E-wallet effectiveness

People nowadays are using a digital wallet for more, easy, and effective ways of the payment system. Digital also called E-wallet or electronic wallet has been known for several years and counting. The best way to send and receive money and make payment are now much accessible. As you can see many people using credit cards to pay their purchases but now you have encountered people using the wallet as their payment method.g

What is E-wallet?

E-wallet is an app that stores data and collects personal information that allows users to make different kinds of transactions through the app. It can replace your physical wallet by simply putting your cash into your digital wallet app. You can cash-in in many different ways whether by bank transfer or through different partnered remittances. You can use it as a payment method for online shopping, send and receive cash, and many more.

Examples of E-wallets

•Paypal•CashApp•ApplePay•AliPay•Venmo•SamsungPay•GooglePay•Paytm

*Philippines

•Gcash•Coins.ph•Paymaya•7/11 CliqqRewards•GrabPay

Advantage of using an e-wallet

• It helps you keep your time. You don't have to go to the physical store and banks.

• You don't have to count when making a payment. You just have to scan the barcode.

• It has its security system to avoid scams and fraud. When sending money you will receive an email or text for confirmation before the actual payment.

• It helps you track your expenses and payments. You can see it in your transaction history.

• You can get a reward and rebate for every transaction you made. They also offer bonuses when you cash-in into their partner remittances.

This time of the pandemic, using an e-wallet is very practical. It helps the community to stay inside to avoid the crowded's area. It helps people made their transactions easy and hassle-free.

The disadvantage of using an e-wallet

• Not all merchants are supporting wallets so, you will have particular access to merchants. Just don't put all your cash in your e-wallet.

• If you have cash in your e-wallet you always try to buy or shop online even if it's not necessary.

• In choosing an e-wallet make sure it has security systems that can secure your account and data. Sometimes other digital wallet apps failed to protect their customer information.

• You have to pass KYC to fully used their services which is you require to submit a valid id. Sometimes passing KYC can lose your privacy that could lead to account hacking.

There's always a disadvantage to every instance you just have to be careful of using them. When you receive email or text messages with the malicious link don't click on it to avoid a scam for it may be a phishing site. Keep your phone with you always. If you lose your phone you will also lose everything including cash in your e-wallet and another online bank account. Always set a password and enable 2fa security. Call and message the help center whenever you encounter some error and malicious activity in your account. Consider linking contact numbers and email to your account for back-ups. If you lose your access to your number at least you have an email for the verification process.

Be careful about using your e-wallet for online transactions. Avoid as much as you can to link it to other platforms. Once your money is gone you will have a hard time getting it back or worst you can't make it back anymore.