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Jan 5, 2021
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A Complete Guide for eWallet Security

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In this modern world, people are going cashless, to an extent you’ve never seen before. If you are not enjoying the benefits of digital payment apps, you’re actually falling behind times. Pretty much everyone is using e-wallet mobile apps or online payment gateway models for their daily transactions. The reason for this is that these apps provide a secure, easy and fast environment for online payments. this article will cover the best practices to ensure eWallet security.

The amount of time, computation cost, and patience to crack modern encryption algorithms make breaking an encryption without a key a near impossible task. That’s not to say that encryption doesn’t have vulnerabilities, typically referred to as backdoors. However, the likelihood of these types of digital backdoors working is minimal at best.

Looking back just a decade ago, people used to wait in the queue at ATM’s to deposit or withdraw their money. But, nowadays, people prefer using e-wallet mobile apps for easy transactions to avoid the advantage of instantaneous transactions with convenience. Not only the users that are adopting e-wallet technology in their droves, but now also the business owners are joining in with plans to integrate gateway payment solutions into their own business offerings.

Many are predicting that the concept of Fintech, eWallet and other payment apps influenced by technologies like NFC, blockchain, QR codes and so on, are going to own the market in upcoming years. So read this blog until the end if you want to know more about the top eWallet solutions, along with the features and average cost.

E-wallet payment providers make heavy use of modern encryption technology to enhance mobile wallet security. Many people fail to realise that we use encryption technology on a daily basis. Nearly every computing device from smartphones to desktops to tablets utilizes some level of encryption to keep consumer information safe. It does this by turning normal data or “plaintext” into a grouping of random characters or “ciphertext” that can only be read by those with a special key. The majority of companies use a 128-bit data encryption technology to secure their data

Technologies For eWallet Security

There are various powerful technologies or solutions which can be implemented into eWallet applications. These solutions make the app more secure, easy and reliable to users. The most common technologies used in eWallet Mobile Apps are mentioned below.

NFC Technology

The NFC or Near Field Communication allows users to transfer funds without sharing the contact details. This technology deals with easy data exchange between closely located devices. NFC allows users to make payments directly with their smartphone – instead of payment cards. Some of the successful examples of NFC are Samsung Pay and Apple Pay. In addition to this, NFC also allows the transferring of funds by simply touching one smartphone to another smartphone.

Bluetooth or Beacon Technology

These allow you to identify nearby devices that you can make a payment to. This a very fast and secure technology to use for transferring funds digitally. You can transfer funds to other users who are close to you or who are in the prescribed transfer range.

Blockchain

Digital wallets integrated with blockchain technology are extremely safe, secure and immutable when compared to other solutions. This technology is preferred mostly by financial organizations and government agencies due to the high level of security associated with blockchain. Blockchain is also very enticing to these large organizations due to the extra features that blockchain technology offers, such as decentralization and being able to offer tokens.

QR Codes

QR Codes are generally used for making payments or transferring funds to other members of the public. It is also used to make payments with contacts that are not saved in the user’s phone already. For making a payment,  users just have to scan the QR code of the receiver. This technology is one of the smoothest and most simplified ways of making payments.

Further protect your wallet with eWallet’s additional security options. You can set your wallet to lock automatically if it isn’t used for a set amount of time. You can also have your wallet disallow access for a period of time if someone tries to open it repeatedly with the wrong password.

If you’re using a particular wallet file for information that’s not secure (pictures or other non-confidential information for example), you can choose to not use a password for that wallet on some platforms. Be sure you only pick this option if you’re using a wallet for information that’s not confidential or that you don’t need to protect.

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