Digital wallets (Easy Explanation)
This is the Video on “Digital Wallets”.
Chapters:
00:00 - Introduction
00:16 – Why digital wallet is needed?
01:07 – What is a digital wallet?
01:40 - How digital wallet transaction happens?
01:55 - Are digital wallets safe?
02:46 –What is tokenization?
02:55 – Example of Digital wallet security.
03:16 – Conclusion
In this video tutorial, we will discuss what is a digital wallet & why are they needed, how a digital wallet transaction happens, its security, tokenization, example, etc
Digital wallet
A digital or an e-wallet like a Paypal or Google Pay is electronic software that stores a user's bank card in one place, allowing the transfer of money or any other transaction without using a physical card or cash.
It is a non-physical mode of transaction.
For using them, you need to download these digital wallets on your phone from the Google store or any Apple store and transfer your funds from your bank account.
Also, you have to register yourself with these digital wallets.
Security:
Digital wallets have always been a better security option than credit cards because they come with multi-factor identification. E.g. along with the password, another security option like a face scan or fingerprint authentication.
So, if someone steals your phone and somehow gets through your initial password, they won’t be able to get any further because your fingerprints or your face scan scanner will be missing.
A digital wallet secures all your passwords and card details through a process called encryption which makes it impossible for anyone to steal your data.
Mobile wallets depend on tokenization, where your card number is replaced by a randomly generated number called a token.
Because of these walls of security, the use of digital wallets is growing by the day, and the number of people using digital wallets is expected to reach 4.4 billion by 2025.
#digitalwallets #wallets #wallstreetmojo #Googlepay #Paypal #tokenization
==========================================================================
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Chapters:
00:00 - Introduction
00:16 – Why digital wallet is needed?
01:07 – What is a digital wallet?
01:40 - How digital wallet transaction happens?
01:55 - Are digital wallets safe?
02:46 –What is tokenization?
02:55 – Example of Digital wallet security.
03:16 – Conclusion
In this video tutorial, we will discuss what is a digital wallet & why are they needed, how a digital wallet transaction happens, its security, tokenization, example, etc
Digital wallet
A digital or an e-wallet like a Paypal or Google Pay is electronic software that stores a user's bank card in one place, allowing the transfer of money or any other transaction without using a physical card or cash.
It is a non-physical mode of transaction.
For using them, you need to download these digital wallets on your phone from the Google store or any Apple store and transfer your funds from your bank account.
Also, you have to register yourself with these digital wallets.
Security:
Digital wallets have always been a better security option than credit cards because they come with multi-factor identification. E.g. along with the password, another security option like a face scan or fingerprint authentication.
So, if someone steals your phone and somehow gets through your initial password, they won’t be able to get any further because your fingerprints or your face scan scanner will be missing.
A digital wallet secures all your passwords and card details through a process called encryption which makes it impossible for anyone to steal your data.
Mobile wallets depend on tokenization, where your card number is replaced by a randomly generated number called a token.
Because of these walls of security, the use of digital wallets is growing by the day, and the number of people using digital wallets is expected to reach 4.4 billion by 2025.
#digitalwallets #wallets #wallstreetmojo #Googlepay #Paypal #tokenization
==========================================================================
Subscribe to Our Channel –
Youtube ► @wallstreetmojo
LinkedIn ► LinkedIn: wallstreetmojo
Facebook ► Facebook: wallstreetmojo
Instagram ► Instagram: wallstreetmojoofficial
Twitter ► Twitter: wallstreetmojo
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