This is the new age of the digital world and eWallets are in the spotlight. With the development of technology, e-wallets and in-app wallets have emerged as alternative payment options to cash.
Digital wallets
A digital wallet is an online payment tool or software application that acts as an electronic version of your physical wallet. Also known as electronic wallets, or mobile wallets. Users can securely store and use digital versions of payment methods (credit cards, debit cards, gift cards, cryptocurrencies, boarding passes etc..) on the go with your smartphone or smartwatch.
Customers can use their digital wallets to make purchases in stores, online or through digital wallet apps. When making in-store purchases, contactless payment terminals are typically used by swiping a contactless credit card or by waving a payment-enabled smartphone or smartwatch over a contactless payment terminal.
An eWallet
An eWallet is an online prepaid account used to store money online and offline and make on-demand transactions using your computer or smartphone. This is a pre-equipped electronic wallet that customers use to conduct instant (and secure) transactions, just like a physical wallet. Unlike bank accounts, eWallets are considered a high-speed type of digital transaction.
You Can Also Pay For Groceries Without A Physical Card And More.
With the help of e-wallets, you can pay for groceries, online purchases, airline tickets, and more.
The e-wallet mainly consists of her two components: software and information. Software components store personal information and ensure data security and encryption. The information component is a database of user information including name, shipping address, payment method, payment amount, credit or debit card details, etc.
To set up an e-wallet account, the User must install the software on their device and enter the relevant required information. After making an online purchase, the e-wallet automatically fills in the user's information in the payment form. The user must enter a password to activate the e-wallet. When payments are made online, the information is stored in a database and automatically updated, so consumers do not have to fill out order forms on other websites.
How Does It Work And How To Qualify For One.
Digital wallets use multiple technologies, including mobile apps, mobile hardware devices, Near Field Communication (NFC), and security methods such as tokenization to create a user-friendly, mobile and seemingly secure payment experience. increase.
To use the digital wallet/ewallet, a user enters their card information into the digital wallet app or her website. Once the device is unlocked and the user approves the wallet, the information is encrypted and the wallet can be used. To make mobile payments, users bring their smartphones close to contactless terminals.
There are no special requirements to qualify for a digital wallet. The only thing you have to do to download a trusted electronic wallet and link your personal bank account information into the digital wallet app. So, if you were wondering if you can have your own digital wallet, yes you can. There is no need to stress or panic about forgetting your card at home. Because a digital wallet allow you to withdraw cash without physically having a card. This means that your mall day can continue with ease.
The Thin Line Between A Digital Wallet And an Ewallet
Digital Wallets save users’ cards for easy future transactions. They are required to save and validate their card details in the digital wallet only once. Once registered, they just have to remember the digital wallet username and password and can use their saved cards from the digital wallets itself. That is, digital wallets save users card details for faster and easier transactions.
E-wallets or Prepaid Wallets require money to be loaded in them prior to any transaction (online or offline). E-Wallets like Paytm, Mobikwik, etc. can make you go cardless only if you load money to their wallets. However, some companies such as Paypal offer both eWallet and digital wallet services.
You need to understand that both these platforms are designed for your convenience and can also work hand in hand to provide you the best quality of service.
Benefits Of A Digital Wallet
Digital wallets free up space in your physical wallet and condense your debit and credit cards into one app. No more searching for your wallet. Just tap your smartphone to complete the purchase. Online shopping with a digital wallet has never been easier. By now you know, we are a generation of convenience ands we will jump for anything that saves us time, hence here are five benefits of digital wallets. I'm sure by now you catch the drift.
Benefits Of An eWallet (prepaid online account)
Prepaid cards offer consumers a wealth of benefits. Less risk of overspending, safer than cash, easier to use, easier to recharge, and a viable alternative to using traditional credit and debit cards. Reduce the risk of overspending .
Types Of Digital Wallets In South Africa And Which Banks Supports Them.
With the local launch of Apple Pay in late March 2021, South African bank customers now have a wide range of digital payment wallets to choose from. The service is his fourth device-based payment app to operate in the country, after Samsung Pay, Fitbit Pay and Garmin Pay. These wallets allow users to load their bank cards or point his cards into apps on smart his devices (smartphones, tablets, smartwatches, etc.) and use them for contactless payments.
A South African bank recently reported that the majority of payment terminals now offer NFC, and the feature could work in most retail outlets. These payment wallets are therefore extremely useful by allowing bank customers to leave their wallets at home when they need to go shopping or pay for services such as Gautrain.
Apple Pay
Absa, Discovery Bank, Nedbank
Fitbit Pay
Absa, Discovery Bank, FNB, Investec, Nedbank, RMB, Private Bank
Garmin Pay
Absa, Discovery Bank, FNB, Investec, Nedbank, RMB, Private Bank, Standard Bank
Samsung Pay
Absa, Discovery Bank, FNB ,Investec, Nedbank, Standard Bank, RMB, Private Bank, Virgin Money
Have You heard About Glow App And Its Wallet?
Glow App is a mobile application that makes it easy to send, receive and save money. There are many more features in development.
This app was developed specifically for the financial needs of South Africans. It's user-friendly, has a range of features to make your finances easier to manage, and makes it easy for your non-tech-savvy loved ones to understand.
What makes makes Glow-send e-wallet special
What sets Glow App apart from its competitors is that it does not cost a cent to open an account and it takes less than a minute. There are about 5000 cash points to withdraw money from. The glow app is transparent with no hidden cost. If you want to save and invest stock and crypto then you can. Can you imagine a lifetime free account?
The Glow app has a variety of features that make it unique and authentic. Here are some of the features you can expect from the Glow app:
Open a free digital wallet account (no monthly account fees) in under a minute
Cash Charge Option: Send money, link bank accounts, and use our extensive network of retailers and ATMs
Cash withdrawal options: Bank transfers from the app, cardless withdrawals at retail stores and ATMs. No debit or credit card required.
Free P2P transfers between Glow app users: Users who sign up during the pre-launch period will receive a lifetime free in-app transaction guarantee
Free Digital Maps: You can use it for contactless payments or buy what you want on the web
Domestic transfers: Generate a SMS code for recipients who have not yet downloaded the app
Invest in stocks or coins of your choice
Payment for utilities, services, purchase of airtime or electricity. No debit or credit card required.
Multilingual support: English and native speaker isiZulu
More features will be released, they are currently in development. Join our, waitlist now!! and be the first to download our app when it launches. Don't miss out.
A Globalized World.
We live in an intergraded world were money is a global language. Globalization is a term used to describe how trade and technology have made the world a more connected and interdependent place. The scope of globalization also includes the economic and social changes that accompany it. If you would like to join the global market, the Glow App has a feature that allow you to to transact Rands into USD and other currencies.
Conclusion
To sum it up, you understand what a digital wallet is. The thine line between an ewallet and digital wallet has been explained. You are aware of the benefits, and how convent it is to have these services. The types of digital wallet in South Africa have been highlighted and you have been introduced to the amazing feature the Glow App possess. In closing we understand that digital wallets are revolutionizing the customer experience by offering greater security, accessibility, and convenience. We also know that ewallets are a much safer way to save up money from your card. It is also a reliable and quick way to send out money to your loved ones.