Sign in

Top 5 Benefits of Digital Wallets

From utility bills to online shopping, mobile recharge, to food orders, we are all at the top of the digital world. With over 2.1 billion smartphone users, the usage of digital wallets has exponentially grown.

Digital wallets addressed various questions such as inconvenient billing processes, time-consuming financial transactions and made the financial services error-free, easy, and instant. They have streamlined the buying process and made payments easy!

They had unified offline and online purchasing. Such that merchants and customers can pursue speedy and secure transactions across the globe. Overall, the customer experience has been improved with customized fund transfer solutions.

Big businesses have adopted and launched the smart wallets that are popularly known today! Here are some of the best-known online wallets:

  • Amazon Pay
  • Android Pay
  • Apple Pay
  • Bitcoin Wallet
  • Google Wallet
  • MasterPass
  • PayPal One Touch
  • Samsung Pay
  • Visa Checkout

Digital wallets use a technology called Near Field Communication (NFC). The NFC acts as an intermediary between the smartphone and a retailer’s compatible payment terminal. At the checkout, users can make the payments to the seller with just a few taps.

Smoother Shopping Experience

E-commerce sites are implementing the digital wallet payment option to their payment methods. So that customers can checkout using the digital payment option to complete the transaction. Thus, with just a few taps, users can complete the purchase.

As a result, they have made the shopping experience faster and smoother.

Enhanced Security

Digital wallets have advanced security protocol systems that reduce the threat of fraud and malicious attacks. Whenever a transaction is made using the smart wallet, users need to enter the PIN to complete the transaction.

Digital wallets encrypt and secure customer information with enhanced security. Also, most of them offer friendly biometric authentication methods to add additional protection to the transactions.

Wide Acceptance

When we say digital wallets, they are widely accepted across the globe. From startups to big firms, almost all of them accept the digital wallet payment method. The advantages and unique features are driving the acceptance of smart wallets.

So, using digital wallets, customers can pay their coffee bill using a digital wallet QR scanning system or buy a movie ticket with just a single tap. Hence, every day paying is made easy with a lower transaction fee and easy payment methods.

Saves Time

Digital wallets are time saviors. They make the transactions in just a few seconds. Users can complete the payment by choosing the beneficiary name or number or scan the QR code to complete the payment.

Also, while shopping, customers can hold their phones at the payment terminal, verify the purchase and make the payments instantly. This is it — buying is made more comfortable than ever!

Rewarding

Well, these smart wallets are not just for payments. But they are rewarding too. A few digital wallets offer coupons and discounts for every transaction. For instance, Google Pay offers a scratch card for the transactions held! This scratch could consist of an offer, or a coupon, or even a cashback sometimes.

As a result, digital wallets are like physical wallets that are rarely found today! All your cash is safe and securely stored in them. So, go cashless!

PayCircle offers technology-driven solutions to industry leaders, helping them streamline payments, transaction settlements, and asset management globally.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store