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E-Wallet vs Traditional Wallet

Since the turn of the millennium, more and more people have used the internet for making their lives easier, convenient and hassle-free. Currently, almost everything done physically is possible in the virtual space. For example, trading, undertaking business transactions, importing or exporting goods and services are all possible due to the power of the internet. It seems the future of the world lies in how much it moves towards the e. And, wallets have not been left behind, as there is presently their online version called the e-wallet. So, how is the e-wallet compared to the traditional, leather wallet?

Electronic wallets, e-wallets or digital wallets refer to a system that enables users to complete electronic commerce transactions. This can comprise of buying products and services with a computer or using a smartphone to order for items from an online shop. Basically, a digital wallet is just like a leather wallet as it does the same, in terms of e-money. malaysia rm30 ewallet The key objective of electronic wallets is to make paperless money transactions easier, convenient and cost-effective. Currently, e-wallets are created not just for basic financial transactions but also to verify the details of the user. For instance, an e-wallet could potentially authenticate the age of a buyer while making payments on his favorite store.

Compared to the traditional, leather wallets, e-wallets have several benefits. To begin with, digital wallets often come with many conveniences than their traditional counterparts. The traditional leather wallets are usually thick and unwieldy because they are used for carrying all sorts of things, such as family pictures, driver’s license, shopping cards and many others. More so, you are always worried of the most secure place to keep it. If a crook manages to get his maneuverable hand on your wallet, you may never see its contents again. On the other hand, a digital wallet is very convenient to move around with and you will not be concerned much on where to put it. If someone wants to access it, he has to find a way of cracking the robust and sophisticated digital signatures that usually protect an e-wallet, and it’s not an easy task. So, to stay safe, avoid being ‘analog’ and consider a wallet upgrade. For that, an e-wallet comes in handy. Right?

Presently, most e-wallet services work through applications installed on your smartphone. At the garage, for example, you might simply click some few buttons to complete the payment for the repairing of your car. Electronic wallets are normally encrypted with the latest technology, and this is what substitutes for your old wallet when making payments for goods and services online. Therefore, the increased protection and convenience the digital wallets offer will ensure you make the most of your online purchases. Merchants also gain due to the increased security against fraud and because they sell items quicker and more conveniently.

With an electronic wallet, you will be able to improve how you take care of your finances and life in general. Statistics point that more than 25% of people who want to buy products online do not complete their order because of too many forms to be filled. However, an e-wallet is able to address this issue, as it gives buyers the alternative of submitting their information securely and correctly. This major benefit of an e-wallet leads to improved usability and eventually more utility for the users.

In the next years, the use of e-wallets will become more common than it is now. Currently, there are indications that this will happen faster, maybe than we expect. For example, it is estimated that by 2015, 40% of the users of smartphones in the world will have their daily activities tracked by the devices. This means that e-wallets will form a significant part of their lives.

Whereas the future of e-wallets looks great, some of the integral technology essential for their growth are already well in place. For instance, Verizon and AT&T have adopted near-field communications, the crucial technology that will greatly progress the growth of electronic wallets in the world. Google, with its Google Wallet, has also not been left behind. Google Wallet is one of the largest payment processing systems in the world, supporting several online merchants in almost every country in the world.

Other companies have also come in to make a landmark in the digital wallet world. Let’s take Egopay, for example. Since its establishment, the company has revolutionized the process of electronic currency payments through simple, cost-effective and secure solutions. Egopay has a secure wallet system that currently supports several leading merchants around the world. So, the company is also on the forefront on advocating for people to lose their grip on their old leather-bound wallets and move with the digital wave.

In conclusion, it’s evident that e-wallets are far much better than their traditional rivals. Electronic wallets are easy to use, cheap to maintain, flexible, and secure. Although most people are still fumbling with their old-school wallets, ultimately, digital will complete its takeover and there would be no need of paper cash. How would it be living in a world you do not have to visit an ATM? Of course, as much as there are still challenges slowing this juggernaut, they will be confronted with time until a complete digital takeover of the wallet occurs. Dealing with paper money most of the time is seriously not a thing for the future. So, have you made the change?

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