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Advantages of e-Wallets:
- Security - Unlike regular wallets, digital wallets cannot be lost or stolen. The data within the wallet is encrypted and therefore far more secure. Even when making a payment, your account details are not transmitted during a transaction. Instead a token is generated which provides a reference to the necessary details, but never actually shares them with the merchant. Once the payment is complete, the token no longer has any value.
- Ease of Use - Digital wallets are far easier to manage, eliminating the need to physically carry cash and cards. They also offer many ways to purchase and some even allow users to withdraw cash from ATM machines. e-Wallets can store much more than card details. including virtual IDs, vouchers, gift cards, cryptocurrencies, concert tickets, boarding passes and much more, all within the app.
- Budgeting - Digital wallets require passwords or biometric scans (FaceID and Fingerprint confirmations) for every single transaction, allowing for much easier recognition of money being spent. e-Wallets store all transaction history, meaning users can access past payments and current balances in an instant. Some even have built-in budgeting software.