All the things you have to find out about an digital pockets

PayPal, Google Pay, Apple Pay, Paylib … You have inevitably seen these names go through in recent years faced with an explosion of online payments and purchases. These new payment platforms, convenient to use and easy to access, have now established themselves as a very popular alternative to cash payments and other bank cards.

What is an e-wallet?

The term electronic wallet refers to a platform or application that allows you to store your personal and bank information to make dematerialized payments. After registration, the electronic wallet stores the sixteen-digit number of your bank card, the name and expiration date associated with the bank card, as well as the security cryptogram. Some e-wallet solutions also allow you to directly link your bank account for direct debits. In this way, the electronic wallet allows you to automate online payments, easily transfer money to the owner of another wallet on the same platform and secure your online purchase. It also allows you to increase the security of your banking data: it is centralized on a service or application whose reliability is recognized and which does not have to forward it to the online retailer when you pay. Therefore, you limit the risk of your details being recovered by phishing or other hacking.

What are the different types of electronic wallets?

There are several large families of electronic wallets. The main one includes all dematerialized payment services (such as Google Pay or Apple Pay, industry leaders), simply called X-Pay. These apps allow you to integrate your bank card into your smartphone’s ecosystem to use as a payment terminal, including QR code or NFC technologies. others, like Lydia, specialize in automating transfers between individuals, then we talk about peer-to-peer wallets. Finally, other big players, such as PayPal or Paylib, offer a hybrid solution that combines these two options. Merchant sites, like those of large retailers, also offer their electronic wallets, which integrate their loyalty programs.

What advice to follow before opening an electronic wallet?

Before you decide, make sure you choose a recognized e-wallet solution that offers all the necessary security guarantees. If you’re using a mobile app, check regularly that your app and your operating system have the latest updates. Never forget your usernames and passwords and make sure you change them regularly, and if possible activate additional security measures, such as double authentication. Never send your bank details or wallet credentials by email. Lastly, be sure to check that the e-commerce sites you visit regularly accept e-wallets, especially the one you want to register with.

(From the hREF editorial office)

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