You’ve most probably have been paying for services and goods using checks, cash, or money transfers. But, you might have seen a lot of people at retail stores no longer pulling out their wallets to make a payment. You’ll see them using their mobile device at the checkout counter instead of making a cash payment. You might be wondering how they get to pay with ease by using their mobile device.
About e-wallets
Many people aren’t aware that there is another secure, easy, and simple way to make a payment transactions with the use of a mobile device or cellphone which is with an e-wallet. Statistic estimates that there are around two billion smartphone users in the world. Most people always bring their smartphones, making using an e-wallet one of the most convenient ways to make a payment transaction. An e-wallet is also commonly known as a digital wallet. These e-wallets are categorized as mobile payment apps that get to store the sensitive payment information on a smartphone. The payment information typically includes the prepaid card, debit, and credit card details.
Contactless payment terminals
If you are in a retail store that accepts that e-wallet as payment, the technology of Near Field Communication allows the sensitive payment information to be pass from your mobile phone to the payment terminal by holding the cellphone just in front of it. Aside from that kind of contactless terminal, it is also possible to scan the QR code using the e-wallet app to make a seamless payment transaction. There are several payment apps also enable you to make online payments.
Advantages of using an e-wallet
A few of the advantages of using an e-wallet is that it is easy to use. To set up one just takes a few minutes after downloading the payment app. After following a few simple instructions on how to set up an account, you’ll have to also key-in your payment information. Your funds and the personal data are secure when you have an e-wallet account.
Security of payment app
The account information is encrypted which means that actual data is not stored on the mobile device To login, change account information, and make a payment transaction, there is a need to enter a password and there might be additional verification requirements. Using an e-wallet is safer than bringing credit cards or cash. Whenever a payment transaction is made, the retailer will not get a hold of your payment information as a randomly generated transaction number will be used as a security measure against fraud.
Accept e-wallet payments
A lot of retail stores nowadays accept e-wallet payments. When you have your payment app set up, you can go to any of these retail stores and hold your cellphone near the reader or get to scan a QR code for the payment transaction to be done. At times, you might have to input the amount and click submit. It is easy to initiate and complete a payment transaction with the use of an e-wallet.