Last Updated on August 12, 2024 by Asfa Rasheed
Table of Contents
Introduction
If you are still using card payments or cash to pay for your shopping, perhaps you need to try a simple and secure way of making payments with your smartphones. Using electronic wallets is one of those ways in which you can make your payments easier and convenient.
Electronic wallets, better known as e-wallets, are electronic payment cards recognized to conduct transactions on your behalf. The wallets are usually on mobile devices and must be linked to a given debit or credit card to function correctly. There is also a requirement that makes it mandatory to link e-wallets to your bank account.
Benefits of Transacting with e-wallets
E-wallets offer a secure way of making your payments with a simple tap on your phone instead of carrying credit cards. Besides that, here are other benefits that await you if you’re thinking of embracing this payment technology.
E-wallets Offer More Security
One of the benefits associated with e-wallet payments is the high guarantee of security. All your data on the e-wallet is well encrypted, meaning your information is not stored on your mobile device.
The information on the e-wallet is stored through a third-party provider, and a user password or biometrics protects it. There’s no need to worry if your device is lost, as you can still have access to your e-wallet once you replace your device.
Using E-wallets Offers More Convenience
Sometimes carrying multiple credit cards while travelling may bring you lots of inconveniences. However, with e-wallets, you’re no longer required to carry multiple cards, and a lot of cash with you either.
This makes it convenient as all you need is to tap your device or have your mobile device scanned to make payments for any of your purchases. Therefore, you’re relieved of carrying multiple cards and cash wherever you go.
Authorized Transactions
When making a payment transaction, e-wallets are like debit cards. There are multiple identity verifications required, such as Personal identification numbers or biometric authentication. This comes in handy to further enhance security against financial risks associated with fraudulent purchases and identity theft.
E-Wallet Payments Are Easy to Make
With an e-wallet, it only takes a few seconds to complete your payment. The payment happens once you hold your phone near the payment reader or through scanning the QR code. Setting up an e-wallet account on your mobile phone is also a simple process that takes a few minutes.
You’re only required to download the relevant app and follow the available setup instructions that include adding your account details.
Using E-Wallets Helps You Plan Your Budget
Another benefit of using e-wallets is its ability to keep track of your spending. The e-wallet service can help you assign a fixed budget for shopping to avoid cases of overspending.
Some e-wallet platforms are designed to create reports on how you spend on your shopping. However, when purchasing an expensive product, the e-wallet feature limiting your spending can be disabled to ensure you have enough money for payment.
Conclusion
There are many benefits associated with e-wallets. Apart from the guaranteed security, e-wallet technology also makes it faster and easier to complete a transaction.
