Digital Wallets: What You Need to Know

Digital Wallet: What You Need to KnowGone are the days of cash – digital wallets are living in our pockets.

From chip-and-pin, contactless payments, and digital wallets, many (if not most) of us have ditched our cash for an easier form of payment. But, there’s a big prize waiting for the first company to convince us to ditch all our metal and plastic for something more 21st century.

Here’s what you need to know about digital wallets!

Big Three
A small group has taken the lead in digital payments online: Google, Amazon, and PayPal. Now, they’re trying to build their businesses in the physical world. Google’s Wallet service allows users to put cash onto their phone to spend in-store and online. PayPal has been tied eBay for years and other online retailers for users to use their digital wallet in many stores.

The term NFC refers to “near field communication”, allowing mobile phones to ‘contactless’ pay at stores. However, the technology hasn’t taken off yet. The phones with the required technology are still quite rare and most of the services require you to set up a separate digital wallet – rather than linking directly to your bank account. That added step is often what fails this form of payment: it’s an extra layer of bureaucracy between you and your money!

Keep Your Money
While successful forms of payment have been added to many phones across the nation, the security of your own money is partially in your hands. Thieves are getting smarter – and so is their technology. Protecting your phone from thieves, passcode from wandering eyes, and your bank account from being drained is essential in today’s society. Be sure to be extra diligent when using your digital cash and regularly check your statements for anomalies.

Protecting your finances start with all-encompassing protection. Insurance policies secure your financial future from suffering hardship after a peril or loss. To obtain your insurance policies that do just this, contact Martplan Insurance Agency in La Habra, California today.