Transactions with digital wallet technology

Mobile phone-based customer service is increasing with the growth of mobile phones around the world. As financial transactions play a major role in life, So now various banking companies are making their services depending on the mobile phone. On the other hand, in e-commerce, Big tech giants are turning to mobile-based services to simplify complex relationships with electronic-based businesses. Such a service is a ‘Digital WalletWhere Electronic walletis known.

Digital Wallet

Digital wallets are electronic versions of regular wallets. Through the use of this technology, consumers can settle their payment issues through virtual channels instead of using paper money. But here, No virtual currency, On the contrary, the transaction of the common currency of the country is done virtually electronically. Debit cards, Credit cards, The main difference between this technology and electronic money transfer system like online banking is the Spontaneity of digital wallets in retail transactions.

Any amount of money can be exchanged easily through digital wallets like conventional paper money. Outraged, Digital wallets are like regular wallets for concert and movie tickets, Bus and metro permits, After buying something, including gift cards, it is also possible to register the voucher for this product. same, In addition to storing the customer’s David card and credit card information in the digital wallet, banking services can also be performed using this information..

Digital wallets are basically of two types. Client-side wallets and server-side wallets. According to these two categories, wallet services are offline or online, It also does not guarantee that the user is under the control of any company. Client-side wallets are usually under the control of the user. The user needs to install an app on a smartphone or personal computer and activate the app by entering the payment details as well as logging into the personal bank account or topping up the

Additionally, if the service is a third-party application, Then the user might have to pay a separate fee to use this app. Even so, since third-party apps sometimes play a part in the whole process, customers should also be aware of complications related to user privacy and financial security.. However, this wallet system guarantees independent rules of use and facilitates the repeated use of payment information in daily life. Additionally, client-side digital wallets in most cases allow the consumer to use more than one payment method.

On the other hand, Server-side wallets are just the opposite. In this wallet system, the user is under the control of a company. The company server has an account registered in the user’s name with enough information and a specific password is required to access the account. But server-side wallets have a real problem, their limits.

Security and disadvantages

In terms of digital transactions, securityAnd Privacyare Two common words that always create fear among people. People think very easily, Somewhere in the world, some cybercriminals are trying to kill their money. These concerns are exacerbated by the complexity of digital wallet services. because, Although transactions between consumers and sellers can be carried out very easily using this service, Technically, the whole process is quite complex and divided into several parts.

Let’s talk about client-side wallets. First of all, You need to install an app on your mobile phone. Then comes the question of logging into this application with your own information and that of your bank account. The application is connected to a server. The server bypasses the seller’s account data with the customer’s account during the transaction and completes the whole process.. A breach of security in one of these steps may result in the loss by the consumer of all his deposits or his confidential information. Because of this, The whole thing is quite disturbing.

But the question of relief, Everything, including the digital wallet service-based app and its associated servers, sits in an additional security ring. Online and offline, The invisible communication that takes place between sender and receiver during any transaction, is fully covered by the digital certification. meaning you, Everything is coded.

Because of this, It is not possible for hackers to access the user’s personal account remotely. But in some cases, user awareness Can fix security issues. For example, don’t share your password with anyone or leave your phone to someone else with an easy-to-guess password; meaning you, Most security issues can be solved by prohibiting someone from becoming a domestic enemy.

On the other hand, Digital wallets are simple wallets or debit cards, Offering more security than credit cards. With your wallet lost or stolen, you risk losing money. as good as, If you lose your debit-credit card, Getting them back takes time. But digital wallets do not have this problem. Even if the phone is lost, there is no possibility that the money will be stolen. same, The used SIM card can be retrieved very easily.

From offline, Both online services depend on phone charges, Therefore, it is possible to encounter problems when the mobile phone is discharged. However, U. of technology with the increase in severity, this problem is also solved. For example, chips used in Near Field Communication or NFC technology do not require any type of charging.. The energy of the magnetic field connected to this chip can work by making it work. Additionally, NFC chips attached to mobile phones are primarily designed to handle financial transactions. Because of that, Since they are encrypted, they are also quite strong. meaning you, In the future, digital wallet services can also be used via mobile phones without charging.

The present and future of digital wallets

currently, The second generation of digital wallet technology is underway. In addition to various innovative works with this technology in the developed world, limited-service digital wallet systems are also being launched in third-world countries under the auspices of various banking institutions. Most people in the United States use digital wallet technology to regularly purchase products and services.

Development in Bangladesh too, the rocket, UKash, and Mobile banking services like mCash also improve the quality of e-wallet services. famous-expensive, Big you Apart from product-selling companies, small businesses, and private businesses also use these services to deal with consumers. In November last year, under the sponsorship of Dutch Bangla Bank and in collaboration with Data Soft and Fintech, it entered the market Pay 365Digital wallet services. Also, there is an app-based carpooling company, Pathao Digital Wallet Service, in the country. send-pay. On the other hand, By young entrepreneurs in this sector per handleNative startups like.

Leave a Reply

Your email address will not be published. Required fields are marked *