TOP FIVE E-WALLETS TO TRY OUT
• Apple Pay : This versatile solution that uses NFC technology can be used for numerous payment options via the mobile device or a smart watch . Apple Pay uses the NFC system in conjunction with the Secure Element chip , which stores the bank card data in encrypted form .
• Dwolla : With its low transaction fees plus easy-to-use automation and security , Dwolla has attracted a high number of users . The system acts as a middle-man for banks , individuals , and entrepreneurs .
• Google Pay : Google Pay is essentially the Android version of Apple Pay . It ’ s a multifunction mobile app that manages the transactions of credit cards and debit cards . Google Pay enables contactless payments and any fees associated with it are paid by the merchants .
• Cash App : Riding the wave of the peerto-peer payment system , Cash App was created by Square and is a simple , seamless app that enables users to receive and send payments . The e-wallet also functions as a digital bank account , providing users with opportunities to invest and trade both stocks and cryptocurrencies .
• PayPal : With its international payments functionality , PayPal is the best option for people who travel , because the e-wallet has been recognised in most countries since it first launched in 1998 .
The benefits of e-wallets At this point , the benefits of using e-wallets should be fairly clear , but with one defining factor outshining the rest – namely , security . When customers input their card details via an online portal to buy an item online , there is a risk that it ' s an unsafe site , a scam to steal card details and then empty bank accounts .
E-wallets enable users to store a small amount of money electronically so that even if a scammer attempts to steal the details , there ’ s no danger of an account being drained of funds .
66 April 2023