Lockdowns have fueled online shopping as people try to find ways to meet their needs without having to go outside. This, is turn, has triggered the rise of virtual wallets that are typically installed on mobile phones.
Some of these are meant to be secure storage solutions of card payment information so that people don’t have to type them each time. However, there are also wallets that contain cash from bank transfers. The latter is popular in places with low credit card adoption.
Tech giants are offering their own solutions with some phones coming with the pre-installed apps. Consumers can also install their preferred e-wallets from third-party providers. The contactless solution offers better security and reduces shopping friction.
If you have one right now, then make sure you manage your funds well in My Virtual Wallet. Spend only what you can really afford and make sure you still allot for savings.