5 myths about the digital wallet

Using your phone or smart device has become a more common payment method throughout the past few years. This trend is mainly due to the increased popularity of the digital wallet – a product which allows users to store their cards in one place, manage their finances, and pay different institutions. However, the digital wallet continues to raise uncertainty, and it is often still a subject of various incorrect conclusions as to its functionality.

iCard is here to uncover five myths about the digital wallet, which you might be hearing and questioning quite often.

1. The digital wallet is not secure enough

Many users claim that such a product doesn’t offer the necessary security against fraud and that card payments are safer. In fact, the exact opposite is true. Your phone’s facial recognition or fingerprint scanner reduces the risk of fraud and provides additional security to your money because the data is unique for every user and is more reliable than the 4-digit PIN of the physical debit card.

There can be a problem only if you use a digital wallet by an unauthorized institution for electronic money or if you don’t have phone security (facial recognition or fingerprint). With its 16 years of experience, iCard ensures uncompromising security in digital payments. You can rest assured that your money is always highly protected with us.

2. The digital wallet is complex

Despite having a variety of functionalities, the digital wallet is effortless to use. Even opening an account takes just a few minutes, and is completed entirely over the phone – you will only need a document of identification to verify your identity.

iCard is by your side and offers you a number of opportunities which you can use to save time and effort. Just a few taps away, you can:

• store all your cards in one place;
• top up your cards in multiple ways;
• track the activity of each card;
• pay your utility bills and taxes;
• send money to your friends;
• donate to various charities;
• buy e-vignettes;
• get insurances.

3. Digital wallet payments take time

Paying with your phone is extremely fast compared to card or cash payments. Traders rely on this payment method to reduce the time for queuing and to make payments easier, making POS terminals more and more common in shops. Additionally, mobile payments are convenient – your phone is with you everywhere, at any time, and it is less likely for you to forget it at home compared to your physical wallet.

You can add your cards to iCard Pay, Apple Pay, Google Pay™, or Garmin Pay™ without having to carry them around with you. That way, you can guarantee yourself speed and effectiveness for every payment.

4. The digital wallet eliminates the need for a physical card

Unfortunately, this is not entirely possible yet. Sometimes, a POS payment can be declined, requiring the use of a physical card. Validating your trip in public transportation with a debit card, which has become a more and more popular way of ticket-buying worldwide, also requires a physical card when a check is performed by a conductor.

If you love shopping online, the good news is that thanks to iCard Digital Wallet, you don’t need a physical debit card – the virtual Visa and Mastercard are by your side with no service fees, so you can pay only with a few taps on the screen, quickly and conveniently.

5. Controlling your expenses with a digital wallet is difficult

The convenience of paying everywhere with a single movement can lead to increased expenses for some people. Still, we can hardly imagine there is an easier way to control your finances than using a digital wallet. With iCard, you have a complete history of all your transactions which helps you to outline your monthly budget. You can also freeze each card and set your own limits to stay within your budget.

The tendency is that, in the future, more users will take advantage of the digital wallet daily. The technological advancements will boost the product’s safety and effectiveness, and as a result, any questions and myths that emerge will be minimal.

Download iCard to feel the magic of the digital wallet: