A virtual wallet is essentially an electronic wallet that is easily accessible from your mobile device. Like any wallet you’d find in the real world, virtual wallets can store all of your debit cards, credit cards, membership cards, coupons, and so forth. This will allow its users to pay for items with ease and efficiency, making bulky wallets and disorganized purses a thing of the past.
There are a variety of virtual wallets available to choose from, and some may already be installed on your smartphone! The most popular ones include:
• Apple Pay
• Google Wallet
While many question the safety of a virtual wallet, they are arguably even safer to use than your regular credit or debit cards. First of all, digital wallets eliminate the potential to expose important information, like your credit card number, pin, or CVV number, because it uses a process called “tokenization.” This means that your sensitive info is removed and replaced with a one-time-use number that is generated by an algorithm. So, none of this data is ever made public in any way, unlike when you swipe or tap a credit card.
Secondly, when you add a new debit card or credit card to your virtual wallet, the information is encrypted and stored in the cloud. Even if someone steals your phone, they will need your passcode, fingerprint, or facial ID to access your virtual wallet. If you drop your physical wallet somewhere or get pickpocketed, your credit cards can be easily used, and the information can be stolen. Consider these factors when deciding to make the switch to a virtual wallet, and you’ll find yourself happier with your decision to embrace the technology of the future.
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