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E-wallets app- How it works, advantages and the drawbacks

E-wallets app- How it works, advantages and the drawbacks

Our lives have become centered around smartphones. They play the role of cameras, phones, web browsers and are in an indispensable way to keep connected and chronicle daily life. Smart devices are constantly present in our hands and pockets and have the potential to replace other common items such as the wallet.

Yes, gone are the days, when you need to carry a heavy wallet in your pocket. Now, with the widespread use of various mobile wallets, one can pay for almost any product or service and can transfer money using this advanced technology. One can use mobile technology for almost everything whether it be a taxi ride or buying your morning coffee or breakfast, mobile wallet apps are your preferred option. One can easily use any e-wallet app for transactions at the grocery store, online purchases, or any other thing and can receive offers and cash-backs and rewards. Mobile wallets are designed and integrated to allow a secure, hassle-free and speedy payments for goods and services.

What is mobile or E-wallet?

A mobile or e-wallet is nothing but a digital version of physical wallet, where one can add money to purchase goods and services. Once can download any mobile payment app and register with all the personal details along with credit and debit card information. A mobile wallet helps you to lower the payment processing time, reduce fraud and is very economical too.

How to register for E-Wallet

  • Download the app from the play store and launch it
  • Sign up by providing details
  • Link debit/credit card
  • Setup password, add money and ready to use


How does an E-Wallet work?

Mobile wallets work by using Near-field Communications (NFC) enabled technology or QR code technology. The digital store payment-related information is an encoded format for security reasons. There may be different variations of how your transactions are stored and it varies from wallet to wallet. Apart from this, a mobile wallet also has other information such as store coupons, loyalty programs, and identity-related information.

The advantage of using E-wallets

Cashless transactions at a single tap: E-wallets helps customers go cashless and cardless. There is no need to carry cash in your wallet and search for change. This also provides you much convenience at the time of the transaction.

Secure and safe: It is not always wise to carry a lot of money as there is a chance you might lose it. Embracing mobile wallets means that one does not need to carry debit/credit cards or money. Money or cards can be stolen and get misused, but the digital wallets are secure as they use encrypted data.

Multiple accounts: One of the main advantages of this app is that you can store multiple cards and bank accounts information into a single app and choose whatever payment mechanisms you want to choose.

Are there any drawbacks?

With the increased convenience and security of E-wallets, there are some essential points that you should always keep in mind. Keep an eye on your battery life. If your device runs out of power, you may get stranded without access to your mobile wallet. Also because the mobile wallets ate the newer technology, it may take time for consumer protections to catch up. Depending on the privacy policy, the mobile wallet issuer may collect or share your spending data in ways that are not allowed in case of using credit cards.

Conclusion

Eventually, digital transactions will complete its takeover in the upcoming time and we'll all be left using virtual money. Whether that is a good thing remain to be seen. Of course, digital transactions will have its own set of frustrations, and until we all face them, we won't know whether they are worth the trouble of giving up cash or not.

E-wallets app- How it works, advantages and the drawbacks
Dev Bhushan

Dev Bhushan is the founder and CEO of Nettechnocrats. Dev has become a consistent leader with a reputation for tenaciously protecting his clients' interests. He has built a prestigious image in his pursuit of excellence, winning the trust and confidence of customers and industry partners. Connect with him on LinkedIn to know more about his futuristic business ventures.

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