Most people who own a smartphone most probably have an electronic wallet among their apps. Mobile wallets are the electronic ticket to the digital world of convenient financial transactions. It provides the efficiency and security of payment transactions in a manner that cannot be experienced by using most other payment methods.
Electronic wallets
These payment systems do work as an electronic wallet, which is also known as an e-wallet. There are some e-wallets that have the capacity to store rewards and/or coupons. There are electronic wallets that can even be used for comparative shopping or for searching for coupons. There are numerous benefits to making mobile transactions for both merchants and consumers.
Integrated with apps and sites
This payment method has been experiencing rapid growth this year with numerous tech companies creating mobile payment applications. These represent the shift from traditional payment methods for goods and services such as that of cash and credit cards. Most of these mobile payment wallets work using Near Field Communication technology and are typically integrated with the check-out process in mobile applications and that of e-commerce sites.
Form filling
When you download the right electronic wallet, you get to pay with ease. There will no longer be the need repeatedly to fill up those forms that require the information such as your credit card number to initiate the process. It is convenient as you will get to complete a payment transaction in less than a few minutes when using an electronic wallet by waving or tapping the smart phone at a contactless payment checkout terminal.
Counting bills and coins
There is no longer any need to look through your physical wallet to find the right debit or credit card to use. Your e-wallet is organized and can be linked to financial accounts such as a bank account or a debit/credit card. Aside from being organized, you’ll know exactly how much money you have after every recorded payment transaction. You also don’t need to carry around a lot of cash and count the bills and coins to make a payment or when receiving money. With this technology, consumers who use it often can indeed make the checkout line at retail stores a lot shorter because of the speed of mobile payment transactions.
Secure payment transactions
These mobile payment apps have enhanced security measures with the controls of the mobile device available if you decide to switch these on. Unlike a physical wallet, anyone who finds it can get into the contents. But, cell phones are more difficult to tap, and they might not even get to open it if you have a lock. In addition to the security controls of your mobile device, there is the encryption applied to the transaction code each time there is a payment transaction.
Transaction fees
When using an e-wallet, you will be able to see all financial transactions in a glance. There is usually no fee or a very small amount associated with the costs, like when you reload it from a different source such as that of a bank account. However, usually sending money and receiving funds does not have additional costs.