Over the last 10 years, the digital and mobile wallet has become a popular payment method for many people worldwide. More than 64% of Millennials have used a digital payment solution in the past year and the highest number of digital wallet users in the world are in Asia. Judging by these overwhelming statistics, it makes sense that many businesses are now accepting digital payment options.
What is a Digital Wallet?
A digital wallet allows consumers to securely make purchases and money transfers without having to provide their financial details to the merchant. Digital wallets store the consumers’ financial information and act as a “middle-man” between the consumer and merchant.
Some examples of digital wallet services are Skrill, Neteller, Sticpay, and Uphold.
Advantages of the Digital Wallet
There are many advantages to using a digital wallet to make purchases and transfers both online and in local retail locations:
Digital wallets allow consumers to easily make purchases and transfers without ever opening their wallets. Financial information is stored in the digital wallet making checkouts a breeze and alleviating any lengthy billing and shipping forms.
2. Fewer Fees
Sending money to loved ones, friends, and merchants can often be quite costly. The average bank wire transfer fee can run up to $50, and most money transfer services charge up to 10% of the transfer value depending on the receiver’s location. Digital wallets offer a far more economical way to make transfers and purchases with most entities charging between 1-5% of the transfer value.
Digital wallets keep your financial information safe by keeping a barrier between you and the merchant. For example, if you make an online purchase with your credit card, the merchant now has all your personal and financial information. By using a digital wallet like Skrill or Uphold, the merchant never sees your financial information. The digital wallet transfers the funds to the merchant and charges you accordingly, never revealing your information to the merchant and your purchase or transfer is completed without having transmitted your financial information over the web.
By using Uphold, individuals can fund their accounts with Bitcoin using blockchain technology. Blockchain represents a digitized, decentralized ledger of all cryptocurrency transactions. This technology can verify transactions, and the record’s authenticity can be verified by an entire community of users instead of one centralized authority.
Tradeview Digital Wallet Solutions
Tradeview is always striving to improve the services we provide to our clients. Digital wallets are accessible to our clients worldwide, making funding your trading account convenient and secure.
Since Tradeview opened its doors in 2004, our goal has been to find innovative, cutting-edge technology to provide our clients with the best possible trading conditions. With the dawn of the digital era, Tradeview implemented several digital wallet payment processors to meet the needs of our clients worldwide.
Over the years, Tradeview has developed relationships with Digital Wallet providers such as Skrill, Neteller, MyBitWallet, Uphold, and Sticpay to give clients several options to fund their trading accounts in a secure and cost-effective manner.
Nothing is more important to Tradeview than the safety of our client’s fund, which is why we have selected to only work with the best financial institutions that provide secure transactions for all our clients.