Everything about e-wallets!
E-wallets are a new innovative way of paying. This allows you to make payments, get payments and store funds digitally! This is mostly used through mobile devices and comes in the form of an app such as Paypal, ApplePay, Venmo, Google Wallet and so much more. But apart from handling digital funds, this can also do so much more!
E-wallets can store transaction history, loyalty card information, digital coupons and many more! This is a fantastic asset to have, especially now that so many businesses are starting to go online. So if you’re interested to know more about e-wallets, Recharge & Get Paid has created a list of everything you need to know about it! Check it out down below:
What e-wallets can do
To better use, the feature e-wallets offer you first have to understand how one works! Each e-wallet functions differently so here are a list of some things to consider knowing about:
- Some e-wallets allow you to turn phone credit or ‘load’ into cash.
- Most e-wallets allow you to store digital funds in them.
- Most e-wallets allow you to make payments from your bank account.
- E-wallets allow you to send digital money stored in it and send funds to other bank accounts.
- E-wallets allow you to make payments anywhere and anytime as long as the other end is using an e-wallet as well.
- This can store loyalty information.
- This can hold store tickets.
- Some can hold movie tickets, boarding passes and even concert tickets.
- This can store transaction history.
- Some e-wallets have NFC technology.
- This creates digital receipts.
- Some e-wallets have transaction fees.
- Some e-wallets offer rewards on their apps.
- Most e-wallets today provide encrypted technology securing your funds all the more!
- How e-wallets allow you to buy phone credit or ‘load’.
- E-wallets are also accepted mediums to pay bills.
- Most e-wallets are available for both iOS and Android devices.
- Some e-wallets can be accessed through desktops.
- Most e-wallets use ‘Pay QR’ codes.
- Some e-wallets garner credits you can soon convert into digital cash.
Best e-wallets to use!
Now you know the basic features you can get from an e-wallet it’s now time to skim and scan through e-wallet apps! To guarantee satisfaction and security, why not run down a list of the best e-wallets to use! So if you’re eager to know, here are the best e-wallets to consider:
FreshBooks Payments is great for starting businesses, especially for accepting and transferring funds digitally. This app allows you to accept invoices from your customers and instantly records the payments on your account. Plus this provides your clients with various payment methods making it easier for you to get paid. They’ll be able to use credit on the invoices with just one single click!
Not only that but this app is also deemed to be one of the most transparent e-wallets around making it easier for you to keep track of funds and see how much money you make or lose. And if you want to try it out before buying it, they offer a free version for you to test out.
Square Cash App
Square Cash App or best known as ‘Cash App’ allows you to make effortless payments with a single click! This was launched back in 2014 and was available to use in iPhones or iPads. But since digital payments weren’t as widespread as today, it was only available for the latest models like the iPhone 6 and so on. And apart from it allowing you to make payments, this can also store your debit and credit info giving you more options to make payments.
The advantage here is that your data is transformed into a unique token. However, this token is only valid if you present your fingerprint. As a result, it is one of the safest wallets available. Here’s a list of more things it can hold:
- Concert tickets
- Movie tickets
- Membership cards
- Boarding passes
PayPal is one of the most popular e-wallets around the world and is also one of the oldest in the game. This app is available on both iOS and Android devices allowing you to make online payments, transfer funds as well as receive them. This is now more advanced than its previous features, one of which stands out the most is that you can also use this app on your desktop as well. This feature was added right after signing with the First Data card processor and Mastercard.
A new addition to e-wallets is Google Wallet. This launched this first mobile app back in 2016 and is a web-based application which means that instead of using a mobile number, this also accepts your email address. This app allows you to send money to anyone within the United States and can directly make payments using either your debit card, bank account or Google wallet funds. Plus this offers a swift transaction that only takes minutes to complete, all you’ll be needing is a Payment PIN from Google to secure the payment.
Another e-waller from Google is Google Pay. This is now built-in in most Android phones today that allows you to take fast, safe and quick transactions. This uses NFC technology that allows you to make swift payments by tapping it on an NFC-enabled payment terminal that can be found in most establishments.
Walgreens has established a loyalty scheme for Google Pay clients, which adds to the attraction of Google Pay. You may now use Google Pay to order and pay for meals on Grubhub.
Venmo is a popular digital wallet for p2p transactions. This is owned by the same company as PayPal is also popular in the field. This app allows users to link their credit card, debit card or checking account to make payments as well as receive. But take note that, using credit cards for transactions come with a fee that’s around 2.9% but the rest such as your bank account or debit is free!
Plus this is a feature that can secure your digital funds and its encryption technology. This keeps your financial information safe and secured. You can also send messages to Foursquare, Twitter, or Facebook about your own transactions.
Last but not least is Samsung Pay. This app launched back in 2015 and holds features, not most e-wallets can do like its MST and NFC technology that allows you to make quick, easy and several payments to NFC-enabled payment terminals as well as magnetic stripe payment terminals. This also allows you to store tons of information such as your gift cards, credit cards, reward cards and membership cards. Plus it has its very own purchase reward system you can enjoy!
Benefits of using an e-wallet
If you’re still not convinced about getting an e-wallet then it’s time for you to know about its perks! E-wallets have several advantages, but to help you grasp the concept quickly and easily, here are a few reasons to have one:
- Prevent fraud
One of the best reasons to consider e-wallets is their high fraud prevention. This is because data that’s stored in it is encrypted meaning your passwords and account numbers aren’t transmitted when you make payments or send money. E-wallets employ one-time-use payment codes and frequently rely on security elements, such as biometrics, to approve a transaction. These include fingerprint scanning and face ID.
This also doesn’t store a fully exposed account number. It may be linked to the app but the only digits displayed are the last 3. This is to protect your account numbers if your phone is stolen or someone looks into your phone. Plus all your transactions made with e-wallets hold the same privacy protection and security as your physical cards.
Apart from it being safe, this is also a time-efficient way of making payments. You can send money, pay bills, receive funds and so on with just a click away! Plus most establishments offer NFC-enabled technology that allows customers to pay by simply tapping their device on the payment terminals. Transactions as quick as 10 seconds to a minute!
- Low costs
Compared to banking fees, e-wallets are much lower in cost. These don’t have interest fees and sometimes don’t come with transaction fees. Plus when they do, it usually only takes about 1% to 2%. So not only are your funds safe from fraud but also extra costs!
- Comes with rewards
Most e-wallets offer rewards you can collect or use! Depending on the app, rewards can be used in all sorts of ways. Some offer it in the form of points, coupons or store discounts. This can be acquired or increased when you make transactions, reach a new limit and so on! So not only are your funds safe from fraud, extra costs but also come with perks by simply using the app.