Getting Started with Digital Wallet Apps: Safety Tips

Read this article to know how to protect your digital wallets and the associated financial information. Know the security measures you must take to protect your digital wallets from fraud while using it online.

Mobile application stores are filled with dozens of digital wallet apps made to meet the most common needs of a regular user. However, with so many options available, it can get confusing when trying to discover which app would benefit you the most.

Here are a few tips for making safe and secure mobile transactions without having to worry about sharing financial information to malicious parties or missing out on key features.

Type of Transactions

Before choosing a mobile wallet, it's important to have a clear idea about what you plan to do with it. Do you want to make in-store purchases and contactless payments? To pay back your friends for meals or trips? To make international transfers? To purchase things online?

At a quick search, you will discover that there is a dedicated app for each of these different types of transactions. You may need to download more than one app to cover all your needs.

How to Keep Your Financial Information Safe

The biggest concern with digital wallets is that you have to provide your personal and financial information to be able to use them. For this reason, you need to trust that the app is safe, secure and reliable and doesn't expose you to the risk of fraud.

Whether you're interested in peer-to-peer transfers or trading Bitcoin, research reputable mobile payment and digital banking services with a large base of users. For example, Venmo has 40 million users and Square Cash 15 million. To send money via these apps, you only need someone's phone number or email address, which is another plus in terms of security.

Tips for Online Purchases

Many people want a digital wallet app for making quick online payments without having to divulge their main credit or debit card information to a random website. The risk of scams or faulty encryption makes them reluctant to use their financial information on the web.

If you worry about this issue, have a dedicated app for online purchases where you load only as much money as you think necessary for your upcoming purchases. A great safety feature implemented by Revolut is giving users the option to use a virtual debit card that can be permanently deleted after a transaction.

Top Features of Digital Wallets

Many people are tempted by the idea of using digital wallets for other reasons than simply making online payments. Digital banking and payment apps offer many versatile services. Users interested in trading, currency exchange, savings accounts, expenses trackers or cryptocurrency can find digital wallets one of the most accessible ways to conduct and review complex financial transactions.

Depending on the type of service you are interested in the most, find a digital wallet app specifically built to that purpose. While you can buy and sell cryptocurrency with an app like Revolut, why not use the best bitcoin wallet for your Bitcoin transactions instead of using a more general app that has multiple limitations? Analyse your financial habits and choose a digital wallet that provides the greatest value to you personally.

A smartphone is a powerful tool that can help us organize our lives efficiently. Since most of our personal and professional lives revolve around financial transactions, having the power to do quick and safe operations from a smartphone saves us a lot of time and energy.


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