Are Digital Wallets Safe or Not For Pakistani Expatriates In Ireland? Everything To Know

For clients searching for quick and easy payment options, an electronic wallet, or eWallet, offers the next level of convenience. In Europe, where they are frequently utilised, eWallets have been around for a while. The use of eWallets increased dramatically during the COVID-19 epidemic when Irish consumers chose to make transactions without coming into touch with cards or payment terminals. Pakistani expats have mostly used money transfer apps to send money to Pakistan from Ireland through ACE money transfer which have made money transfer more easy and quickly.

EWallets make life easier, but they also provide savvy hackers and cybercriminals with a new way to try to steal your financial information. Therefore, the issue is: Are eWallets risk-free to use, or are they just not worthwhile? Your personal eWallet's use and security will determine your response.

There are several things you can do to increase the safety and security of your eWallet, from taking common-sense safeguards to using online security tools. If you consider the benefits of using an eWallet, followed by advice for safeguarding it, you can make an informed decision.

What are e-wallets? What are the benefits?

Consider an eWallet as the digital equivalent of a wallet. You store your eWallet on your smartphone rather than carrying around a wallet full of credit and debit cards. Similar to a traditional wallet, the eWallet may store a variety of different debit or credit cards.

When you're ready to make a purchase, just wave your phone over the cash register to complete the transaction. It is not necessary for you to put your card into a reader or present it to a cashier. Faster, simpler, and without any communication, payment is processed. If you decide to have several cards in your eWallet, you may quickly switch between them or pick one to use exclusively.

Are digital wallets popular?

Since the COVID-19 outbreak began, the popularity of digital wallets has exploded. In October 2020, Blackhawk Network discovered that 55% of the people it surveyed used digital wallets. Before the pandemic, that percentage was merely 38 per cent. This is not shocking: Mobile wallets are useful, particularly in the midst of a pandemic when many customers still prefer to spend less time in restaurants, merchants, and grocery stores.

You simply save your credit card or other payment information with a digital wallet using a service like Google Pay, PayPal, or Apple Wallet. You can choose your preferred credit card or payment method when placing an online order from a restaurant, grocery shop, department store, or other merchants.

You may swiftly pick up your purchase from the store or restaurant without going through the checkout line. This restricts how much time you spend in the store and how much you engage with people physically. Additionally, you can make in-store purchases using your digital wallet.

How digital wallets work

Knowing how these methods operate will help you increase the security of your digital wallet. Google Pay is available. Apple gives users a Wallet. Samsung also runs Samsung Pay. Additionally, you can use a digital wallet like PayPal or Venmo.

All mobile wallets function largely in the same way: You create a digital wallet account by entering your username, email address, and password. But as an expat you have to do money transfer to Pakistan from Ireland so money transfer apps like ACE money transfer will work. Then, you can use your phone, laptop, tablet, or other devices to access your wallet. After creating a wallet, you can link your bank accounts, credit cards, debit cards, and other payment methods to it. After that, you can make purchases using your digital wallet on your computer, smartphone, or other devices. You will be given the option to select one of the payment methods associated with your wallet when you make a transaction.

This saves you time because you don't have to enter your credit card information when making an online purchase or paying with cash or a card at a store. Instead, you just click on your digital wallet.

Are digital wallets safe?

Digital wallets are generally secure. Digital wallets, according to the Identity Theft Resource Center, rely on time-tested security methods like two-factor verification and PINs that can only be used once. Additionally, consumers' financial and password information is encrypted by wallets. As a result, it is more challenging for hackers to intercept this information when consumers utilise their digital wallets to make purchases.

You probably don't need to worry about using digital wallets and the accompanying apps pose a higher risk of fraud than using credit or debit cards to make purchases at a cash register or other point-of-sale device. However, you should exercise caution since thieves can still access your digital wallets, especially if you misplace your smartphone or any other connected device.

E-Wallets also offer a measure of security 

You don't need to carry around cash or a wallet that could be stolen or lost. If you lose your phone, you can still sign into your eWallet by using a new device. Additionally, you must submit some sort of authorisation before making a purchase, either a PIN or a biometric scan of your fingerprint. As a result, fewer fraudulent purchases are likely to occur.

Because of how widely used eWallets have become, many businesses now allow customers to use them. Even while some businesses haven't yet upgraded to the new technology, they will probably do so soon.

Common threats associated with eWallets

The prevalence of digital wallets has drawn the attention of malevolent actors, which has increased the number of people they are targeting. Because eWallet threats are increasing, consumers need to be aware of the risks associated with using digital wallets and how to improve the security of their eWallets.

Data transmission across possibly unsafe mobile networks presents the highest risk. Hackers may be able to intercept the transfer of payment information if security is inadequate. However, since most eWallets employ some form of encryption, this hazard is typically insignificant. To protect your data, kindly avoid using free public WiFi.

The biggest risk could be the loss or theft of your phone. Without your knowledge, a burglar will be able to access the data on your phone or digital wallet, make any purchases or even withdraw money from your bank account.

How to protect your eWallet and avoid these issues

1. Lock your phone

The previously mentioned absence of safety for the data on your phone is the biggest danger of using eWallets. Lock your phone using the security features, and do the same with your eWallet and any important apps that contain private data. This will prevent a criminal from getting access to your phone or eWallet.

2. Monitor credit card and bank account activity

You must immediately call your bank and lock your accounts if you see a questionable charge.

3. Install security apps

You should take every precaution to secure any sensitive financial information you carry with you, such as an eWallet. You should install security apps to secure the information on your phone further and give you location-based services in the event it is lost or stolen.

In conclusion

“eWallets are largely secure, however they are not impervious to attack. To minimise the risks and guarantee that your financial information doesn't get into the wrong hands, make sure to use additional security measures.”