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A digital wallet or e-wallet is a software-based system that securely stores users’ payment information and passwords for a myriad of payment methods and websites. Using a digital wallet, users can complete purchases easily and quickly through near-field communication technology. They can create stronger passwords without having to worry about whether they will be able to remember them later.
In simple words, we can say that digital wallets are the version of a traditional or physical wallet through which we can make transactions, transfers, and requests for money.
Digital wallets can be used with mobile payment systems, allowing customers to make superfast payments with their smartphones. A digital wallet can also be used to store loyalty card information and digital vouchers. Users can also receive money from person to person through a digital wallet.
The wallet payments are also accepted by various online gambling platforms to load and withdraw the money. How to link? It’s simple, first betway app download, register, and link your wallet to your account and enjoy real-time payment settlement without any hassle.
Types of Digital Wallet
Listed below are the types of digital wallets-
A closed wallet helps traffic to make payments through an app or website. Users of a closed wallet can only use the funds accumulated with the wallet provider to complete the transaction. If any cancellation or refund takes place then all the money is deposited into the wallet.
A semi-closed wallet makes payment methods easy for users to transact at listed merchants and locations. The semi-closed wallets are restricted into the coverage areas. In order to receive payments from a wallet, merchants must enter into a contract or agreement with the issuer.
Open wallet users are able to make all kinds of transactions and it provides flexibility to transfer funds easily. Open e-wallet service providers allow users to make transactions from anywhere in the world, however, it is mandatory that both sender and recipient must have their own account in the same application.
Benefits of Digital Wallet
Below are the following advantages of a digital wallet:
- Users can transfer money through digital wallets from anywhere and anytime.
- Digital Wallet does not impose any restrictions that require users to maintain a minimum balance.
- The digital wallet protects user information and transactions made through it.
- No one other than the holder of the biometric feature integration account can use the wallet.
- Users can either scan the QR code in POS or add a mobile number to complete the transaction from the digital wallet.
- There are no restrictions on the use of digital wallets. One can use it as long as one does not need it.
- Digital wallet completes the transaction within seconds.
Features of Digital Wallet
Features are an integral part of any application. The better and simpler the features, the more user traffic to the application. Speaking of digital wallets, there are severe local features that have made them a trend in the market. However, the following features may vary according to the summary of any payment application and the digital payment application.
Easy registration Process
Digital Wallet allows users to easily create an account without the need to pay any hidden charges or fees. The below steps given for a user need to be done-
- Install the app from google play store or apple play store or any authentic store.
- Log in through your mobile number or email address.
- By entering a one-time password(OTP) complete the registration process.
- Link the wallet with desired bank account.
- Add money to the wallet.
The digital wallet has QR technology that allows the user to easily scan the QR and make transactions conveniently.
Simplified payment processing
Customers can easily pay electricity, gas, and mobile phone bills through a digital wallet. Also, flight bookings, train tickets and more can be done through these wallets. In addition, users can enable alert, automatic payment options for timely payment alerts.
User- friendly dashboard
E-wallets or digital wallets are built using the best features and simple UI for easy and secure transactions. A simplified user interface helps end-users to make transactions and track them easily. It is also possible to transfer funds, add money to the wallet, check the balance, and much more.