Hi friends in this video we will discuss all about digital wallets like google pay my name is shweta and welcome to the worlds of wall street mojo keeping cash and credit card in your wallet is sure one of the fastest way for transactions but it comes at greatRisk for example there is always a chance of your wallet being stolen or that irritation when it comes when the shopkeeper asks you for that precious little thing called change now imagine a trusted friend was there for you always you keep your money in his wallet and heMakes payments for you on your behalf plus he pays the exact amount that your shopkeeper wants you to pay this ensures two things first you don't have to worry about physically and securely handling your cash and credit cards and cards and second you don't need to worry aboutThose nagging changes this is what a digital wallet does for you the only difference is that a physical friend may not be with you all the time but this digital friend always stays with you you know where in your mobile that you keep in your pocket a digital wallet or anE-wallet like a paypal or google pay is electronic software that stores a user's bank card in one place allowing the transfer of money or any other transactions without using a physical card or cash basically it is a non-physical mode of transaction that takes place in three steps first you putYour mobile phone with a digital wallet next to an nfc reader or a qr scanner next you put your transaction amount by selecting your bank card and third and finally you enter your security password or your biometric and your transaction goes through successfully without any hassles but before you can start usingThem you need to download these digital wallets on your phone from google store or any apple store and transfer your funds from your bank account also you have to register yourself with these digital wallets so now that you are probably planning on downloading one of these digital wallets on your phone howWould you know if your payments are really secure with them digital wallets have always been a better security option than a credit card because they come with a multi-factor identification this means instead of just using a password to secure your payments these digital wallets also provide anotherSecurity option like a face scan or a fingerprint authentication so even if someone steals your phone and somehow gets through your initial password they won't be able to get any further because your fingerprint or your face scanner will be missing still some of you might find entering your password or bankDetails online very risky but you must know that a digital wallet secures all your passwords and car details through a process called encryption which makes it impossible for anyone to steal your data this is because mobile wallets depend on tokenization where your card number is replaced by a randomly generated numberCalled a token to test this out consider paying your shopping or the restaurant bill with your credit card and you will be surprised to know that a hacker can retrieve your car details from the merchant's payment reader but this is impossible if you pay your bills usingYour digital wallet because all he will see is some random encrypted numbers because of tokenization and it is because of these walls of security that the use of digital wallet is growing by the day and the number of people using digital wallet is expected to reach 4.4Billion by 2025 so which digital wallet are you planning to use tell us in the comment section and don't forget to subscribe to our channel and vote thumbs up for this video see you soon in our next video You