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What are the pros and cons of digital wallets?

In this digital age, almost everything is accessible with a simple tap on a screen. We have witnessed how technological innovations have transformed the way we live our everyday lives from how we stay in touch to how we pay for things.

These technological advancements have now brought us to a place where we don’t even need to carry around a physical wallet to make transactions with the introduction of digital wallets.

Let us look at the pros and cons of the digital wallet.



The digital wallet makes transferring money, shopping, and even paying for gas possible with a tap of a button – saving us a lot of time and hassle.

You can store your credit card, debit card, and loyalty card numbers and access them from your device when needed.

Transaction tracking

Most digital services also have a record of your transaction history, making it easier to keep track of. This is helpful to remain on budget.

Less to carry

With the digital wallet being easily accessible on your smart devices like your phone which you always have in hand, the need to carry around a wallet containing your cards and cash has become almost unnecessary.


Safety and privacy concerns

Owning a digital wallet comes with the risk of becoming a victim of digital hackers. This can result in the hackers gaining access to all your accounts as well as transaction history. The same risk applies if your phone goes missing and someone gains access to the lost phone.

Dependency on devices

With the digital wallet being only available and accessible on your devices, you run the risk of having no access to the wallet if your battery dies or if you misplace your device.

Limited merchants

Not all merchants have adopted to support digital wallets or payments, you will likely still need to carry around some cash or cards in order to make some transactions.


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