protection. Some of them are listed below:
- Be sure that your wallet is password-protected as well and has a separate password from your phone.
- When unlocking your device, use discretion.
- The use of digital payment services via an unsecured WiFi network should be avoided.
- Put additional security software on the devices you use for your digital wallets, such as a device locker, a smartphone, or a computer locator.
- You should keep an eye on your bank accounts for money, and you should report any suspicious activity right away.
- To be able to disconnect your phone when necessary, note down the make, model, serial number, and unique device identifier (IMEI and MEID) of your device.
Pay Wallet Security with Bajaj Wallet
Over time, advances in digital payment methods have been made. More options than ever before are now available, and some of them are truly safe. We can only speculate as to what the future holds, but as online payment methods advance and change, cyber threats will do likewise. You should also be aware that no matter how many measures you take, your bank account could still be compromised with just one slip-up, so keep an eye out for any warning indications. Relying on trusted digital wallets to make payments will offer you peace of mind.
Bajaj wallet by Bajaj Finserv is secure enough to make day-to-day online payments. You can easily recharge, pay money to family or friends, make payments for several purchases, etc., with a simple tap option via the bajaj wallet. Also, they ensure the best security for the users. For trustworthy and secure transactions, their solution also makes use of smart contract technology.
Download the Bajaj Finserv app and enjoy safe and secure transactions.