Most evil lets calm a smartphone apps. That Biometric Solutions to your own hand might replace your wallet a scanner authorize that the payment and thats it business is a pacing up on the trend and offering more Payment Services facebook even announces on recently but which one is right for me. That might depend on where you live and what you plan to use it for. A bouquet of flowers without any cash to many its already an ordinary part of daily life. Let users pay quickly and easily theres a wide range of apps to choose from. You can get through your bank then its basically an extension of your regular account on your smartphone the other wallets are connected to your mobile plan they conduct transactions via text message there is also a growing number of other providers whether Global Players for worldwide payments like google pay or pay pal or for certain countries in currencies like pay in china or in india. The main principle stays the same the wallets are for storing money. The balance usually comes from a bank account or credit card or is topped up in cash the app lets you pay by clicking a button scanning a q. R. Code or with Near Field Communication i use it mostly because there really. Because you can pay everywhere and anywhere with your mobile phone and it takes away the hassle of dealing with cash or do you thing with physical credit cards with mobile payments you can just get a q. R. Code and comes directly from your bank account. User should look out for fees though often sending money to friends is free of charge but many providers make a profit on other transactions charges 5 percent on International Money transfers for instance that can become costly in the long run. So heres a checklist for farming that your wallet thats best for your needs what countries and currencies does it work and how can i top it up what Payment Options do i have. And what does the option i use most cost and as always its also important to look out for your security and personal data sent to expert julie mopp and has some basic advice for choosing the right provider look for multiple factor authentication look for making sure that there is backup practices and make sure that they are warning you about how you should and shouldnt be interfacing with the technology. Whether or not my money is safe depends on how i keep it in my wallet is probably a bad idea using 1234 as a password for my wallet also not the best but providers need to maintain Security Standards to. Technically speaking most do you want to buy sirius provided well protected the data is encrypted and stored on secure servers its recommended to use which have been checked by at least 2 i. T. Security Companies One risk remains humans passwords need to be protected and the want to use is are a popular target for phishing attacks which enable criminals access to what this digital. This is the power and the danger of mobile banking you are your own bank and if you have bad security practices you lose your phone or something. Like Online Banking mostly you want to use 2 factor authentication for example password and fingerprint what if a transfer feels as though some providers have accommodating rules similar to a bank but that is not a given usually circumvents the middlemen making a profit and if there is no longer an intermediary there who is making money off of you. Then you have a danger that youre not going to get that charge back theres nobody to charge it to you. So. Some risks but doesnt money always how does mobile payment compare to other common methods we took a closer look. How secure is using it compared to using a credit card online the only way to answer that question is it depends it depends on the wallets and on the online Payment System there are your wallet systems that are more secure than some of the online Payment Systems that are in use today and vice versa. I would prefer the wallets to using the credit card in the store because youve removed the Human Element you dont have the cashier taking your credit card potentially you know copying it or memorizing it or whatever. And you will it is definitely more secure in the sense that. You dont have to worry about terry physically keeping the cash with you all the time and having enough to pay every time i give my kids cash they seem to lose some of it for example they never lose their falls. So when it comes to security lets make a good impression but what about user data and the next one a transaction leaves a digital footprint when it comes to wallets that information is not only available to my bank but also to Service Providers like google or pay pal our digital wallet is just another step towards transparent customers i mean cash has a certain anonymity to it that people like. That you dont quite have in the same way with with digital currency. Digital transactions create footprints which many providers also use data about payments absolutely is being used about you absolutely some Huge Industry people making lots of money by analyzing payment flows from many users however the advantages outweigh the risks. All these private corporations know exactly what youre spending behavior is like what you are like as a shop where your your behavior patterns essentially and that might be uncomfortable for some people but i personally its not a big issue i would rather my transactions be tracked. Back safe rather than not tracked but not seen. In the end we need to choose whats most important to us. Fun fact in germany were huge fans of hot cash hardly anyone uses the wallets here other European Countries are less cash crazy is going to navia more people prefer a mobile payment and in many Asian Countries it has long become a part of daily life china expects half a 1000000000 customers to use wallets in 2019. And its no wonder its simpler less expensive and quicker than your classic bank if i wanted to transfer money from my regular bank on a friday afternoon for example i have to wait until monday morning for it to be processed when i use my wallet the recipient instantly receives the money along with the message that it has arrived and the best part is i dont always need a bank account about. The World Bank Estimates that globally about 1700000000 people dont have access to a bank account for them you want its could enable access to the financial system. One example is the digital Payment System. That started in 2007 in kenya and is available in other african countries in india and in parts of eastern europe. The account is linked to a mobile phone number users can pay bills or transfer money by text message a Large Network of employees agents allows for the digital wallets to be topped up one of the interesting things about electronic quality is that in places where the Banking System is less developed the least developed you find the highest levels of comfort with using digital well thats simply because people will grasp on to any alternative that works banking the unbind has come to facebooks attention to the plan to its caliber is supposed to be integrated into Facebook Messenger and whats up users could then do worldwide payments in facebooks own currency libra the project has raised International Criticism of facebooks entrance onto the strongly regulated Financial Markets should give mobile payments another boost i think most likely in the next 5 years we will see big movements towards global while its capabilities because of players like we chat and facebook and others these massive platform reach pushing the sector forward and. They. Sort of help break down the barriers with governments to get on board and allow this cross jurisdictional use country to country use of these kinds of currencies it will become easier and easier. Facebooks idea isnt necessarily new evil its using crypto currencies like bitcoin have been around for years they encrypt transactions with block sharing technology which makes them particularly safe. Crypto currencies only exist digitally and are not regulated by any bank the most well known ones are bitcoin and. The term comes from the greek word crypto meaning secret or hidden points toward the cryptographic encryption used for all components of the currency system. This technology is much safer than usual encryptions all information from balance a transaction is secured in a block chain meaning in a cryptographically encrypted protocol this way user data is stored safely. Depending on the type of currencies some of them are fully anonymous and nobody can see your payment history and that is a much more secure way of maintaining anonymity and payments. Could potentially be as secure and more secure than cash. But this anonymity only comes with specific cryptocurrency the advantages of digital wallets are easy to use they allow for quick transactions with a high level of security at least when you follow basic Data Protection guidelines one big disadvantage is the Sensitive Data you leave behind when you pay how much money i spend on water and when is very interesting to businesses and theyre willing to pay huge amounts to know whats it like for you wish you well as do you use and why. That was now become a part of the shift community on you tube and subscribe to our channel be and look at everything from Artificial Intelligence and robotics to gaming and gadgets so you know they are by by. This one coming. 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