Digital Wallet

Digital Wallet

We use many apps today to make our payments, like the Google Tez, the Amazon Pay or the PayPal. Why do we use them? how and where did it all start?

Why are we not satisfied with plastic money? Well, that’s a lot of questions that go into thinking. But, worry not, we will tell you all that one by one!

To begin with, let’s tell you what is digital wallet:

Paper currencies after certain limit became to difficult to be carried along and came with the safety issues of being robbed and stolen. After too many difficulties were reported people started exploring the ways of reducing the burden of carrying too much cash and introduced chip supported plastic money. Well, that was absolutely fine, until someone posted a question again. Carrying wallets and losing them again was the problem!!

Physical wallets started filling with a lot of credit cards and debit and people started stealing them too! then came the PIN introduced cards, which were still difficult as the PIN could be forgotten. That’s when the need to introduce a customer friendly wallet which can be carried anywhere and everywhere came into need.

The outcome was the digital wallet!! You can carry them anywhere, load your maximum currency and still be worry-free. The digital wallet is an online account that helps you in transactions to be carried out without the need for card and others. it’s a platform, just like the online trading platforms for crypto trading. There are many platforms for crypto trading, but Qprofit outstands them all with its legal tag and outstanding performance in predicting the outcome.

So, we have a few types of digital wallets too:

Open wallet

This is one type of wallet where you can withdraw cash at an ATM using this account. These wallets can be used to do purchase, at various sales terminals accepted by eth cash receiver or the storekeeper.

Closed wallet

This is the opposite of an open wallet, where you can do the transactions only with a certain set of customers, who are been approved by the service provider. You can’t withdraw any balance amount in atm.

Semi-closed wallet:

Here the wallet can be used at only specified merchants; who have been given contract notes by the lenders, to purchase goods. You can’t use in all stores and sometimes withdraw money. It only gives you limited access to the facilities.