The E-WALLETS are free mobile applications, through which you can send or receive money only with your smartphone, after you have registered and created your password you can make secure, fast and contactless payments in businesses and shops. Payments are made with only one of these two data: Provider’s telephone number or QR Code, subsequently receiving a confirmation message of said operation that is simple, without using the financial entities through debit or credit cards. They are one of the new payment methods that has experienced the most growth in recent years.
The use of a digital wallet in today’s world generates a decrease in theft, as less cash is used. It is a secure payment mechanism to reduce contact in the middle of a pandemic, thus running the risk of contagion from COVID-19. In addition, it includes an immediate availability of money, more security when making transactions, reduction of transaction costs, time savings and inclusion of the population not registered in banking institutions. If you are interested in bitcoin trading, visit bitcoin up.
There are many digital wallets that have different functions. When choosing to integrate an electronic wallet, it is advisable to be clear about what we need it for? and how we are going to use it?
On the other hand, “wallets” (crypto currency purses) allow you to make balance inquiries, operate with crypto currencies or simply see the operations carried out. The security that wallets have, and that banks do not offer us, is that they allow the user to sign transactions with full control of their private keys.
As crypto currencies cannot be withdrawn through a bank ATM, wallets are created so that there is an interconnection between the available crypto currencies and their block chains, that is, each block chain is like an accounting book that allows us to visualize the movements of crypto currencies as well as controlling available balances.
In order to be able to send or receive crypto currencies you need to authorize these operations through a PRIVATE KEY, which can be compared with bank passwords, only this private key is impossible to decipher where only you have the information of this unique key.
Today’s users have high expectations and demands regarding payment options, looking for the easiest ones that allow for increasingly personalized experiences. This has generated new determining factors in the market, specifically in terms of the adoption of super applications and digital wallets, which are changing payment behaviors.
Since the arrival of crypto currencies, instead of going to third parties to guard their assets and manage them through their platforms, users increasingly act as their own bank. The particularity of these virtual wallets is that users have full responsibility for the funds and how they are employed is their responsibility; In other words, each transaction or operation that they carry out will be under their responsibility.
In China they found a way to eliminate the payment of bank commissions through mobile payments, which benefits both businesses and customers. Here the global banking systems are already beginning to shake, turning countless banking operations into an integral ecosystem of financial operations.
THE FUTURE that we saw so FAR AWAY is nothing more than an immediate present, where financial changes are giving hard blows to capital systems already established worldwide, where users are always the last in the chain of beneficiaries even if they have led us to believe that we are the first.
We never imagined that our lives would take a turn to integrate us even sometimes abruptly into the digital age, that is why it is important to inform ourselves about the news in the world of finance and new businesses from the internet.
The update and adoption of all these new tools can sometimes take us a little time to assimilate them regardless of whether you are seniors, middle-aged adults or young people, so much information makes us feel overwhelmed to achieve such an update, although sometimes it could consider that the digital world updates us by pushing and without warning us.
SO, GET READY because we are getting closer and closer to the replacement of banking entities. The rules of the game have changed forever due to the combination of a whole series of technological factors such as communications, AI, Big Data, IoT, the rise of crypto currencies, the increase in regulations, etc.
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