There is a common conception that great wars have triggered technological advances at an unprecedented rate. While it is true that, for example, ARPANET, the prototype of the internet, was conceived as a military project, it has also been proved out recently that pandemics are no less competent in that regard. Fiat currency in terms of cash and coins has been here for 5000 years now and that’s only as far as we have dug up – and credit cards posed the initial challenge as payment alternatives as comparably recent as 1950. Still, the exponential acceleration of technology would consider 70 years of lapse as “too slow” and here we are with our cryptocurrencies and well, e-wallets now.
What is a Digital Wallet?
Two factors are the horses that power the e-wallets: internet penetration and mobile phones. Internet penetration indicates the ratio of internet users to the total population of a certain country or region. Mobile phones are smart gadgets we most of the time do not use for calling nowadays – they are the military bridges instantly assemblable when we need internet access, even for a few moments. You could not dream of a digital wallet definition, an e-wallet as far as this article and the more common phrasing goes, that carries the same characteristics of your physical wallet with all cash and cards in it without the prevalence of either of them at the same time.
Not carrying a tangible amount of your assets might sound dreadful because, as basic animals, we are wired to value what we can perceive as physical. However, we are long past our evolutionary predecessors and most of what we have created as a human civilization today exists on a virtual plane. That is why e-wallet safety, although being a concern, is far less of such in comparison to the one in your purse or pocket.
How Safe are Digital Wallets?
Once somebody has hands on your wallet sneakily or through theft or maybe a loss, all your assets inside are at the perusal of the bearer. Cash hardly is reclaimable and your credit cards could easily be spent through shops that do not require 3D security or some other secondary authentication. In contrast, a trusted e-wallet of yours would require two-factor authentication, or biometrics or a one-time PIN texted to your mobile before anybody could peek inside, let alone manipulate it.
A secure e-wallet definitely employs all security features starting from screen lock to biometric verifications and additional features that enable you to wipe your mobile clean remotely should it be stolen. Also, making a combination of at least 12 characters for your password is always a good practice – bear in mind that you should not be using the same password for every kind of account you have connected to the internet.
Best Digital Wallet
A common method to compromise a digital wallet is through phishing – communications that are designed to look like from a reputable financial or technology corporation might be honey/scare traps to acquire your credentials while you are actually giving away all your information to a group of scammers behind the curtain of fraud.
The evolution of payments has been triggered and on a speedway with no barriers to halt it. Better be prepared for the norm with your e-wallet safety secured already. If you are looking for a safe digital wallet, Jeton e-wallet is an exceptional alternative with its high level of security features.
