4 Reasons for The Rise of the Digital Wallet

With technology always evolving the payroll sector is becoming more automated, cloud based and digitalised. One noticeable trend that’s becoming increasingly popular that’s a global trend is the digital wallet. A digital wallet is simply an electronic device that stores all your payment details in one location for online payment systems. Google and Apple Pay are the most popular types of payment systems that tend to use digital wallets. Digital Wallets are becoming more and popular as traditional bank accounts can also be connected with digital wallets. Here are four reasons why the digital wallet is becoming more and popular with companies around the world.

Better Protection from Fraud

Digital Wallets offer fantastic fraud prevention facilities such as pin verifications, fingerprint ID and other protection options. To help prevent the likelihood of fraud occurring. In addition, digital wallets use a unique number and transaction code for purchases. This prevents your card details being shared with a merchant. Through a process called ‘tokenization’, the digital wallet requests the card a token to represent the card for each payment. Making all purchases and transactions as safe as possible for the account holder.

Track Your Expenses

Digital Wallets allow you to track your expenses with ease, wallets such as Google Pay help you facilitate your spending. With features such as spending patterns, access to the total bank balance across all connected accounts. With a picture of the balance available giving, you great insight on where your money is going.

Instant Card Approval

When you apply for a new credit or debit card you may have to wait a couple of days for it to arrive in the post. However, with digital wallets you can start using you card instantly once you get your new bank details online. It reduces the waiting time with your physical card and makes it user for you complete urgent payments quicker than later.

Split the Bill with Ease

Another great benefit of a digital wallet is it allows you split expenses, so if a bill is paid by multiple people. It helps you transfer money from person to the next, and tells you who owes you money for that particular bill

As you can see the digital wallet is becoming major player in how people and companies manage their finances. For more news on the latest trends in payroll, keep checking our weekly blogs.

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