A View from the Front Lines: Digital Wallets and E-wallets

26 March 2018

With digital wallet and e-wallet usage steadily on the rise, the future of real-world payment technology edges ever closer – and the Da Vinci Choice card has its own secure and unique take on this exciting revolution.

However, the future hasn’t quite arrived as yet. According to the latest figures from Statista, only 18% of UK consumers currently use a digital wallet, with more than half (52%) stating that they neither use one nor intend to do so.

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(Image source: statista.com)

What Are E-Wallets and Digital Wallets Anyway?

Let’s clear this up before we continue. Though the terms ‘e-wallet’ and ‘digital wallet’ are often used interchangeably, they are different things.

In simple terms, an e-wallet is an online pre-paid account, where users can store their money to fund future transactions – both online and offline – through a computer, smartphone, or other electronic device. In this sense, they are much like a real wallet, which you of course load with real, cold, hard cash. And also like real wallets, e-wallets are used by customers to complete transactions immediately.

Digital wallets, on the other hand, save not cash, but users’ card information for easy future transactions. Once users save and validate their card details in their digital wallet, they can then use it to make payments without having to produce the actual card.

Digital wallets aren’t just for payments, either, as they can be used to issue things like digital rewards, tickets, boarding passes and room keys as well.

And what about mobile wallets? Well, mobile wallets are essentially the smartphone version of a digital wallet.

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(Image source: feedough.com)

In the digital and smartphone age, you would think that the proliferation of e-wallets and digital wallets would be higher by now. However, although on the rise, adoption remains steady – and this could be for a number of reasons.

The first is that the technology is still relatively new, and, as with all disruptive innovations, it simply takes time for both consumers and retailers alike to get onboard. Trust may also be an issue. Any time you broadcast data over a mobile or wireless network, you are of course accepting the risk of that data being intercepted – and when that data pertains to your personal finances, it’s perfectly natural that many are still a bit wary.

However, digital wallet and e-wallet payment providers make heavy use of modern encryption technology to enhance payment security, and it is of course in providers’ interest to ensure that their wallets are as safe and secure as possible.

Another factor that is slowing adoption is the fact there are still a limited number of compatible vendors – though these, too, are on the rise.

Why Use a Digital Wallet or E-wallet?

The smartphone revolution is likely what will drive future proliferation of digital wallets and e-wallets. Digital wallets stored on smartphones enable mobile payments, which provide much convenience for customers, particularly if they have forgotten to bring their real wallet or any cash with them when they head out the door. Indeed, as more and more retailers accept mobile payments in stores, the need to carry cash and plastic at all begins to dwindle.

Another benefit of both e-wallets and digital wallets is that they allow for quick and efficient transactions, and many come with customer perks, such as promotions, cash back rewards, and the ability to track what you’re spending and where you’re spending it with ease.

When it comes to e-wallets, there is also limited risk should you, say, lose your phone or have your account compromised. The reason is that e-wallets only access the funds that a user makes available, and not the user’s wider banking information. This means that if someone with malicious intentions were somehow to get hold of your unlocked phone, they would only have access to the funds placed in the e-wallet account – as opposed to your entire accounts if you lost your actual wallet with all your cards in it. Even so, the loss of funds would still sting.

The Da Vinci Choice Card – A Convenient, Secure Solution

E-wallets and digital wallets are still in their early stages of development and adoption. Credit and debit cards are still relied upon as the primary method of payment for the majority of consumers.

However, they still come with many inherent risks, and with sophisticated cybercrime and card fraud on the rise, keeping your money safe is not guaranteed.

The Da Vinci Choice card offers users a convenient and secure solution to the drawbacks of traditional funding cards, and the as yet limited acceptance of e-wallets and digital wallets.

The same size and shape of a regular payment card, the Da Vinci Choice card is in fact much more. Including its own battery, eInk display screen, numerical touch keypad, and microprocessor, the Da Vinci Choice card is an electronic payment device that offers enhanced security and payment protection features for all who use it.

Unlike digital wallets and e-wallets, the Da Vinci Choice card is accepted anywhere in the world where Mastercard® is accepted. Users link up to eight of their existing funding cards into the one, any of which can then be used to simultaneously fund the Da Vinci Choice card as it’s used to fund purchases in-store, online, over the telephone, or when withdrawing cash from an ATM.

Enhanced security is enabled by the fact that in order to use the Da Vinci Choice card, users must first enter their secret four-digit Da Vinci PIN into the back of the card itself, and the Da Vinci Choice card then generates one-time PIN and security codes that can be used at POS terminals, ATMs, or when shopping online or over the telephone.

What this means is that the Da Vinci Choice card cannot be cloned or copied, and no one can use it accept the owner, provided their Da Vinci Pin is never revealed. For the same reason, it doesn’t even matter if you lose your Da Vinci Choice card – for it simply cannot be used without the PIN being entered first, meaning that all cards you have linked to it are 100% secure.

Join the Payment Revolution Today

Digital wallets and e-wallets offer great alternative payment methods for consumers. However, adoption is still slow, and with credit card fraud and sophisticated cybercrime on the constant rise, the time to add some much-needed security to your physical wallet is now.

Launching in 2018, start enjoying payment freedom and convenience without compromise and register for your Da Vinci Choice card today. 

Written by: Simon Hewitt, CEO,

Simon founded Da Vinci based on his passion and expertise in the information and financial security. As a leader in his field, he loves to write about his observations in order to help progress the industry as a whole.