Benefits of E-Wallet for Your Business

As technology continues to develop, the world of transactions is now increasingly sophisticated and simple. We no longer need to carry a heavy wallet to pay in cash, only with a cell phone, we can pay for groceries. One way is to pay via e-wallet.

So what are the benefits of e-wallet for your business? For more information, see the following article!

What are E-Wallets?

Launching from Investopedia, e-wallets or digital wallets are financial transaction applications that run on mobile devices. This app stores all your payment information and passwords securely. So, if you are shopping like at a convenience store, or other place, you only need to take out your cell phone and pay through the application.


Benefits of Using E-Wallet for Business

For those of you who have a business, e-wallet is the right choice for you. Because, now people prefer non-cash payments. So, what are the benefits of using an e-wallet for business?

1. As a substitute for a bank card
The first benefit of using an e-wallet for business is as a substitute for a bank card. E-wallets allow your customers to avoid carrying their debit or credit cards with them, which they could misplace, lose or damage. By using an e-wallet, they only need to save their bank card number, expiration date and CVV in the digital wallet on the phone. Very practical right?

2. Safer
The security and safety features of some e-wallets are advanced. When you use a digital wallet for your business, you are making very safe and secure transactions. Many of the e-wallets already use tokenization (one-time payment code), biometric verification (voice activation, facial recognition, fingerprint access) for more security.

3. Better Customer Experience
Now, many customers prefer to use e-wallets to pay. This is because it is more convenient than using a traditional bank transfer. Digital wallets certainly don't stress shoppers out of remembering their bank card details. Customers also don't need to carry physical cards in their wallets or bags when they want to shop.

4. Absolute Control over Your Payment System
The benefit of using an e-wallet for your next business is that you have absolute control over your payment system. E-wallets give you the possibility to own and control multiple payment methods. So, are you interested in using an e-wallet as a payment method for your business?

Disadvantages of E-Wallets

Of course, each of the products has its own drawbacks. Here are some of the disadvantages of e-wallets that you need to know about, including:

1. Concerns About Security
Even though e-wallets are actually quite safe, not all customers feel safe when using digital wallets. The reason is, they often do not fully understand how e-wallets work. Currently, cyber attacks are increasing, and this creates the perception that other people can easily access bank accounts.

2. There is a possibility that the cellphone is lost or damaged
If a customer loses their mobile phone with a digital wallet, they may lose the information stored by the e-wallet in their wallet. E-wallets can also be inconvenient when a customer needs to quickly use a different payment method. In addition, if the cellphone is damaged, the customer can also lose all information that has been stored in the e-wallet. They need to download the e-wallet again, but may not be able to access the same information.

3. Risk of Fraud
When a customer pays for something using a credit card, the bank protects them if they experience credit card fraud. Unfortunately, such protection does not exist in e-wallets. Buyers may be more bothered if someone else has stolen their credentials and billed for purchases using their e-wallet.


How Important is E-Wallet in Business?

For those of you who have a business, it is important to add an e-wallet as a payment method. The reason is, besides being practical, you don't have to bother looking for change for your buyers anymore. Just provide the QR code that is available, and the money will go straight into your account. In other words, an e-wallet not only makes it easy for your business, but also makes it easy for your customers.

Thus the review this time about the various benefits of e-wallets for your business. For those of you who haven't added this payment method, you should immediately use an e-wallet to grow your business. Hopefully this article can be useful and useful for your business. Good luck.

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