Digital wallets are a great way to keep your assets safe and secure without having to use cash or store your cards in your traditional wallet. This software is used more and more all around the world, and since there are so many options on the market, it can be difficult to find out which is the best one for you. We’ve all heard the scary stories of people getting their e-wallets emptied by hackers and scammers, and we don’t want to fall victims to fraud and get all of our assets stolen. This begs the question, how safe are the digital wallets actually, and should we use them? Check out this 2024 guide to learn more about this and how to protect yourself and prevent theft.
Why are they a good option?
Let’s first see why they are a good option for both private and professional users, and why you may want to switch to a digital wallet instead of the traditional one.
Know that when it comes to security, these units have extremely good features that are going to protect your funds even if your provider is hacked, and even if your phone or other device is lost. You don’t have to worry about someone stealing your information or using your funds without your authorization.
When you opt for these units, you will have to authorize every single payment that you make, and that can be done either with a PIN, or a password, or you can opt for a fingerprint scan. Some software even has the option of face recognition or iris scanner, and that adds an extra layer of protection.
Know that when you choose to use this platform for your transactions, you don’t have to share your details with anyone, and you will not have to show your card to the retailers. This can be used for both online and offline purchases, so you can use the wallet every time you need it without even having to carry your card physically with you.
Everything you do is going to be locked behind biometrics and passwords, which means that all of your transactions will be uttermost secure. Nevertheless, this all depends on the provider you choose and the software you opt for. Because of that, you need to be aware of your options.
When it comes to professionals, and businesses, know that there are white label wallet solutions that are going to help you do your business with ease.
Companies and brands can cut their expenses a lot when it comes to building digital wallets that are used by their end customers, and with platforms like HolyWally you can build, edit, and customize your digital wallet in a matter of minutes.
This is a great option for B2B electronic commerce services and everyone alike, and all the transactions, no matter how big they are, are going to be secure and protected. We know that when it comes to B2B, some transactions can be five, even six digits, and we don’t want to risk getting our funds stolen or our information breached.
Even if you lose the device the software is stored on, you don’t have to worry. Everything will be safely kept, and close to unbreachable, and you can go back to use the same platform when you install it on a new device.
Are they secure?
As you can see, there are a lot of security features that are going to make your transactions safer, but is this applicable to all the software you can find on the market?
Unfortunately, not every provider and brand is going to offer you the same plan and safety and you need to pay attention to what you invest into. The subscription may cost you between 500 dollars and up to 5000 for white label wallets and know that this investment is far better than paying just a dozen of bucks per month without any protection.
Before deciding on the right wallet for your needs, make sure you do a lot of research. Write down all the things and features that you want, the type of encryption and security you prefer, and depending on that, look for a provider that will give you all that and more.
Overall, there is almost no way for these units to be breached, and the only reason we say that there is almost no way is that some platforms are more secure than others. In some rare cases, the wallets can be breached, but this is usually done via a third-party link or software that could install information on your device and collect data.
Because of this, it is always better to have several factor authorizations turned on, so even if someone is able to breach one layer of the security, they will not be able to breach the second one. No matter the platform you choose, make sure you create a good password, and always opt for email notifications as well as biometric security. This may look excessive, but for B2B services, and even for personal users, it is better to have excessive security than to risk your information getting stolen.
Are there any disadvantages?
Now let’s see if there are any disadvantages to digital wallets and what you need to pay attention to. As we said several times before, there are providers that are going to offer better features and security than others, so you need to find those ones.
There might be some limitations when it comes to the bank retailers, so before subscribing to the e-wallet, make sure they collaborate with and support your card provider. You don’t want to pay for something and then realize that you cannot use it at all.
In some cases, the fees may be high and some users and B2B retailers think that the investment is too high. Nevertheless, this investment is completely worth it, and it is better to spend a few thousand on this per month than to carry your cards with you or risk getting your funds wiped out from the card.
Finally, you need to look for a provider with good customer support and you need to find a brand that will be there for all of your needs. If you don’t do this, you may have a lot of questions that stay unanswered, or you may face some issues that will not get resolved if the provider is not available for you all the time.
Digital wallets are a safe and secure option for everyone, and if you still haven’t implemented them in your brand, you should do it as soon as possible.