Digital wallets are the new normal for consumers all around the world. Juniper Research estimates that 60% of the world’s population will have access to a digital wallet by 2026. Digital wallets are typically easier to use, not to mention the convenience. All it takes is a tap from your smartphone to pay for your favorite things.
We can safely say: make a digital wallet your best friend if you’ll be traveling.
A digital wallet is a financial transaction app that runs on your smartphone. Digital wallets store all payment information on your computer or phone in one easy-to-access place. They can also store plane tickets, hotel reservations, concert tickets, gift cards, coupons and public transit cards.
The digital wallet you choose to use may depend on the type of phone or the type of app you prefer. For example, if you use an iPhone, it automatically comes with Apple Pay, and an Android device would have a Samsung wallet. You could additionally download apps such as Skrill, PayPal, Cryptocurrency wallets and Google Pay. Most digital wallets have great features that will work well for all future consumer transactions.
There are many advantages associated with digital wallets when on your business or personal trip. The benefits are endless. Below we will outline a few reasons to ditch the common cheque, debit or credit card and go with a digital wallet.
Digital wallets are considered safer because of tokenisation. Each transaction in a digital wallet has its own token number. Tokenisation prevents sharing of account information to a seller. Digital wallets also require an extra form of identification when making a payment, like a pin, a fingerprint, a face ID or a passcode.
Credit cards are subject to cyber theft, and a digital wallet could help to reduce such risk, especially when traveling. While no system is perfect, the level of security you get when using a digital wallet compared to the common types of payment gives you much more peace of mind as you travel.
What you’ll find in the iGaming industry, for instance, is that the best providers with the best website and the best app will have multiple payment options available to their customers. They do this because they know their customers tend to favour these alternative payment methods because of the security and the other benefits detailed below.
It is very easy to lose things while traveling. You could lose things through carelessness or theft or via lost luggage. As you travel, you will carry a lot of things from tickets, credit cards and cash and at some point, something will inevitably be lost. This is where a digital wallet comes in, as it will reduce the burden of traveling with all these things.
A digital wallet can show information from credit cards to payments made for items all in your smartphone. You could also keep your travel and hotel rewards cards on your smartphone. This is done using the ‘add to wallet’ feature. They’re all in your wallet.
Digital wallets allow contactless payments, meaning payments are fast and on the go. Online shopping has also been simplified with a digital wallet because all information, whether credit cards or billing addresses, is securely saved. The steps to purchasing your items are lessened.
Digital wallets can also be used from anywhere worldwide without worrying about currency conversions. Your digital wallet will have you covered by automatically converting or allowing you at a touch to convert to the currency you want.
Sending money across the globe has never been easier than using a digital wallet. The other person will have the amount requested within seconds or, at the most, minutes.
Traveling has never been easier with a digital wallet. They consolidate your travel information all in one app. Cryptocurrency is another form of a digital wallet to look out for. Try it out on your next trip to see all the features it has to offer.