Technology revolutionized the money transfer process with the innovation of digital wallets. Today, the market is brimming with secure mobile wallet apps, including PayPal, Cash App, Skrill, GPay, and Apple Pay. The adoption of e-wallets also increased as the pandemic hit the world. Due to its contactless payment feature, more and more people preferred using this app-based transaction system.
Moreover, this payment mode has a bright future ahead. A study reveals that the digital transaction value in the USA can presumably be more than $220 bn by 2023. So is a digital wallet worth it? Let’s find out.
Funds Transfer
The primary reason for the popularity of digital wallet users is the ease of sending and receiving money. Unlike online banking, you don’t need to add a beneficiary to send money to anyone with the e-wallet method. Instead, you can transfer funds hassle-free from anywhere with just one tap.
Declutter Your Pocket
A mobile wallet app is a virtual version of your traditional pocket wallets. It simplifies your life by safely storing all your crucial financial data on the cloud, including bank account, credit card, and debit card details.
It means you can access any data right from your phone. So you don’t need to lug physical cards or cash wherever you go.
Manage Monthly Budget
With mobile wallets, you can track all your monthly financial expenses on the app’s analytical dashboard. Once you link your bank account, debit, or credit card details with the e-wallet, you can check the balance across all the banking sources.
So, you’ll get clear insights into your transactions, allowing you to monitor your spending habits. This way, you can categorize and set a budget for all expenses. So stay on top of your money by using digital wallets.
Timely Bill Payments
Do you often forget to clear utility or postpaid connection bills due to the hustle and bustle of life? Fret not! An e-wallet app will come to your rescue.
Digital wallets enable users to pay electricity, rent, gas, and mortgage bills. Moreover, it will send you monthly auto alerts to ensure timely payments before the due date. The e-wallet app will even remind you about the upcoming prepaid recharge date. So no more over dues and late payment fines.
Online Gambling
Several e-sportsbooks and casino sites are embracing a tech-friendly approach to attract more gamblers. The digital payment option is one of those new-age features available on various online betting portals. It means you will easily find online casinos that accept cash app or any other wallet for playing online.
After connecting your betting account with the mobile wallet, deposits and withdrawals become a quick process. After redeeming the payouts in your e-wallet, you can also use that money to play on any other gambling site. So wager seamlessly on the go.
Instant Shopping Experience
Nowadays, an ever-growing number of merchants are accepting payments via digital wallets. Moreover, you can use the mobile payment option for online and in-store purchases both.
You must enter the wallet PIN or scan the QR code to complete your transaction. You can even top up your e-wallet and use this wallet cash for shopping. This easy payment process ensures a fast and better purchasing experience for everyone.
Further, payments initiated through mobile wallet apps are safer than other methods. Unlike cards, the encrypted digital transaction system hides your actual bank details from the merchant. Thus, there is the least probability of data theft and online fraud.
However, the advantage of the digital payment goes beyond shopping convenience. Let’s find out what else can the digital wallet be used for.
Cashback and Rewards
Ever thought paying off bills or shopping would be rewarding? It’s possible when you choose a digital wallet for payments.
The e-wallet service provider will offer your additional cashback or reward coupons for every transaction you make. The cashback will directly transfer to your connected bank account. Besides, you can redeem brand-specific discount coupons on your next purchase.
In a Nutshell
Mobile wallets are becoming a crucial part of daily life in myriad ways. Undoubtedly, the funds transfer convenience and security offered by digital wallet apps are better than any other banking option. With the global mobile wallet market expected to grow tremendously, it’s time to jump on the bandwagon. So upgrade to this digitally-advanced method and manage your finances seamlessly.
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