Using a digital wallet for money transfers, other services offer a number of advantages compared to other options.
- Security – Digital wallets provide an additional layer of security because card data or bank account information are never disclosed when making a transaction. In addition, the majority use security mechanisms such as encryption, biometric authentication, and 3DS verification to protect users from potential fraud and data breaches.
- Convenience – While not every merchant accepts digital transactions, yet a large majority do, and more plan to provide those services in the future. When paying via your e-wallet, you are able to complete transactions in an easier, faster and more secure way.
- Efficiency – Say goodbye to filling out tedious checkout fields while you shop online or fishing through your purse for your loose debit card in the drive-through. Your e-wallet will make your transactions seamless and simple.
- Lower costs – Digital wallets usually have small to zero transaction fees, making them a competitive alternative to traditional money transfer methods. The low costs are a major advantage in the case of international transactions or frequent transfers.
- Faster transactions – With a digital wallet, users only need to log in to the wallet app in order to make a money transfer, without having to manually introduce payment details. This streamlined process, along with quick delivery (instant or less than 24-hour transfer settlement) make digital wallets a superior option to methods like bank transfers. Peer to peer transfers.