Using your credit cards with digital or virtual wallets

As the world's leading retailers embrace the latest technologies, people are joining the trend.

Most of us, in one way or another, are becoming more and more familiar with digital wallets, also known as virtual wallets, and what they can do. That's why we want to delve deeper into the use of cards and other of their qualities.

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Best digital wallets apps

Digital wallets are a technology that continues to gain followers due to the ease they represent for managing personal finances.

Apps such as PayPal, Skrill and more recently: Apple Pay, Google Pay, Samsung Pay, (Visa) or Dwolla, among others serve to organize your payments more efficiently and without having to worry about carrying cash or physical cards.

Digital WalletsThe growing popularity of their use is closely linked to the purchase of smartphones and other similar devices. Many of these applications are already built-in and the companies behind them have exclusive agreements with the most important retailers on the planet.

In addition, many physical stores continue to enable the technology to process these electronic payments.

Although a conservative mentality prevails in the United States with respect to digital wallets, that does not change the fact that megacorporations will not stop betting on their popularization.

Millennials and the generations that follow them favor the use of technology and more so when it comes to streamlining a process with a few simple clicks.

On the other hand, the arrival of e-wallets has meant a breakthrough in terms of payment processing and financial management. Thanks to advanced encryption, both sellers and buyers are better protected against fraud.

With a digital wallet, you can also store gift cards, transportation tickets, concert tickets and even receive rewards, coupons or free stuff from those who sponsor these money management apps.

How to incorporate a card into your e-wallet

When using a digital wallet with a device, you will need to have NFC technology enabled, which is standard for most recent models.

This process also requires the configuration of your smartphone to lock the screen with a biometric method or through a code, which will authorize the respective payment.

One of the great facilities of digital wallets is that they are designed so that anyone can use them without many complications. These apps have wizards or assistants to incorporate your credit cards, debit, departmental or gift cards according to your needs.

All you have to do is scan or type the plastic number, wait for confirmation from the issuing company and that's it. If you want to delete a card, it is also very simple.

Similarly, you can add rewards cards from your favorite stores or even their apps so that they work in sync.

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You can scan the barcode or enter it manually. It is also possible to add flight tickets, memberships and other tickets by scanning the QR code, through a message or an email.

When you need to pay with an e-wallet at a store that has this technology enabled, you will find that the process is very simple. All you have to do is go to the cash register, open the corresponding application, hold your smartphone near the NFC point and authorize the payment with the code or biometric recognition. Once finished, the screen will confirm the operation.

Basic concerns about digital and virtual wallets

Despite the fact that technology is advancing faster in the U.S. than in other countries, people have reservations about using digital wallets.

The main concerns in this regard are directed at data privacy and the security systems that take care of the transactions. As cybercriminals are always one step ahead, these are legitimate fears.

If we compare the complexity of an e-wallet with more direct methods, such as cash or credit card, there are reasons to be cautious. In fact, the information passes through the cell phone, the operating system, the app and the payment source, and there is a greater chance that one of them will fail.

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However, many experts say that this method is more secure than the more traditional ones.

Digital wallets are designed to have redundant protections, which translates into digital certificates for online and offline purchases.

These security measures are attachments to electronic correspondence that serve to verify your identity and that of the recipient, so that both can encrypt any transaction.

In addition, NFC-enabled devices have special microprocessors that are encrypted for financial transactions. The intention is to store the data for transactions, so even if you have the PIN or the phone, the hacker cannot get the information from the chip.

English: Cómo utilizar tus tarjetas con carteras digitales