Tech

5 E-WALLET SECURITY TIPS

E-WALLET SECURITY TIPS

Mobile payment technologies have evolved through the years. They’re driving commerce at a quick pace. In the world mobile payments market expected to grow day by day, retailers moreover as shoppers are adopting digital payments, therefore the revolution of digital wallets has begun. Gone are the times when one had to use coins, cash or cheque as a medium for payments as well as needs to standing in the queue of banks or ATM counters.

In India since the government’s demonetization of the currency in this country, with the flood of the agenda of “cashless transactions”, we have become habitual of using the e-wallets for our day-to-day transactions, hence reducing the use of cash. Among the array of e-wallets available in India, Paytm, MobiKwik, Freecharge, etc. are the most popular and efficient option.

However though digital wallets are highly encoded in storing customer data, still digital wallet security remains a major barricade, to its adoption. As while implementing cashless transactions the factor that affects our usage most is security. Although we’ve all been using and the usage of this e-wallet will keep on increasing in the future as well. security matter lots if are using any Ewallet

Here are some 5 important security tips which you should remember always for improving your e-wallet security:

1.  Secure you’re E-wallet App with App Password:

Empower passwords on your Mobile, tablets, and other different gadgets also please use the additional layers of security provided by your devices or e-wallet like fingerprint sensor etc. These feature ensures the security of the money in the wallet even if one loses or misplaces the phone. This feature is a breakthrough for safeguarding your cashless transactions. Here are the steps you can follow to secure your Paytm application:

For example – Here are the steps you can follow to secure your Paytm application:

  1. To set up the password, first set the Phone’s default Android/iOS security password by going to the phone’s settings and enabling the screen lock using a pin, password, pattern, or fingerprint.
  2. Now, open the Paytm app and click on the “Pay” or “Passbook” selection. You will be prompted to enable this optional feature of app lock.
  3. Now click on the Add Security feature. You will be asked to reconfirm your phone’s security pin/password/pattern/fingerprint.
  4. Once confirmed, the new app password is now set.

Using the steps aforementioned, you can secure your Paytm app and your money in the Paytm wallet from invasion.

2. Limit the Amount in Your E-Wallet:

With the ease of transactions, we don’t have to go through the hassle of carrying our wallets and cash and cards everywhere. With just a click on the screen, we can easily transfer money to the other person. But with pros come cons. Although there are some minuses which can cause you trouble. Such a plight with keeping too much money in your e-wallet. For a secure convention, users need to limit the amount they keep in their Paytm wallet to reduce the risks of unnecessary transactions and deductions.

3. Do not Save your card Details in the E-wallet application:

With the advancement in technology, we have become more indolent and try to avoid much effort. We have almost developed this custom of saving our card details in our e-wallets so that whenever we do a recharge in the wallet, we don’t have to fill in the details again and again. But this languidness can land us into uninvited and niggling situations. This saving of card details can lead to misuse of our e-wallet if it falls in the wrong hands. Hence to prevent any hitch with the money in the e-wallet, the users should avoid saving their debit/credit card details while recharging their e-wallets. Also, to avoid any glitch with your money, follow these security tips to carry out your transactions swiftly using the Paytm coupons on the application. However, these three security tips for your Paytm e-wallet will help you ace the cashless game despite the setbacks.

4. Use Secure Network Connections:

Always be careful the network which you are using while doing any of transaction. It’s important to be used only to those networks on which you can trust. Avoid the use of open public Wi-Fi networks. Secure Wi-Fi connections may require passwords to be connected as it’s configured with “WPA or WPA2.tye of security”. An insecure Wi-Fi network is wide-open for anyone where a person no need to require any password to use the internet or may be labeled as a “WEP” connection.

5. Install Apps From Trusted Sources:

Apps are not always what as its looking like. Many of the other third parties are developing junk apps. In fact, you could be getting more whatever are you expecting. Many of the junk e-wallet apps offer you a big amount of cash back by using their promo code. Please be careful before installing any of the Digital-wallet, reading the user ratings and reviews as well as read about the company who launched the same.

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