Advantages of the Digital Wallet
Competitive Advantage: Digital wallet applications provide a more convenient transaction processing method for customers, giving businesses that employ this technology a competitive edge in the market. It redefines the user experience of paying and incorporates a novelty aspect to each purchase.
Modern: Traditional cash-only businesses, such as craft fairs and flea markets, can now accept debit and credit cards. This opens up an entirely new aspect to payment methods in large markets, introducing many business opportunities and greater potential revenue.
Convenience: Users are able to get through a purchase in mere seconds with a simple tap or scan of their mobile device. The experience of purchasing items becomes quicker and easier – leading to a greater sense of satisfaction. Furthermore, with faster transactions, checkout lines within stores become much shorter.
Disadvantages of the Digital Wallet
Support Technology: There are few supporting technologies to choose from at the moment, with NFC terminals and phone readers being the most prevalent. In the case of digital wallets, they can only function with a corresponding hardware device for each application. NFC terminals and specialize scanners are the only devices created at the moment that will support the processing of digital wallet payments; thus, it is very limited because the technology is still new.
System Outages: Information for digital wallets are stored on the cloud of business servers; therefore, the risk of a system malfunction or shut down is always present. As a result, businesses will not be able to process payments or they will become increasingly slow due to high traffic in the servers.
Security: Companies must ensure that their customers’ information is encrypted and well protected. One of the biggest concerns of adopting a digital wallet application is “will my information be safe”? This is the hurdle that companies must face and as a result, must develop security systems that are as safe and full proof as possible to avoid potential security issues.
The checkout process is the biggest advantage of payment per e–wallet. It offers a high conversion rate, as it is a very pleasant and uncomplicated for customers. The transfer of the payment to the retailer after payment is processed immediately. A further advantage for the retailer.
Definition: Packet sniffing is the act of capturing packets of data flowing across a computer network. The software or device used to do this is called a packet sniffer. Packet sniffing is to computer networks what wire tapping is to a telephone network.
What is ethical hacking?