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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[@ultratrump8189]

Changelly is the best simple 123 for beginners to advance 💯👍😎

[@wallstreetmojo]

Thanks for watching, glad you liked it!

[@karelluemba6263]

Crystal clear explanation! Keep it up!

[@manojn6645]

Great analogy of digital wallets! Nice work!

[@naim1045]

EXCELLENT

[@wallstreetmojo]

Thank You

[@MandeepSingh-fk4ut]

Great explanation.... 👍🏻

[@abhinandanjain2399]

Thank you so much mam 🙏

[@wallstreetmojo]

Appreciate your viewership, delighted that you enjoyed it!

[@mickeyromeo]

you know coins and change are two different things, yet the same, right?

[@xlmojo2080]

#nice👍

[@neilmurphy845]

I never knew what Google wallet was for until now my god it's so handy you can put all your cards onto one thing and it even tells you how much you spend in like a list It's very handy

[@GOOGLEACCOUNT-gc4vs]

But RBI should ban seeking AADHAR linked mobile numbers or bank account linked mobile numbers by wallet providers. Public should be able to have wallets by any mobile number, by providing their ID and Address proof, other than AADHAR and PAN also. Keeping Android/IPhones with SIM linked to Bank accounts linked to AADHAR and PAN will be more safer than carrying them. The purpose of having wallets is for making small payments to merchants, Recharging mobiles, paying bills etc, which may not exceed few thousands of Rupees. Whereas Android/IPhone where bank apps where lakhs of Rupees are held in deposit accounts will always be risky. For making transactions below Rs few hundreds of Rupees wallets with limit of few thousands of Rupees without AADHAR and PAN, but with any ID proof should be introduced

[@richardfrankenstein9428]

None. Much too complicated. And the internet is down. What then? Also my fingerprints recognition at clear regularly fails as does iris identification. Not ready for prime time.

[@289cobra9]

I use Google Wallet.

[@wallstreetmojo]

Check out our Free and Paid courses at www.wallstreetmojo.com/all-courses/

[@sgtslaughterrr73]

Cash, nothing better

[@jishnu9551]

Lol not at all

[@myria2834]

Police can, and frequently do, seize your cash and electronic devices without ever charging you with a crime. They cannot do the same to credit or debit cards.

[@curlywirly1945]

because you can never lose a phone...

[@ReunionMediaGroup]

you have to admit, it's easier to replace than the cards or the cash!

[@tracysmith245]

or power

[@289cobra9]

So you don't lock your phone?

[@ThennarasuN]

Phone pe and G Pay

[@laxmitimsina7111]

Watching before exam 😅😊

[@a.w.b.ranasinghe8987]

Great