Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
March 11, 2023
The financial technology industry is constantly evolving, offering convenient and secure options. One of them is a payment system based on e-wallet payments that have become very popular and widely adopted in recent times. An e-wallet allows you to transfer money faster and use virtual cards for everyday payments without continuously entering the CVV/CVC code for each transaction.
An electronic wallet can be confidently described as an equivalent of a traditional wallet but used in virtual space. It is a special tool where the user "stores" their means of payment - so that when paying for online shopping, the transaction can be completed quickly and securely.
The use of such solutions significantly increases the comfort of ordering via the internet, but not only. Many electronic wallets can also be used stationary - for example, paying with a smartphone or a watch with a built-in NFC module. Some can replace a payment card wherever contactless payments can be used. Some of them also allow you to make transfers between users.
To create an e-wallet, we need to have an account on a certain platform. Then when shopping, at the time of payment, you log in to the wallet app with your email address and password and make the payment. With today's new payment technologies and methods, it's easier to buy products and services, set up recurring payments, and simplify payments that allow merchants to accept new orders around the clock.
There is a very wide range of e-wallets available on the market, which means that the customer can choose the most convenient solution for himself. One of the first products in this market was PayPal, which allows you to link a payment card to your account and transfer funds. Over time, the list of available services has expanded significantly. Today, it can include, among others:
What makes users willing to use the e-wallet option is - apart from the obvious convenience and comfort - security. It is overseen by third-party companies that handle online payments, using several multi-layered security measures. To register an account, the user must go through the verification process.
Only the cardholder can use the wallet. Each digital transaction must be approved by logging in and entering your PIN or fingerprint. During the transaction, no sensitive data is transferred, which makes it impossible to steal any personal information.
When choosing an electronic wallet, we recommend paying attention to the following points:
More and more people use e-wallets to make payments at online stores or for entertainment services like streaming or gambling.
Keeping in mind all this information about what an e-wallet is and its features, you can now make your transactions much faster and safer.
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