What Are Digital Wallets?

In today’s modern world, almost everything is connected to the internet. Paying bills, shopping, and banking can now be done all online. With technological advances today, our money is now digitized and can be made available anywhere and at any time. Today we talk about digital wallets.


Digital Wallets

As the name suggests, digital wallets are wallets that are digital. This means that a device or a service can allow its user to pay for items and services, electronically. We look at an article dated April 19th, 2018. The article starts with briefly introducing digital wallets. It compares digital wallets similar to the physical “traditional leather billfolds”. It goes on discussing the benefits of using a digital wallet including consolidating banking cards and physical currency into one device to carry with you, anywhere you go.


Digital Wallets Around The Globe

The article moves on to talk about the utilization of digital wallets across Europe. In it, it describes that Europeans use digital wallets because it has the “ability to hold multiple currencies …” It also states that those who use digital wallets “may link debit cards to these wallets and use them to withdraw money from ATMs …” The article moves on to describe one method to deposit money into “European-style wallets.” It says a user can transfer funds from a traditional bank account to their digital wallets. The money that is now in the digital wallet can now be used to purchase goods and services, either online or at a brick and mortar store who supports digital wallet payments.


Traditional Banks

Next, the article then talks about how digital wallets can now replace traditional or “conventional” bank accounts but that it would only be beneficial to do so given “retailers and service providers accept mobile payments.” The article gives caution to those of whom will carry large balances in their digital wallets. It says that many governments do not protect electronic money and do not allow digital wallet companies to pay interests to users of digital wallets.


EcoPayz and PSI-Pay

We move on to talk about two digital wallet providers, EcoPayz and PSI-Pay. The article briefly introduces Ecopayz and the service it provides. Ecopayz offers “free international currency transfers” in all their tiers of membership.


PSI-Pay is company regulated by the UK Financial Conduct Authority. Because it is regulated, the service that PSI Pay provides puts consumers more at ease.


The article covers various topics on the matter including the difference in the “American-style digital wallet”. It also covers digital wallets in wearables.


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