Digital wallets have now made payments easier, faster, and more secure than ever before.
Imagine carrying wallets crammed full of cash, credit and debit cards, and all your personal IDs. A digital wallet does the same thing…virtually! Which means you can now enjoy a completely hassle-free shopping or payment experience all from the convenience of your smartphone.

Essentially an electronic-payment system in the form of a free mobile app, a digital wallet facilitates the secure integration of your card, bank account, or whichever channel you most prefer for your transactions.

Goodbye to fumbling for cash or cards. Simply use your smart phone or watch, and you’re good to go. Some of the premium digital wallet platforms such as Google Pay, Apple Pay, and Samsung Wallet enable you to pay instantly across literally millions of stores, websites, and apps, while protecting your payment information with layers of security.

Here are five benefits of using a digital wallet:

1. Contactless payments for instant checkouts

The last few years have seen a surge in popularity in contactless payments, meeting an increasing demand for fast, hassle-free transactions. With a simple look or touch, your phone will verify your identity through facial recognition or fingerprint identification, and your payment is complete! The days of reaching into your cluttered bag for a card and dialing in your pin are long gone. Add all the debit and credit cards you like for an effortless checkout experience.

2. Security

One of the best things about a digital wallet – you can’t lose it!
With all your account data encrypted, none of your personal information is transmitted during a transaction. Instead, the process involves unique identifiers or “tokens” that are generated and shared with the merchant, providing minimal yet substantial reference to the sensitive data required to complete the sale. And if that wasn’t secure enough, the tokens lose value as soon as the transaction is completed.

3. Range of uses

Digital wallets aren’t just the easiest way to make online and in-store purchases, but you can also use them to store and spend cryptocurrencies, pay bills while never incurring late fees with the automated payment feature, and make unlimited deposits and transfers at your convenience. Not only are your financials just a click away, but you can also use your digital wallet to store a variety of critical or other personal information including virtual identification such as driver’s licenses, insurance cards, boarding passes, concert tickets and gift cards.

4. Expense management at your fingertips

Digital wallets such as Google Pay provide keen insights into your personal spending patterns. How? Well, with access to your total balance across any number of accounts, the platform offers a detailed breakdown of your shopping expenses, bill payments, fund transfers, and more - enabling you to effortlessly track all transactions with the click of a button.

5. Rewards, rewards, and more rewards

Your credit card might serve up an opportunity or two to earn rewards upon certain purchases. Premium digital wallets will do you one better and enable you to stack up your rewards when making transactions through the platform. Which means if you’re entitled to 2 points per AED spent, your wallet may stack it with its own additional promotions. You can quite simply double down on your value for money by downloading an app – for free!