Picture credit to Malaysia Website Directory

What Is An E-wallet?

E-wallet is the digital equivalent of a real wallet, with the exception that money is digital and it functions as an app on a smartphone. E-wallets can be top up by credit cards, debit cards and online bank transfer.

E-wallets can be used to pay for services or goods at participating merchants, or to transfer money to other fellow e-wallet users.

1. Reducing theft and fraud

When transactions are made online, it’s possible to reduce theft with physical cash.  Some more, all transactions are recorded in a single database. The use of payment codes like single-use QR codes make it more secure.

2. For the love of convenience 

Using e-wallets also can saves you time. With a few clicks, you can make a transaction in just a few minutes. You also can transfer money to others bank with just scan the QR codes without typing the bank account numbers.

3. It’s safer to go contactless

As part of the new normal of living alongside the COVID-19 virus  it’s best to be extra cautious on how we carry out our usual day-to-day activities. Contactless and cashless payment is an alternative for those who prefer to keep a distance from the rest.

4. There are plenty of rewards and cashback

E-wallets also offer rewards and cashback to incentive users. In fact, it’s easier to spend and track the rewards you garner with an e-wallet.