An e-wallet is a digital wallet that allows one party to send a payment electronically to another. It’s commonly used in online businesses, but they’re also used by people to easily send money back and forth. E-wallets are particularly fast, making them popular among online shoppers and businesses.
E-Wallets gaining popularity in 2022
E-wallets have been around since the early 2000s, but they’ve seen a more steady rise in popularity over the past few years. Most people prefer to use e-wallets over debit or credit cards, as they’re easier to use and often have quicker transaction times. You also don’t have to give your card information to the online shop when you make your purchase, which makes people feel more secure when shopping.
Advantages of E-Wallets
There are many advantages to using e-wallets, so let’s look at what those are.
- Security – Having your card information stolen is one of the worst things that can happen. Using an e-wallet means that you don’t need to hand over your card information to dodgy sites, plus the e-wallet secures your data with encryption technology.
- Convenience – E-wallets are really easy to use, just input your username and password, confirm the payment, and you’re done!
- Easy Access – As you just need your e-wallet login details, you can easily access your money; no more looking for your debit card to make a payment.
- Financial Flexibility – There’s often little to no cost for moving your money around with an e-wallet, so you’re free to do what you like with it.
Most famous E-Wallets
There are many e-wallets to choose from, so let’s look at the most popular ones.
PayPal is arguably the biggest e-wallet provider in the world. They offer high security, lightning-fast transaction times, and 24/7 customer support to help you with any issues. PayPal is accepted at millions of businesses worldwide due to its convenience and is even popular with online casinos. Using a PayPal casino will ensure easier deposits and withdrawals and makes the user experience much more pleasant.
Google Pay is an easy way to make payments from your Android device. Google Pay is an e-wallet that allows you to link your debit and credit cards to your account. This allows you to make direct payments without needing your physical card, reducing the risk of losing it.
Dwolla is a US fintech company that offers a state-of-the-art digital wallet with fast payment options, mass payments (up to 5000 at once), and a dedicated support team. While its main aim is to integrate with businesses, it’s still a great wallet for the average user.
Apple Pay is another mobile e-wallet, which offers iOS users what Google Pay offers Android users. You get an easy-to-use digital wallet on your mobile device that can be linked to your debit card for easy payments. It can also store other information, such as plane tickets, railcards, and your ID.
While Cash App is used on your phone, it works more like a conventional e-wallet. When you create your account, you’re given a Cash App ID, which can be used to send and receive payments. The app allows you to create a debit card, send money to friends instantly, and even make cryptocurrency investments.
E-wallets are much more flexible than debit or credit cards and offer many more features. It’s no surprise that more and more people are choosing them over traditional banking methods, as they’re perfectly built for the modern era of money. If you want to make easy online payments, you can’t go wrong with an e-wallet.