WALLETS; BANK AT YOUR FINGER TIP

WALLETS; BANK AT YOUR FINGER TIP

October 15, 2021

Technology has redefined financial transaction in all faucets. From the age of barter trade to the current archeological age of blockchain technology, finance and its activities have undergone major revolutions that have changed the narratives on our terrestrial ball.

In the days past, conventionally, people carry their wealth about, monies in bags, vaults and boxes, hence, exposing the fiat to both environmental and man-made attacks. In the course of holding money conventionally, wealth have been lost through robbery operations, termite invasion, fire disasters, flood and other denudations of the environment.

Here comes the wallet: we will look at the wallet from two horizons-the tangible and electronic wallets.  Tangibly, a wallet is a pocket-sized flat case for holding money and plastic cards –dictionary definition.

Physical or tangible wallets come in different sizes, shapes and colors. But this is not the major focal point of this article, we will be dwelling more on the digital wallets.

What is a digital wallet? A digital wallet, also known as e-wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services.-wikipedia

E-Wallet permits it’s user to store several credit card and bank account numbers in a safe ecosystem, and remove the need to enter in account information when making your payment. Once you have registered and created E-Wallet profiles, you can make payments faster and with less typing.

A wallet is significant to keep all your peculiar belongings, travel papers, money and cards protected from robbery, damage or weather exposure. It is also a great asset that can help to term your flair and quantify your image.

Digital wallets as financial accounts allow holders to stock monies, make transactions, and monitor payment histories through COMPUTER. These pieces of software may be included in a bank's mobile app, or as a payments platform like PayPal.

Information transmission through mobile networks is the lowest secure method, and transactions using a digital wallet will be subject to the jeopardies intrinsic in any mobile business. There is also the danger of having your phone lost or stolen, exposing your individual and financial information.

Digital wallets come in two different forms namely, the hot and cold digital wallets.

Apart from the hot digital wallets which are connected to the internet, there are also the cold hardware wallets used by institutions and high net worth individuals, for the storage and safe keeping of their coins to avoid hacking and phishing from malicious internet fraudsters.