Going Cashless with e-Wallets
The payment industry has upgraded from cash to cards and now to ‘cashless’ payments. e-Wallets have simplified the way we pay our bills. This revolutionizing Fintech is aimed at making electronic transactions easier and convenient in both online and in-store purchases. E-wallets facilitate payments, peer-to-peer money transfers and store cash for future transactions on your smartphone or computer.
On the technical side, e-Wallets have a software component and an information component. The software is the part that encrypts user information and ensures the security of transactions made while the information component is where all the user details like shipping address, billing address and payment methods get stored.
They are available free of charge, require minimal setup and are gaining popularity due to security, efficiency, and ease of use
How to Use?
Download the e-Wallet app from the Google Play Store or the App Store. Complete the registration and verification process to start using your e-Wallet account.
Where to use?
An e-Wallet account can be used with any of the merchants associated with the e-Wallet. Supermarkets, coffee shops, restaurants, pharmacies, cold stores, and many other enterprises are a part of this Fintech innovation today. This would vary based on the e-Wallet being used.
Payment Process
Scan the automatically generated QR code available at the cash counter and confirm the payment of your purchases. Money transfers and requests require the sender and the receiver to have the same e-Wallet on their smartphones.
Security
e-Wallets in Bahrain are approved and certified by international payment schemes and also follow strict security standards. PCI standard accreditation, certifiable transaction receipts, personal pins, OTP, 3DSecure, Biometric Authentication, and Touch ID are few that contribute to ensuring security in these digital wallets.
Why e-Wallets?
Forget the confusion of last-minute payments and waits outside the ATM. e-Wallets are committed to making cashless payments easier and our lives better. Here’s why you should be having one!
- Convenient Transactions
Free and instant transactions. Now, online and offline purchases, bill payments, money transfers, and withdrawal of cash through ATMs can be done with greater flexibility and efficiency.
Digital wallets can also reduce checkout lines and of course, no more shuffling through cards to get the right one out. Transactions can be completed with a simple tap on your smartphone.
- Acceptance
Lots of locations and websites are including e-wallets in their payment methods today. This popularity and usage are attracting more merchants to sign up with the cashless economy.
- No Bulky Wallet
Why go around with a heavy wallet when you can have everything on your mobile? Cash, cards, ID proofs, coins, and even bills and receipts can be found in our traditional wallets. E-Wallets store these valuables securely providing easy access as and when you require.
- Security
There is always a chance of losing your wallet. Smartphones also face the same risk. But what makes it better is its security features that protect your fund and information by restricting unauthorized access to the e-wallet application.
Obviously, a lost phone is easier to find than a lost wallet!
- Rewards and Discounts
Affiliate programs, discounts, and rewards are the trends of today. With a number of attractive offers, e-Wallets let you enjoy added benefits for using the application. Since the motive is client retention, engagement, and business growth, these offers are not likely to end any time soon.
- Mobile Shopping
Forget the fear of providing card information on websites for your online purchase. With digital wallets integrated into online shopping, you can make quick payments without risking your bank details. E-wallets are the secure medium between your bank account and the shopping website.
- Future of Payment
The multiple options associated with cards and payments are triggering e-Wallets’ growth in the Fintech industry. No matter how small the transaction is, you will have the details for clarification which makes it an accountable payment app.
