Digital wallets can provide a quick and convenient way to make payments right from a mobile device, like a phone or smartwatch. Whether people are shopping in store or online, they can use digital wallet apps to complete touch-free transactions with ease.
This article includes tips, suggestions and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.
According to FIS Global’s Payments Report 2023, over one-third of UK e-commerce purchases in 2022 were completed using digital wallets.1
The question is: Are digital wallets safe?
Digital wallets are generally a safe and reliable payment solution. That's because they often use advanced security measures like encryption, tokenisation, and two-factor authentication to protect people's financial information and verify payments.
Learn more about how digital wallets work and potential digital wallet security measures.
A digital wallet is an app that people can use to store payment methods and bank account information, as well as send and receive money right from their device. Instead of carrying around physical credit cards or cash, they can make payments using their digital wallet app.
Here's a closer look at what people can do with digital wallet apps:
Many digital wallet apps may have built-in security features to help protect people's financial information and verify transactions.
Common digital wallet security measures include:
Since digital wallets are still a relatively new type of payment solution, let's debunk some possible myths about them and their safety:
In addition to using built-in security features, people can take measures to protect their digital wallets and financial information. Here are some potential tips:
See more about how to pay safely with PayPal.
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