Digital wallet ......a boon for e shoppers and online merchants.

Digital wallet: A step towards reduced financial fraud risk?

 

 

Updated Oct 29th, 2014..http://www.cysectips.blogspot.in

We started trading as homo-sapiens, using surplus items to barter for things we require. It then graduated to introducing a form of currency with fixed values predefined to be paid in lieu of an item being purchased.

Slowly but surely the present day currency started formulating. It moved from metal currency to paper currency to plastic currency, as and when the technology changed and demands and desires of th Man increased.

Now with #online frauds and #cybercrimes threatening banks and individuals alike, involving skimming money out if accounts by stealing credit card details and online banking credentials, the use of #DigitalWallet has provided an alternate and relatively secure medium to transact online.

The #DigitalWallet requires one to setup an account with one of the #DigiWallet service providers/apps, register with them and keep topping up periodically as per your shopping requirement.

 

Advantages:

·         No physical carrying of plastic card.

·         Minimal exposure risk due to non filling of card or account details like credit or debit card.

·         Transactions can be carried out via apps or internet or sms in case of limited connectivity..

·         One can keep track on spending by setting up limits.

·         Can track the expenditure and items purchased list.

·         Being a new service, a lot of discounts are on offer.

·         Only login-id required to make transaction. Thus very easy and user friendly.

Limitations:

·         Limited number of merchants as on date provide this facility.

·         limits to national boundaries. International purchases not yet possible.

·         If your phone is lost then very high risk of fraud and you are not covered under money back if a transaction is made.

Available options In India:

·         Paytm....lots of online offers.

·         Ruplee..for payment at restaurants.

·         Oxi-wallet...can pay bills, recharge mobiles, dth etc

 

https://www.evernote.com/shard/s376/sh/fb94f679-c838-4d62-bba0-7185028bcb41/1eba5ac184e6a99f7c99e7f5fac08c8d