Online transactions have increased in recent days and is about to increase even further in the coming with the incidence of more mobile transactions. These mobile transactions were a means of earlier transactions mode in the form of bank transactions. However, with the growing traffic in the mobile transaction space, there is more room for other players to get into this transaction space.
E-wallets are the new way of transacting online with the ability to transfer, purchase, send or receive money digitally without any hassle.
Type of e-wallets
Basically, e-wallets comes in three forms, each with its own advantages and capability. Irrespective of the kind of e-wallet it is important to look at what these has to offer to you for any transactions made using them.
The first kind of wallets is completely within the network service provider, who has a wallet option that be filled in and used upon the needs of the user. There is no actual transaction happening outside of the service provider. Typically used for mobile recharges and instant payments for services offered by the service provider itself.
The second kind of wallets have got a better value for its users where it offers you with an option of discounts that are earned upon transactions made using this wallet to purchase any services provided by the service provider. Often it is received as SMS with OTP or coupons that can be used while purchasing services to avail discounts.
Third kind are the real time transaction instruments that are actually allowing you to transfer funds that can be used to buy anything that has e-commerce payments facility provided. It is equivalent to the earlier mobile transactions where you can transfer to anyone, anywhere and with just e-wallets.
The need for e-wallets
This is the most obvious question that comes to your mind while you look around for choosing to use any of the available mobile e-wallet options. It is easier to decide if we look at the benefits that it offers against the conventional payment methods.
It makes it easier to transact, eliminating the need to get a secure portal for making your online portals, as these e-wallets are capable of securing your transaction to only authorized merchandisers.
Go cashless is the new mantra that can be used while making any purchases and no need to carry cash to buy products or service either online or at store.
On time payments and incentives
Physical payments like cheques and other banking transactions typically take a day to process any financial transactions and it is not going to work in today’s context. There is a need for a fast and secure payment system that is also good for faster fund processing in real time.
E-wallets makes it possible by allowing the transactions happening to be secure and faster over the internet making it less physical in nature. Above all, it has also a rewarding feature that pays off for the loyalty of the users of e-wallet apps. Incentives in the form of discounts, coupons, and vouchers or reward points that can be redeemed are also available for user of any of e-wallets to encourage them to transact online which is safe and quicker.