“Virtual wallet” is a term we’re hearing more and more of late. Virtual wallets are an essential element in the virtual banking sector and are becoming increasingly popular, making transactions easier for people around the world.
As people are spending more time at home and online, virtual wallets are becoming a useful way for consumers to make payments, as well as an indispensable tool for Fin-tech professionals and anyone engaged in cryptocurrency.
It is not surprising that this industry is booming, with a large range of mobile wallets now available. But how do you know which wallet is the right one for your needs?
What is a Virtual Wallet?
A virtual wallet is an online program or app that allows users to pay for products virtually, common examples being Android Pay, Apple Pay, Google Wallet, and PNC Virtual Wallet. Consumers can use a virtual wallet to make payments online through the app or to make payments in-store at the register with a few taps on your smartphone.
Virtual wallets can also allow users to store their money electronically and can be used to pay overseas suppliers or receive payment from international customers, as they can be used regardless of geographic location.
Some virtual wallets enable users to send or receive digital currency by interacting with various Blockchain. They include Bitcoin wallets that allow users to send and receive Bitcoin.
They are critically important for anyone with Bitcoin or other cryptocurrencies as they allow the user to securely store their coins, as well as use them for payment.
These wallets are generally accessible on desktop computers or through a smartphone. Most are supported on both iOS or Android devices, so you won’t need to scan Buy Mobiles for a great deal on a new phone just yet!
How to Find the Best Virtual Wallet For You
As with any app or program that combines your finances with online activity, security is vitally important when it comes to choosing a virtual wallet. If the app does not offer adequate security it will leave you vulnerable to hackers and other security breaches, which is important to protect the financial information whether relating to your personal data or your business.
With the increasing numbers of people using virtual wallets, this makes them an attractive target for cybercriminals looking to steal financial data.
At a minimum, you should look for a virtual wallet that encrypts user data in order to keep it secure. For businesses looking to store their cryptocurrency, the best protection is to use a form of virtual wallet called cold storage rather than using it on your regular smartphone which is prone to hacking every time you go online, as well as being vulnerable to theft. Using an escrow service can also help to keep users safe when sending or receiving Bitcoin.
Check Included Features
When reviewing different virtual wallet options, it is also important to check the features that are included. Many virtual wallets share the same features, but some have particular functions that can be highly advantageous.
For example, some virtual wallets have an expense history feature that lets you see your previous payments, including who you paid, when, and what for. This is highly useful for checking back on payments made and to check for any discrepancies. This feature also makes budgeting and balancing the books much easier.
Other features to look out for include scheduled payments, bill split, and bill reminders. Generally, you want to opt for a user-friendly virtual wallet. Some apps are easier to use than others, and some may be more user friendly on PC than on your mobile device, or vice-versa. Check the app’s user rating and reviews to see the feedback it gets from users for ease of use.
Check the Transaction Limit
You should also be sure to check the app’s transaction limit, as this can vary significantly between programs. The transaction limit may put a cap on how much you can pay per individual transaction, and/or within a set period of time such as in a day, a week, or a month.
Usually, this is set for your own protection, as well as to prevent money laundering. You don’t necessarily need a high transaction limit if you will not be using the virtual wallet that often, or if you’re not planning on making big payments, but this is definitely something to consider.
Make Sure it is Widely Accepted
When choosing the right virtual wallet for you, it is also important to make sure that you will be able to use it freely. This means checking that it is widely accepted.
The most recognized wallets are also the most widely accepted, however, if you find a great deal on a mobile wallet you’ve never heard of it’s worth checking whether your suppliers whether they will be able to accept payments from that wallet and whether your customers are able to send payments to the platform.
Virtual wallets are an extremely useful tool for businesses and individuals alike. For companies, they can open up opportunities to work with new clients or suppliers, as well as making payment processes more efficient and allowing secure storage of digital currencies.
In order to enjoy the maximum benefits, it is important to choose the right digital wallet for you, taking into consideration the transaction limit, security, included features, and how widely it is accepted.