A digital wallet, also known as an online wallet or an e-wallet, is essentially a regular wallet available on your phone via the internet. It is software or an application used to make transactions online. These wallets are much more convenient than traditional wallets. You do not have the fear of losing it or even about somebody stealing it. You can link it to your bank account to make payments. This method of payment is easy and quick.
You can pay your utility bills, transfer money or even recharge your mobile phone using a digital wallet. It is meant to reduce the need to carry a physical wallet. Using a digital wallet has many advantages. Some of them are as follows:
- All your payments in one app
You can keep an account of all your payments using a bill pay app. It makes it easier to track and organize your finances without sorting through the paperwork. All your bills are on one app, and you can easily maintain them.
- Instant Fund Transfer
One can transfer funds across the cities conveniently without worrying about the distance. You can send money to your family and friends from one nation to another with the help of a digital wallet.
- No need to visit the bank
You no longer have to visit the bank to transfer money. An online bank transfer allows you to transfer money from anywhere given you have a device connected to the internet. Just a few clicks on your mobile phone or your laptop can do the job.
- Safe and secure
E-wallets and digital banking are a safe and secure way of online payments. The user does not have to think twice about someone being able to access their account as there are multiple security measures taken to ensure that it does not happen. OTPs and passwords are some of the safeguards taken to prevent misuse of a customer’s account.
Setting up an E-wallet is easy. All you need to do is install the app on your mobile phone or laptop and add whatever information is required of you. You can pay bills, recharge your phone or shop online. To use the E-wallet, a customer must insert their security pin or password and the payment is made. It keeps the information secure and also makes sure that no one else can use it.
E-wallets are the new way of transactions that have made it convenient for customers to manage their accounts and finances. Customers do not have to fear losing their wallets, as they have it digitally on them.