8 reasons to use a digital wallet when traveling

If you have a big trip coming up soon, you may be thinking about how you’ll manage your money. Should you take all your cards with you? What about cash? If you have concerns about how to juggle it all and keep it safe, a digital wallet may be just the thing you need.

And if you need to send money while you’re away, Ria makes it easy and secure.

How a Digital Wallet Works

A digital wallet is a piece of software that stores digital information for various payment types. You can use it to store credit cards, debit cards, and — in some cases — cryptocurrency, store loyalty cards, and even airline tickets.

Digital wallets also have electronic payment capabilities. When you shop, you can pay directly from the app instead of using a physical form of payment. There are numerous digital wallets available today, each with its own solutions for convenient and secure payments. Regardless of which wallet you use, the basic idea is that you can use it to send or receive money, as well as make purchases both in-store and online.

What Are the Benefits of a Digital Wallet?

If the idea of using an app to store your financial information seems futuristic, keep in mind that digital wallets in some form have been around since the early 2000s. In fact, most smartphones come with a default wallet app for stashing credit cards and concert tickets.

Since these first phone-based apps came on the market, new ones have been made available to further customize the payment experience and handle new kinds of currency (like Bitcoin!) Customers who use Ria Money Transfer services often send money to a loved one’s digital wallet. It’s an ideal way to get money to people quickly and has numerous advantages.

1. Convenience

Have you ever made a last-minute stop at your favorite store only to realize you left your loyalty card or retail credit card at home? The typical consumer could store many cards in their wallet and still not carry everything. Long trips, especially, require multiple cards, and it’s not practical to travel light with all of them in tow.

Mobile wallets eliminate all that clutter. Once a card is saved securely in your wallet app, it’s there when you need it. You don’t have to pull out the plastic or look up your membership number to take advantage of a buy-one-get-one mocha latte special.

Mobile wallets also store information like your gym membership or discount card to the grocery store, making them very convenient for all kinds of situations. They can also now store some hotel keycards, so you don’t have to carry around your hotel room key or worry about leaving it somewhere.

2. Security

While some people may at first be uncomfortable with the idea of having all that financial information stored in an app, the truth is that digital wallets are very secure. Since they were made to store financial data, they follow guidelines around encryption. When money is sent to a retailer or even a friend, that financial data gets encrypted before it goes out and then is unencrypted when it reaches the receiver.

Digital wallets also tokenize your credit and debit card details, so the actual number isn’t shared with a restaurant or store. This makes it hard for employees of a business to get ahold of your data and use your information to make purchases.

Finally, the app itself usually relies on 2FA (two-factor authentication). Two of the following must be provided when opening the app or logging in:

• User ID/password
• Phone’s screen lock code or PIN
• Biometric data (facial recognition, thumbprint)
• SMS text or email verification code

As digital wallets become more advanced, we could see other options added to the list. Needless to say, it would be difficult for someone other than the owner to get ahold of the app information and use it inappropriately.

Note: Securing your digital wallet requires good password “hygiene” — or the choosing of a very secure password not used in other places. Don’t share your login data, passcode, or email access with anyone to ensure the digital wallet can protect your data.

3. Speed

Payments happen rather quickly with digital wallets. In fact, many people opt for digital wallet payments when asking for cash from friends and family. Ria Money Transfer customers often select the digital wallet option to see money transferred to loved ones in minutes. If you don’t have time to wait for a money order through the mail or a bank deposit, the digital wallet may be your best bet, especially when on the road.

Another way wallets are efficient is with new card accounts. When ordering a credit or debit card, it can take days for the physical card to arrive. Most online banks let you access the virtual account number to begin using it online right away. If you store that information in your digital wallet, you can also make purchases at participating retailers even before the card comes in the mail.

For someone who needs to access their cash now, this is an important feature. There’s no more waiting when it comes time to buy groceries or order books for school. As long as you have the card number, you have a way to pay.

4. Accessibility

Digital wallet use is growing worldwide, especially in countries where other banking options may be limited. Why is this important? Because people love to travel and need secure ways to pay, but not everyone has a traditional bank account.

While digital wallets can and do connect to bank accounts, as well as store credit and debit cards, they don’t have to. They also work with peer-to-peer payment networks and can be funded with cash deposits or through money transfers from friends.

Digital wallets are changing the way people access their money, giving everyone a way to securely pay for essentials, even when traveling abroad.

5. Hygiene

Germs may not be the first thing people think of when traveling, but they can easily derail an important vacation. If the thought of passing a plastic credit card or cash to strangers day after day bothers you, consider the touchless tap or QR scan functionality that many digital wallets include.

There’s no need to pick up a pen to sign a credit card receipt or wait for change to be handed back to you. This touchless method of payment appeals to those who don’t want to get sick in crowded areas or who don’t want to pass on their germs to others.

6. Flexibility

Digital wallets typically work within apps downloaded to phones or tablets, but they also work on computer desktops. This makes it extremely convenient to store payment information and use it from whatever device you happen to be on.

In the hotel on a laptop? Use your digital wallet payment information to purchase faster Wi-Fi service. In a cab and need to leave a tip? The mobile app works just fine.

Since you never know where you will be when you need to send or receive money, having cross-platform capabilities is the key to a truly useful digital wallet.

7. Financial management

Not all digital wallets have true budgeting features, but they do create a history of past purchases to review. When you send or receive money with a digital wallet, your transactions are stored in your account as a record, and this record can help you track where your money goes.

It’s also useful when asking a store for a refund or disputing a purchase. Unlike paper receipts, which can get lost in your car or home, the transactions in your digital wallet stick around. Just open the app to see what you’ve spent, shared, and received on your travel adventure.

8. Familiarity

Trying a new app can be intimidating, but once you’ve learned the ins and outs of your digital wallet, you can use it for almost all of your financial transactions when traveling. This means no more new or unfamiliar apps for each and every one of your credit cards or bank accounts. It reduces the need to find out which travel app or loyalty card app you need to download to access your rewards, too.

For those who hate trying to learn a new app or tool, the digital wallet simplifies things and gives you one app to rule them all.

Travel Securely With the Ria eWallet

Traveling no longer requires you to stuff your wallets with cards or cash. There’s a safer option with the Ria eWallet. Currently available to customers in Malaysia and expanding soon, the app is free and gives users a way to send and receive money, as well as pay for purchases at participating retailers. You don’t have to have a bank account, either, since you can deposit cash to your wallet directly at Ria locations.

The next time you travel, consider the benefits of a digital wallet. It’s a secure, convenient, and affordable way to fund your trip.

Frequently Asked Questions

What fees will I pay to use a digital wallet abroad?

Digital wallets themselves may be free. That’s the case with Ria’s eWallet, which is free to download and use. Funding a digital wallet is also free at participating locations. While some digital wallets may charge fees for international purchases, Ria’s eWallet is free for customers to use in participating shops as long as they use their cash balance.

Other digital wallets, especially those that store credit or debit cards, may charge a fee for transactions. The credit or debit card company may also charge foreign transaction fees on any purchase made abroad. To know just how much you’ll pay, read the user agreement from your bank or credit card company. Digital wallets just store your card information and can’t do anything to help you avoid these fees.

How secure is a digital wallet when traveling?

Each country you visit will have a different level of security. Digital wallets help you access cash even in locations where you wouldn’t feel comfortable carrying actual money. They encrypt your transactions and keep your credit or debit card numbers safe from prying eyes. When retailers scan your digital wallet for payment, they don’t get access to any of your personal banking information.

What happens if my phone is stolen or lost?

Most people use their digital wallet as an app on their smartphone, so losing it is cause for concern. Fortunately, the app uses 2FA (two-factor authentication) for logging in. Unless the person who has your phone knows your screen lock code and can access your email or biometric data, they won’t be able to get into your phone or your digital wallet.

It’s best to secure your digital wallet from a desktop computer in case you don’t have your phone. You may consider removing your financial accounts from any compromised digital wallet until you can be sure it’s safe. You should also contact your wireless phone carrier to notify them of the loss and lock your phone using the “Find my phone” feature for Apple or a similar feature for Android phones.

Do I need the internet to use my digital wallet in a store?

Most digital wallets use near-field communication (NFC) technology to send transaction data from your phone to the payment terminal in a store. It’s what makes the payment happen when you tap your phone screen to complete the purchase.

Even though this technology doesn’t require Wi-Fi or data, the app itself may ask you to log in to your wallet or confirm the purchase with additional security questions, and that requires you to be online. Fortunately, most places you’ll travel have data coverage, and it won’t take much data to complete the purchase.

It’s not advisable to use public wireless networks for your digital wallet transactions if you can avoid it. These networks are rarely secure. Your wallet adds protection, but it’s still best to keep off these networks when doing anything finance-related.