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Top tips to consider while looking for a digital wallet
(2 September 2021)

 

It’s almost hard to believe digital wallets have existed in various forms around since the 1990s. Over the past 30 years, the technology has been tweaked, re-worked and finally, perfected. There are many different versions available on the market today, each with its own range of services and functions included to meet the wants and needs of its customers all around the world.

While a function for storage of frequent flyer miles or loyalty points at a favourite coffee store might be top of your list, there are some non-negotiables you should look for when selecting the digital wallet that’s right for you. Read on to find out more.

Look for up-to-speed security

Physical or digital, wallets are the place some of your most important personal data is stored, along with your money. You don’t want your wallet and its contents falling into the wrong hands.

There are certain measures an e-wallet user should take to protect their own assets, such as ensuring their phone locks with a biometric or numeric password. Avoiding public Wi-Fi networks to prevent against unlawful interference is also a good rule of thumb.

Digital wallet developers are also responsible for offering a safe and secure interface that has its users completely confident when making any transaction, whether that’s purchasing a First Class ticket to the Maldives or a coffee at the local café.

A good example of super-tight security is the UAE’s payit e-wallet app. This digital wallet is kept under lock and key: every log-in, payment transfer and transaction requires PIN authentication. Additionally, payit uses SSL encryption, an essential measure used to protect your data as it travels across networks once they’ve been approved, and will log out automatically if left idle.

QR, contactless and instant

The world is still adapting to digital wallets but it needs to catch up, as an estimated 6.1 billion people will be using digital payment methods by 2023.

A digital wallet that’s compatible with QR codes as well as contactless will blend right into the user’s lifestyle. A quick swipe and PIN authentication will have you paid up and on your way in seconds.

International transfers on the go

Approximately 90% of the UAE’s population is expatriate, and most residents send money home regularly during their stay in the country. A digital wallet that’s set up to make international transfers is a practical choice. Look out for one that offers competitive rates, immediate remittance and a 24 hour service.



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