The mode of payment has changed in this technology-driven era. Most people have switched to e-wallets as they are more secure and fast. E-wallets can be considered electronic versions of traditional wallets. Paying at the stores and transferring funds have become much more convenient with digital wallets. A user can easily add, withdraw and transfer money using these wallets within a few seconds. It is also observed that e-wallet users can manage their finances more effectively as each transaction is listed and a track record of the same is maintained.
Considering the popularity of these applications, many entrepreneurs and business minds seek eWallet app development services.
E-Wallet App Features
The e-wallets are evolving swiftly; numerous new features are introduced periodically to make them more expedient and user-friendly. Here is a quick look at the most prompt features of such wallets that you will witness upon using them.
User Authentication
Every user must register onto the e-wallet application to use its services. Two-way authentication is integrated to help keep the user’s money and information secure. The wallet can only be accessed after the user grants two-way permissions.
Add/Withdrawal Money
Adding and withdrawing money from the e-wallet is super easy and fast. Users can easily add, withdraw, and transfer money from their e-wallets within a few seconds. It lets the user make an instant transfer from one account to another.
Contactless Payments
NFC (Near Field Communication) technology is integrated into such wallets to offer no-contact payments to users. This technology enables the communication between smart services and NFC tags to support contactless payment.
Bill Payments
A user can also easily pay their electricity, rental, and other bills using these wallets. On top of that, the wallet tends to save the bill information and send push notifications on the user’s smart device upon the next bill generation.
Transaction History
Every transfer made using the electronic wallet is recorded and a complete track of the transactions is maintained by these wallets. It helps the user keep track of their money and also utilize the information to manage their finances.
Multi-Currency Support
These wallets also support multiple currencies meaning that a user can have Dollars, Euros, Pounds, and other currencies in their e-wallet.
Security Features
Electronic wallets are highly secured and maintain a standardized mechanism for safety. Two-way authentication, sandboxing, and tokenization are a few of the security features integrated with these digital wallets.
Loyalty Programs
The e-wallets have a history of introducing fresh and new loyalty programs for their users periodically. Vouchers, bonuses, and cashback are offered to the users to boost customer retention rates and word-of-mouth marketing.
Split Bills
Using this feature, a user can easily split the bills with their friends and family . It sends a notification and payment request to the person you want to share the bill with. A payment link is tagged along the notification to let the receiver pay instantly.
Money Transfer
The primary function of these electronic wallets is to let the user transfer money instantly and conveniently. Transferring money has never been so quick and hassle-free.
In-App Support
These e-wallet applications offer in-app support to their users to answer their queries and help them resolve issues quickly. The in-app support mostly has a solution to all the queries and issues of the user.
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How Does eWallet App Work?
Registration and Verification
The first step to start using the e-wallet is to register and verify your identity. The user has to provide their details like – Name, E-mail, Bank account details, etc.
Adding Funds to an E-Wallet
Once you have created the account and it’s verified. It’s time to add funds to your e-wallet. The money can be added using a debit card, credit card, bank transfer, wire transfer, etc.
Making Transactions
A user can initiate transactions at their convenience using the electronic wallet. The transfers are done instantly and securely. Also, a record of all the transactions will be maintained.
Security Measures to Consider When Using eWallet App
Strong Password
Digital wallets are highly secured; however; it is wise to create a strong password for your digital wallet that can’t be guessed or cracked easily by a cybercriminal. Prefer creating the password using a combination of alphabets, numerical and special characters.
Use reputable eWallet apps
The market is filled with numerous ewallet applications. Anyhow, it is wise to go with a reputable one. It will help you stay away from fraudulent applications in the market.
Avoid using public Wi-Fi
Connecting to a random Wi-Fi might doesn’t sound hazardous. However, a lot of people have compromised their personal information and money to cyber criminals upon connecting their devices to public Wi-Fi.
Monitor your account activity
It is advised to monitor your account activity occasionally. If any suspicious or unauthorized activity is witnessed, report that asap to be on the safe side. Also, prefer changing the password and logout of all other devices while doing the same.
Conclusion
Transacting money from one account to another has always been a lot of work. The e-wallets play a major role in it by simplifying the transaction procedure and making it convenient for the users. Cybercriminals are also getting benefitted from the same by phishing users and hacking digital wallets. However, a user can easily avoid such terrifying incidents by being extra careful with our above-mentioned security measures.
