E-Wallets make it easier for customers to purchase things without any hustle of using their cards (debit/credit) and cash from their physical wallet. It is convenient to make payment via mobile wallet instead of carrying cash or credit/debit cards.

Pro

Convenience

Just tap your device to proceed payment, or scan your mobile device scanned, to pay for the items you are purchasing. The purchasing experience become quicker and easier. With faster transactions, there can save time.

Security

Every transaction will required PIN or password or fingerprint scanner to proceed. Your information also stored through a third-party provider. In case you lose your device, you still can access to your e-wallet once you login to new device.

Rewards

You may find discounts apply to certain purchase, such a fuel, food or travel. Some retailers will offer discounts or cash back as well.

Cons

Limited retailers

Some retailers didn’t provide payment through e –wallets because some customer is required to use debit/credit card.

Device needs to charge

Electronic wallet requires you to have a charged device to have it operate. If you’re carrying a traditional wallet, you won’t need to worry about how much battery life is left on your phone.

Need to bring mobile phone

If you don’t have your mobile device on your person, you cannot complete a transaction.

Support Technology

Only NFC terminals and specialize scanners that support digital wallet payments.

Reckless spending.

Because using e-wallet system just tap or scan your mobile phone, you cannot feel the real of money. If you are already struggling to maintain a budget with a traditional wallet, then an e-wallet might make that issue even worse.