Digital Wallet Guide

Use a Digital Wallet to Drive More Business

Make and share highly secure payments, receive money, and strengthen bonds with customers and clients with digital cash.

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All the Payment Types You Need

A digital wallet can carry all your payment types. Add your credit card information, online payment details, and bank account numbers. When you’re ready to pay, simply choose the method that suits you best. 

 

You’ll always be able to pay the way you want when you want—for whatever you want.

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Fast, Hassle-Free Checkout

Give your business the easiest way to complete transactions. Let customers move from shopping through checkout with just a few clicks.

 

With payment details already entered into a digital wallet, buyers only have to authorize payments and enjoy their purchases. Digital wallets let sellers make more sales and take faster payments.

Safe, Private, and Secure

Digital wallets use the latest encryption and security technology to ensure that all financial information is stored safely and securely, and can only be accessed by the user.

 

No data is uploaded to third party servers and all information stays with the owner.

 

Buyers get all of the convenience of a modern payment system—as well as the privacy and security that the latest encryption technology can provide.

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Instant Peer-to-Peer Payment System

A digital wallet lets anyone pass funds directly from one person to another. Simply choose the recipient, enter the amount, and authorize the transaction. Within seconds, the funds can be debited from your account and reach the other person’s. It’s perfect for instant payments.

 

Digital Wallets are for Businesses, Friends, and Everyone Else

 

Use a digital wallet to take and make payments in stores, at stalls, and anywhere you buy or sell. Return loans, split restaurant bills, pay your share of ticket purchases, and give cash gifts. Digital wallets are for businesses, for friends, and for relatives. They’re for everyone.

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THE ULTIMATE GUIDE TO

PEER-TO-PEER PAYMENT

Businesses looking to make payments to each other now have an abundance of excellent choices, each with their own advantages and disadvantages. From wire transfers and automated clearing houses to dedicated invoicing and payment platforms like Due.com, the frequent and often large payments that businesses need to make have become a powerhouse of opportunity for finance firms. Those important and considerable movements of money have encouraged companies to create channels to ease the process of making payments, keep the options secure and enable businesses to monitor the tracking of invoices and approvals. Without the help of finance firms, businesses would soon grind to a halt.

 

For individuals who owe money to other individuals however, the options set up and afforded to businesses are too big and too clumsy. No one is going to send a friend a wire transfer to reimburse them for their share of last night’s dinner tab. When siblings buy a pair of concert tickets, or purchase their mother flowers for Mother’s Day, they’re not going to set up an ACH account to split the costs. When a set of parents club together to buy the class teacher a present for Christmas, the head of the PTA isn’t going to open a joint bank account to which everyone has access.

 

The main methods of making those small payments between individuals have long been restricted to two options: check or cash…and cash was always easiest. If your friend wrote a check and you deposited it in your bank account and it “bounced,” well, you were out the money. Any other method for splitting bills meant instructing a bank or some other regulated operator, like Western Union, to send the money. The middleman would then have to ensure that the buyer had the funds they want to send, insure the payment, oversee the security of the transfer and notify the recipient that the funds are available. Needless to say, this process is expensive and can be quite slow. For people who are able to meet their debtors in person, cash has always been a better choice.

 

But in an economy in which payments are becoming both increasingly digital and international, cash isn’t always an option, and neither is sending a check. Individuals working in foreign countries want cheap, reliable and safe ways to send money back to relatives at home. People living in large countries from the U.S. to Indonesia, and in particular Africa, want to be able to receive payments from buyers and relatives on the other side of the nation, or world and even friends want to be able to repay small debts without having to go to the ATM and pull out notes late at night, (with the accompanying ATM fees). Now that money represents numbers in an account rather than paper in a wallet, there’s a need for services that allow anyone to transfer money, in a simple manner, from one person to another, ideally with no more than a swipe on their mobile phones. If it’s possible to pay for a coffee by waving a smartphone over a reader, there must be a way for two people with similar devices to send funds from one to the other quickly, easily and cheaply.

 

Services that allow these kinds of peer-to-peer payments have developed and evolved into substantial platforms which are providing individuals with the ease of transferring cash. According to Business Insider, the global market for peer-to-peer transfers and remittances is now worth well over $1 trillion. By 2018, the U.S. market alone for P2P payments could be worth as much as $86 billion.

 

In this guide, we’re going to explore how these payments are being made. We’ll take a close look at the leading methods of making P2P payments, we’ll assess the risks involved in using the available options, and we’ll discuss ways of keeping transfers safe when you’re entrusting a platform with your money.

 

We’ll start by assessing the different platforms with distinct preferences of enabling P2P payments. Obviously, services that took care of money and payments before used to be restricted to banks and registered money transfer firms. Now, these banking institutions face stiff competition from a range of companies both large and small. We’ll take a close look at the main companies offering P2P payments. We’ll talk about how traditional firms like Western Union now operate, how digital companies like PayPal came in like a wave, bringing a new kind of competition aimed initially at small business owners – but whose infrastructure can just as easily be used by individuals with debts to settle among friends and family. We’ll explore how social media firms such as Facebook and Snapchat are trying to turn their text messaging services into money transfer services, and why they’re struggling to take off. And, we’ll look at how cryptocurrencies like Bitcoin are enabling peer-to-peer transfers and raising the kinds of security we have been looking for in the P2P payment user market.

 

The ideal of being able to send money from one mobile phone to another has started to come true, and we’ll also be examining the best apps for making quick payments, even while both parties are still sitting in the club and dividing up the bill.

 

In the next chapter, we’ll look at the risks these new methods can raise. There is no completely safe way to send money from one person to another. Hand over cash, and you can be mugged at the ATM… or your friend can be robbed on their way home. Checks can be forged, changed and defrauded. And money sent through companies like Western Union can be lost or stolen en route or picked up by people for whom the money wasn’t intended.

 

The new methods of sending money between individuals all throw up their own security risks, from account hacks to stolen smartphones that leave access to payments when apps are left open, instead of logging off. We’ll explore these dangers and assess the degree to which they pose a threat to people who wish to send money to each other, and how you can guard against loss.

 

We’ll then look at ways to reduce risks. Some of these methods to reduce risk have been talked about for years in the security world, and are straight forward, such as keeping passwords safe, not opening unsolicited attachments and shutting down phones as soon as they’re stolen. But as the methods of payment have become more complex, so the methods used by thieves have also become smarter and more dangerous. We’ll look at what people should be doing to keep their peer-to-peer payment programs safe, and what they should do when they believe they might have been hacked.

Chapters - Digital Wallet

Digital Wallet FAQs​

If you haven’t yet formed the habit of paying digitally yet, now is the time to start. The days of cramming a bunch of cards into our wallets will soon be over. If you want the ease and convenience of using apps like Apple Pay, the Square Cash App, Paypal and more, you can have your debit,  credit cards and gift cards safely stored on your phone or mobile device. Here are some tips to help you get into the habit of embracing secure payment apps for simplicity and convenience.

1. Store your phone where you keep your money

Every time I pay with a physical credit card out of habit, I kick myself. I often forget to access the apps on my phone when I have the option. For this reason, I bought myself a thin, lightweight phone wallet.

It has large pocket to store your phone even with a slim case as well as slots for cards and a plastic photo ID pocket. It even has a billfold to store cash, coupons or receipts. It’s perfect for those looking to store everything together.

I’ve seen phone pockets for men that look like a small pouch with a zipper that can corral the same types of items. Many of these are made with durable material that is water resistant as well. Stay organized and protect your phone, cards and money all in one place. There are other styles that allow you to adhere a pocket to the back of the phone to store cards and cash as well.

Think of it as a way to trigger the habit of paying with your phone. If you’re used to reaching for your wallet and pulling out a card, housing your phone near other payment methods might help you to remember that your phone can be one of the payment options and you’ll remember to pay with the apps.

2. Nudge the cashiers to adapt

Sometimes cashiers are new, never handled this type of transaction or flat out don’t know what to do with a digital payment of any kind. I have a met a few that make up excuses to try and get you to use another method of payment because they don’t want to admit that they don’t know how to do it.

Unless the line is long, I don’t let them off the hook so quickly. I worked in retail for over 10 years and have experience as a cashier. I know that there is always a person or manager in charge of the front end that has to have some knowledge about such methods of payment.

So I make them find out or I tell them what another cashier has done in the past. For example, sometimes cashiers find it hard to scan the bar code on my phone’s screen when using a gift card. So I explain that sometimes they have to enter the numbers in manually.

3. Start managing your money via your digital wallet.

To get into the habit of using digital pay more, you can talk about how people can connect their accounts to these apps or load money onto them. Even though this has been around for a bit, most people aren’t really familiar with digital pay. They could find this info useful and the more familiar they become with this method, the more confident they will feel with using it in public.

The Bottom Line

Use the tips above to establish the habit of paying digitally. The more you view your phone as a payment device, the faster others will adapt and embrace the digital wallet revolution.

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