The Increasing Use Of Digital Wallets As Preferred Modes Of Payment In The Middle East!!

Digital payments haven’t just eased things for customers, but merchants too! E-wallet services are trending for the same reason. People are in love with the convenience, ease and safety these options have to offer!

The plus point is, there are a number of options to choose freedom. Users enjoy this freedom of choice regarding making transactions – it’s quick, safe and so easy!

Mobile transactions are giving an impressive level of competition and business owners are striving for perfection – consumers’ reliance on such modes of the transaction is the reason! Therefore, entrepreneurs are looking forward to further expand their base by entering this domain.

From buying something small to big – people are making use of e-wallets. Yet, the convenience, ease and efficiency remain intact and every user loves that!

Let’s discuss digital payments in brief first!

A universal definition of digital payments doesn’t exist as they can be partially, primarily, or fully digital. But we can try and derive a standard description, let’s learn!

Electronic or digital payment involves the transfer of money from one account to another using a digital device. It can be a mobile phone, wireless data, SWIFT (Society for the Worldwide Interbank Financial Telecommunications), computer, or POS (Point of Sales).
This implies payments made with credit/debit cards, mobile money, bank transfers, etc.

What do we understand by Mobile Wallets?

Mobile or electronic wallets are financial instruments. They allow individuals, groups, or businesses to send and receive money through mobile devices.

The transactions are made successfully and quickly. Gone are the days when a payment or account transfer used to take days or weeks.

That procedure was tiring and time-taking. Even in the case of goof-ups, customers weren’t given any updates. But the current scenario has changed for the better with the advent of smarter technologies and tech solutions.

Now, one can make payments in seconds! A mobile wallet can thus be seen as a type of eCommerce model which is developed with mobile devices.

The evolution and expansion of eCommerce have been nothing short of impressive and the same has paved the way for e-wallet apps too! Both these domains go hand-in-hand. You shop online, you pay online!

One doesn’t even need to carry hard cash or physical wallets all the time! Buyers and sellers both prefer online payments now more than ever. WHY? One word, pandemic!

What are the different types of e-wallets?

There are primarily three types of e-wallets that differ based on payment processes. Let us learn more about them.

• Open This is the most common type. They are compatible with all networks and can be installed on both iOS and Android phones. They are easy to use and can make n number of transactions. Google Pay, Paytm, PayPal, etc., are relevant examples here.
• Semi-closed This type provides more freedom to users. Users can use these wallets to make payments at those outlets or stores, which have signed a deal with the e-wallet company. This type might not be available at all stores, hence the name semi-closed or half-closed.
• Closed This is the kind used by giants like Walmart, Decathlon, etc. This mode can be used only for a particular app and not for making other payments online. This type of wallet system is basically integrated into the companies/ventures you buy from.

Why is this domain a hot one?

Let us look at some of the reasons that make these wallets a favourite among users.

1. Users can use them for payment of bills – all kinds of them. Be it DTH, broadband, electricity, water bills or booking air or train tickets! One can also make payments at a mall or a local grocery store.
2. The payments can be made on time and the entire process is hassle-free.
3. These platforms also offer incentives and rewards to the users.
4. They also offer auto-payment facilities. So, the monthly bills can get paid automatically too!
5. Using these wallets is super easy. Users can simply download the app, create an account and make secure transactions using the password!
6. Receiving and sending money are not herculean tasks anymore. All this has become work that can be done in seconds!

A few final words for the readers

Hopefully, you have realised the importance of different digital payment modes, especially e-wallets and related applications. Now, that you know – you must make the best out of this knowledge! HOW? By reaching out to the field experts today!

Successful entrepreneurs know about the right time to make the right decisions that benefit them in the long run. So, then why must you be a laggard, right!

This is the right time for you to explore this domain and grow bigger and better than before. Seek expert advice and avail the best digital payment app development services, today! Get going, already!!