Wondering exactly how does e wallet work and whether it is truly secure? Let’s take a look at a what the most convenient payment methods are and what makes them the safest option.
Being able to make payments without any contact is quickly becoming the norm. For instance, these methods are the most popular with both merchants as well as consumers in most businesses. Including online shopping, paying for subscriptions and even casino gaming. So, if you’re wondering how does e wallet work and whether it’s your best option, the following should clear things up for you.
How Does E Wallet Work?
Basically, an e wallet is a digital wallet that stores the information from your credit and debit cards. Allowing you to use them from your phone or even smart watch without entering the information every time or presenting your card. This is more than just a convenience; it also protects you. By making it unnecessary to provide your card details to every website or store you would have otherwise given this sensitive information to.
Moreover, credit and debit cards aren’t the only things you can keep stored in your e wallet, you can also keep track of gift cards, membership cards and loyalty program cards too. In addition to coupons, tickets for events and even flight tickets. It’s also possible to transfer money to others via your e wallet.
Safety and Security of E Wallets
The main concern for anyone wondering how does e wallet work, is whether they can rely on the technology. Whenever something new comes around, it’s only natural that there will be people nervous about giving it a try. Especially when it involves anything to do with banking or making payments. However, in the case of any reputable e wallet services, this concern is completely unnecessary. Because they are about as secure as any banking app or website. Equipped with security measures like SSL to keep your sensitive data safe from third parties. Thanks to end-to-end encryption, even the e-wallet server does not necessarily have access to your information.
The main process that e wallets use is called tokenization, which is where it generates a single use token made up of a random code. This is what’s used for the payment and your actual card numbers remains private. Additionally, there are measures you must take to access your e wallet, such as entering a PIN, facial recognition or fingerprints as available on your smart phone.
The only thing you must keep in mind is that you should protect your screen when entering your PIN and there are others around.
Leading Digital Wallets
You can use a number of digital wallets when gaming at slot e wallet. For example, all of the major digital wallets such as Apple Pay, Google Pay and Samsung Pay. Therefore, no matter which type of phone you own, using an e wallet is going to a be an option for you. Just keep in mind that you can only use the digital wallet that comes along with your iOS or Android device. As Apple Pay will not be available on an Android device. The only exception would be PayPal, which is a service you can use no matter which type of device you have.
One of the interesting things about using digital wallets is that you can add lists of where you can shop to them. This can further protect you from fraud, as it will only allow payments to your approved merchants.
Not every single merchant will accept digital wallets as payment. However, the list of stores, casinos and other platforms continue to grow to include this as an available payment option. Which means even if you aren’t currently using a digital wallet, it’s important to understand how does e wallet work. So that you are fully prepared to select this when making your next online transaction.