Digital wallets have become one of the go-to modern conveniences for users and businesses. It's an alternative payment method that'll soon likely become the norm.
As our guide to how e-wallets work explains, they provide ultra-convenience alongside unprecedented new security features to protect your finances.
However, it’s only natural some of you may still have concerns before using a digital wallet for the first time.
In fact, one of the most common questions we receive is, “Is FasterPay safe?”
And we’d like to ease your concerns about digital wallets, so you can make an informed decision about whether you’d like to join us.
So, let’s get started by comparing e-wallets to the normal cards we’re all so familiar with using.
Yes, digital wallets are safe to use. They offer a wide range of security features to protect your card details and finances.
We’ll explain just how they do that further below in this guide, so you can see we’re not just claiming this for the sake of it.
Because, of course, e-wallets need to be safe for people to use.
Over 140 million people get an e-wallet every year. The expectation is the market will be worth $14 trillion by 2022.
And it’s easy to see why. They’re convenient and you can download an e-wallet app directly to your phone.
Compare this to your wallet. They’re often at bursting point with credit cards, loyalty cards, and spare change.
Worse, if you lose your wallet criminals can access your cards to scan payments in stores.
Digital wallets prevent this very basic level of fraud, which makes for an unfortunate reality with cards. They’re secure, until they’re stolen or misplaced.
Download a digital wallet app to your smartphone and you’re free from such concerns. And you even layer up your security features to make your account virtually impenetrable.
So, what sort of technology do financial companies like us use to block fraudsters and criminals from accessing your personal information? Let’s take a look.
FasterPay gained a Financial Conduct Authority (FCA) license in 2016, after which we designed our product.
Our e-wallet features the latest in security measures to manage your finances:
When using our app, you also have access to a number of account protection features, including:
Additionally, the FasterPay vault is an area that protects your essential details from prying eyes.
To add, send, and spend money with ease, a user can securely store them in an account—all without having to enter credit card details every time.
So, digital wallets like ours use authentication, data encryption, and monitoring to keep your personal information secure. These steps layer up your security and ensure your account information is always protected.
You can find out how this'll help merchants with our guide to FasterPay for businesses.
Credit cards still have a place in all of our lives. They were first introduced in 1950 and such long-standing use will make it difficult for some people to give them up.
Think back to check books and their common use throughout the 20th century. Now they’re rarely in use thanks to technological advances, but older generations in particular still like to use this payment method.
Although there was some resistance about them disappearing, gradually far more convenient technology began to overtake a paper check.
We can expect this to happen to credit cards as people begin to realize the benefits of a digital wallet.
The younger generations will certainly lead the way in this respect.
Older generations less reliant on their smartphones will no doubt still turn to their trusty credit card, but the passage of time will no doubt secure the digital wallet as an essential requirement in everyday life.
And we can expect this shift to occur over the next decade. Why not get started now?
Now you know about the extent to which our safety measures go, why not try the FasterPay digital wallet?
If you’d like to access a free personal or business account, try out FasterPay.
You can also download the app from:
We also put the customer experience first. If you have any problems, or questions you’d like to ask, contact our 24/7 team on firstname.lastname@example.org.