A digital wallet, also referred to as an e-wallet, is an electronic device, online service, or a piece of software that allows people or businesses to make transactions with other people through electronic means. An e-wallet stores payment information used in various e-commerce websites, as well as other neat items such as their driver’s license, loyalty cards, gift coupons, and other ID documents of the like. As the name suggests, it’s a wallet you can access through devices such as your smartphone or laptop. If you’re on the fence on creating an e-wallet, then here are 3 things to pay attention to about e-wallets that may change your mind and convince you.
E-wallets are Safe and Secure
Digital wallets are generally safer than your standard wallet. e-wallets make our life easier by safely storing our funds. Users of e-wallets are required to download special apps made by the banks themselves in order to make use of the service, and said apps are made with security and safety in mind. Popular digital wallets such as Google Pay, PayPal, and even Paxum in general offer multiple security features, such as built-in two-factor authentication and well-designed security protocols, amongst other things. This makes a user’s card and payment information difficult, if not outright impossible, to access by fraudsters and thieves who may plan to use said information for malicious purposes.
E-wallets are Convenient
Because a digital wallet can store payment information amongst other things all in one small app, it greatly reduces the amount of things needed to bring as compared to that of a physical wallet. This means there is no more worry of taking account of every single thing every time you head out somewhere. And because of their availability and ease of use in portable devices such as smartphones and laptops, e-wallets are very convenient and flexible to use. Many countries make use of digital wallets in their daily lives as convenient payment options, be it for shopping in online or physical stores, or to transfer funds to friends and family living overseas.
E-wallets Benefits e-commerce Merchants
Since using e-wallets are convenient as a way to make payments, it makes shopping online such a breeze. And for many e-commerce merchants, convenient payments for customers are a crucial factor in order to ensure that consumers stay loyal to their brand and keep buying from their stores. And so, many merchants allow their customers to use digital wallets as one of many provided payment options. They may also shower their clients with discount vouchers and coupons in order to incentivize them to continue shopping.
There are a good amount of reasons as to why e-wallets are a great tool. The convenience, flexibility, and security of using e-wallets are enough for consumers to make great use of them in their daily lives. Merchants especially are very supportive of those who use e-wallets in order to pay for their goods and services online. So, if you’re looking for a way to pay online, make use of an e-wallet yourself.