Nowadays most people prefer to buy items using a virtual wallet (also known as mobile wallet). This is because you can use a single virtual wallet to consolidate different credit cards. In fact, you don’t have to carry your credit cards when shopping. Simply put, a virtual wallet is just a platform that stores your money electronically.
A virtual wallet comes in handy when you want to shop online. You can actually shop while on the go without experiencing any delays. The other advantage is that most virtual wallets have been integrated with mobile apps to allow you to pay for goods or services using your smartphone or tablet.
Even those who buy and sell cryptocurrencies store them in such wallets. On the other hand, the experience you will get from a virtual wallet depends on your choice. Here are a few tips that can help you in choosing the best mobile wallet.
1. Maximum Security is King
When hunting for a virtual wallet, you should give the first priority to a wallet that guarantees the highest level of security. Remember, your money is at stake. In case of a security breach, you can lose all your money. This normally happens when details of your wallet and credit cards lands in the hands of wrong people. The details of your wallet can be hacked when you are doing transactions on the internet. You should therefore opt for a wallet that secures user information through encryption.
2. Widely Accepted Wallet is Better
Although there are many mobile wallets, only a few are accepted by most retailers. You should, therefore, opt for a wallet that’s widely accepted by online stores. Some of the most recognized wallets include Apple Pay, Samsung Pay and Android Pay. These wallets have one thing in common; they are owned by reputable brands. If you get a wallet that’s not popular, your purchases will be rejected at checkout. At the moment, there are more than 10 million retailers that accept payments via Samsung Pay.
3. Check Transaction Limit
Different virtual wallets offer varied transaction limits. Once you have reached the predefined limit in a day, week or month, you can’t use wallet to pay for goods or services. This is done to protect you from money laundering. If you buy stuff more often, you should settle for a wallet that features a higher transaction limit. Those who shop once in a while should select a wallet that comes with a low transaction limit.
4. Expense History
Advanced wallets make it easier for you to follow your payments closely. This feature is very crucial when you want to account for every buck that you spend on purchases. Moreover, you should opt for a wallet that allows you to settle your monthly bills at ease. This includes paying for electricity, water and telephone bills.
5. User Friendly
A complex wallet is difficult to use. This is because users who are not tech savvy will need to be guided by those in the know. To spare yourself from such trouble, you should select a wallet that’s easy to navigate regardless of whether you are using a PC or a mobile device. Additionally, you should opt for a virtual wallet that’s rich in features. Some of the features to look out for include scheduled payments, bill split and bill reminder. For more details on virtual wallets, please visit cryptohead.io.