Digital Wallets are not new, neither iOS, Android and LTE/4G powered mobile phones are newer. Newer is increasing penetration and various offers by many service providers forcing the users to use certain digital wallet. Knowing the basics, advantages and disadvantages of digital wallets possibly more than everyday’s need for any level of user in this IT era. It is normal to thing about PayPal and ask yourself what is the difference of PayPal with them. Oddly, PayPal is a digital wallet which many users think not as digital wallet. Furthermore PayPal has One Touch mobile application. Most of the debit and credit card companies also has such applications. Then why Paypal in the past faced many issues with many Governments for their practical model of transaction on the internet when the same Governments are remaining blind or even promoting some of the newer digital wallets? More than technology, it is marketing, money under the table which is making the newer “Digital Wallets” so popular. Governments, for obvious reason are remaining blind or even promoting them to decrease the cost of printing bank notes, coins. In order to use a Digital Wallet in real life, one need some sort of newer mobile phone. Governments across the whole earth are in a mood of stealing as much data, running mass surveillance and looting public money as after 100 years this current model of “democracy” not going to run. The business named politics is facing difficulty as family carrier. At this moment the naive users are not aware of core technology or Governmental thefts, so it is easy to target those users. Free Software Foundation does not recommend to depend on the non-F/OSS mobile devices for the threat of mass surveillance, personal data theft. It is obvious, to get some offer like $10 in wallet for signing up, one can definitely use to suck that offer money.
Digital Wallets : Advantages and Disadvantages
Digital wallet means an electronic system which allows to make electronic transactions. This can include purchasing items on-line or using a smartphone at a physical store. An individual’s bank account, debit card, credit card, virtual credit card can also be linked to the digital wallet. Advantages of Digital Wallet is definitely very easy almost one touch transaction, almost no chance of theft of physical money.
Disadvantage of any technology is blind worship, mass promotion by Governments, like this URL :
Reserve Bank of India also has types of Digital Wallets. Closed E-Wallets is one where a company uses the service for their consumers for in-house goods and service. Semi-closed Wallets have a contract with the issuing company to accept payment for services and goods at merchants which are registered with them but Semi-closed Wallets do not permit cash withdrawal or redemption. Open Wallets are like PayPal.
In essence, all over the earth “semi-Paypal” are being promoted and they are neither time tested nor safer for the customers. It is very easy to get locked-in in to closed E-Wallets, semi-closed Wallets.
One can try to find to search with “e wallet offers”, “Digital Wallet offers” to have some luck to gather some virtual currency for signing up and gathering at one account to buy something from Amazon, Ebay. You can read articles, news on Free Software Foundation, essays by Richard Stallman to get idea of the dangers of such payments with real name with non-crypto currencies.