Making payments and transactions has become easier and faster thanks to solutions such as online banking and card payments. Similarly, e-Wallets, also known as digital wallets, bring an improvement in the way we make payments and small value transactions today. Ease of use, convenience, flexibility and security are some of the key benefits customers can enjoy using e-Wallets. Merchants and other businesses that employ technology supporting e-Wallet payments have a competitive advantage in their field, with an added benefit they offer to customers.
What is an e-Wallet?
e-Wallets are mobile payments apps that store user’s information and payment methods’ details in an online account accessible from a smartphone. Acting as a virtual replacement of a physical wallet, e-Wallets may contain one or more currencies and can be loaded with money in several ways.
Consumers can make fast and secure payments online and instore using a computer or a mobile app. Payments can be made from different accounts (e.g. credit / debit cards) using a single app.
e-Wallets are protected by password / pin. Unlike with card payments, when paying with an e-Wallet, payer’s personal information is not disclosed to the merchant. Instead, a random transaction number is used. e-Wallets also allow for an express checkout online – payments can be made in a click, without having to provide payment method details.
e-Wallets benefit both customers and merchants. Some of the key benefits include:
Benefits to Customers
Nowadays, most people carry their mobile phone with them at all times. e-Wallets contain all your cards details and virtually replace cash. You only need to have your phone with you to pay for anything, from groceries to taxi fares.
e-Wallets store all your payment information in one place, enabling to use different methods of payment using a single app. You can choose which card or mobile money account you want to use for each payment.
Safer than cash
e-Wallets are password / pin locked, keeping your money and data safe in case a smartphone containing an e-wallet is lost or stolen.
Safer than cards
Help prevent fraud by eliminating the need to provide card details when making payments. All personal data is encrypted, so that the actual numbers are not stored in a smartphone.
Eliminate the need to manually input payment and shipping details, enabling fast and convenient online checkout. When paying in store, there’s no need to enter PIN, as with cards. You only need to hold a phone near the payment ready or scan the QR code.
Thinking of getting an e-Wallet? It only takes a few minutes to set up. Click here to download an app or contact us for any enquiries.
Benefits to Merchants:
Superior smartphone shopping experience
Mobile optimization ensures a seamless online shopping, even if your website is not optimized. “Fat-finger” typos that often happen when entering details on portable touch screens are eliminated.
Multiple revenue channels
Your customers can check out using a full range of devices: desktop PC, laptop, tablet or smartphone.
Higher conversion rates
Checking out in a few clicks, without the tedium of having to manually input payment and shipping information, results in reduced cart abandonment and increased revenue for your business.
e-Wallets are linked to individual’s bank account, eliminating the possibility of unauthorized use. Encryption software benefits both your business and customers.
Multiple layers of security ensure the safety of sensitive data. Enabling secure online payments that don’t require to provide card details builds customers’ trust and strengthens your brand’s reputation.
Need a digital wallet payment solution for your business? Contact us for a free consultation and price quote.