So the go off to ensure the safe passage of british vessels. This might soon be a thing of the past. Who needs cash when you can just as easily pay with an equal it worldwide digital wallets and our smartphones are growing more and more popular what systems on the market how do they differ from one another and how safe are they i would topic so they arent the. Most evil its commerce smartphone apps. That Biometric Solutions to your own hand might replace your wallet a scanner authorize the payment and thats it businesses are paying up on the trend and offering more Payment Services facebook even announced its own app 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 lets let users pay quickly and easily theres a wide range of apps to choose from. You can get the wallets through your bank then its basically an extension of your regular account on your smartphone. Or 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 any wallets for certain countries and currencies like in china or india. The main principle stays the same the wallets are for storing money. The balance
usually comes from of 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 mostly because theyre really convenient because you can pay everywhere and anywhere with your mobile phone and it takes away the hassle of dealing with Cash Audit Ring with physical credit cards with Mobile Payments you can just get a q. R. Code and that 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 pay pal charges 5 percent on International Money transfers for instance that can become costly in the long run. So heres a checklist for finding that you 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 personal data. Expert julie martin has some basic advice for choosing the right provider look for multiple Factor Authentication Look for making sure that there is a backup. And make sure that they are warning you about how you should be interfacing with the technology. Whether or not my money is safe depends on how i keep it leaving my wallet is probably a bad idea using 1234 as a password for my. Also not the best but providers need to maintain Security Standards to. Technically speaking most do you want to buy serious providers are 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 you want to use are a popular target for Phishing Attacks which enable criminals access to what this digital wallets. 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 happens then You Are The One who is going to suffer the consequences of that 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 that usually circumvent 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 send it back 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 you while its a systems that are more secure and some of the online Payment Systems that are in use today and vice versa. I would prefer the wallet to using the credit card in the store because youve removed the Human Element you dont have the cashier taking a credit card or potentially 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 this for example if they never lose their phones. So when it comes to security lets make a good impression but what about user data any Electronic 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 oddly anyone uses wallets here other European Countries are less cash crazy in scandinavia more people prefer
a Mobile Payment and in many Asian Countries it has long become a part of daily live china expects half a 1000000000 customers to use wallets in 2090. And its no wonder its simpler thats 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 could enable access to the financial system. One example is the digital Payment System. Which started in 2007 in kenya and is available and 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 higher levels of comfort with using digital well thats simply because people will grasp on to any alternative that works by going the own bank has come to facebooks attention to the plan to its caliber is supposed to be integrated into Facebook Messenger whats up users could then do world wide payments and facebooks own Currency Libra The Project has raised International Criticism but facebooks entrance onto the strongly regulated Financial Market 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 with these massive platform reach pushing the sector forward and as 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 currency it will become easier and easier. Facebooks idea isnt necessarily new evil its using Crypto Currency is like bitcoin have been around for years they encrypt transactions with block same 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 ripple. 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 currency 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 or more secure than cash. But this anonymity only comes with specific Crypto Currency so the advantages of digital wallets are theyre 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 which you all as do you use and why. That does not become a part of the Shift Community on you tube and subscribe to our channel been look at everything from our official intelligence on robotics to gaming and gadgets so you know they are by by. Birth. Home of species. A home worth saving. Given those are big changes and most start with small steps little ideas tell stories of creative people and innovative projects around the