Features and Types of Digital Wallets

Technology has shown some great advancement in making human lives easier, cell phones being at the top of the list. The invention of the mobile phone was to enable communication among people but today we see it as a solution to all our needs. One of the major tech-savior today is the e-wallet. Do not worry if you aren’t familiar with digital wallet – go to walletdesk.com to get detailed analyses of digital wallet apps. Also, to help you with general information about e-wallets, please continue reading this post.

Digital Wallets

With digital wallets, you can:

  • Save on a lot of resources and be 100% safe.
  • Keep a check of your payment activities.
  • Manage bills with early reminders and on-time payments.
  • Avail discounts and offers.
  • Execute banking work from anywhere, anytime

The main features of the digital wallet include:

  • Social sign-up
  • Push notification
  • QR code
  • Managing users expense
  • Integrated CRM system
  • Real-time analysis
  • Managing bills

The three main types of digital wallet are:

  1. Closed e-wallet
  2. Semi-closed e-wallet
  3. Open e-wallet

So, what is an e-wallet and how does it work?

  • E-wallet or digital wallets provide you a platform for payment-related activities without having physical cash in your pocket, basically making payments being cashless and contactless. You can store more than one credit or debit card details for faster transactions.

By payments, we mean:

  • Transferring money to friends, family, or service provider.
  • Crediting money.
  • Paying for online shopping or to any Ecommerce services.
  • Managing bills.

Since 2017, there has been a great expansion in the e-wallet industry and a lot of digital wallet apps have gained the popularity and trust of their users. All you have to do is:

  1. Install an e-wallet (digital wallet).
  2. Use it to pay options like Google pay, Apple pay, Samsung pay, etc.
  3. Link your account by entering your bank account details, credit, and debit card details.
  4. Pay through your digital wallet, every time you shop.

Benefits of using a digital wallet

1- Easy access to payments

  • Payment transfer to payee’s account in just a few clicks.
  • Enjoy cashless shopping on e-commerce platforms.
  • Safeguards from memorizing CVVs and other card details.

2- Limitless usage:

  • Users can continue using the digital wallet for as long as required.
  • There are no extra charges for limitless usage.
  • Initial registration and linking the e-wallet with your bank account.
  • If the user wishes to discontinue, they can de-link the bank account and they’re done.

3- Extended functionality:

  • Encrypted protection for a user’s better security.
  • E-wallet accepts money in diverse currencies making it easier for those who receive their salaries in different currencies or deal with different countries (ies) for work.
  • No third party permission to deposit and withdraw money from an e-wallet.
  • Send and receive money instantly beyond working hours, unlike the banks.

4- Apt for work relative transactions:

  • A stress-free solution for all those not working together or freelancing on an online platform from different parts of a country.

5- Transaction speed:

  • E-wallet is by far the fastest platform that executes payment transfers in just a fraction of seconds and a few clicks.

Top 10 Best Digital Wallets 2021

1- Google Pay:

-Quick checkout on the web and phone.
-Strong encryption with multiple security levels.
-Easy to operate and manage information.
-Offers rewards and cash-backs on regular payment.
-Readily available transaction history.
-Incorporates an audio QR system for easy payments.
-Free of charge.

2- PayPal:

-The vendor receives zero information about the payer.This makes it even more secure for the payer.
-Protection of 180 days is provided to the buyer, and they can seek for a full refund under this period.
-Sending out payment requests through email is also possible.
-Free return facility.
-Easy tracking.

3-Facebook Pay:

-This app detects any and every anti-fraud activity.
-Information of users remains unshared.
-Free transactions via WhatsApp or Facebook.
-Support through live chat and/or emails.

4- Amazon Pay:

Allows consumers to split payments.

5-Venmo:

-Can split bills.
-Quick checkout service.

6- Zelle:

-Real-time P2P transactions.

7- WeChat Pay:

-No bank account required. Directly app to app transfer.

-licensed payment sources

8- Apple Pay

-Does not allow users to save credit or debit card information.
-Information will be removed immediately after the transaction is complete.

9- AliPay

-Complete refund for falsified transactions.
-Advanced security.

10- Samsung Pay

– Users can check their credit score.

Conclusion –  Technology has become a major savior to humankind. Getting money or transaction-related working on fingertips is an even bigger and better segment with the advent of e-wallets. Walletdesk.com understands your payment needs and offers you the fastest, most secure, and convenient solutions to go cashless and contactless.

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