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Why are e-wallets getting a competitive edge over other payment platforms?

Why are E-wallets getting a competitive edge over other payment platforms?

The e-wallet payment platforms are billed as the future of real-world payment technologies. Considering the popularity of digital transactions, most retail outlets are beginning to embrace e-wallets payments. Compared to e-banking, you can put a certain amount of cash directly on your phone to spend online and in-store. 

Unfortunately, some retailers have misconceptions about the security of and viability of the e-wallets. Despite the misconception about the security of e-wallets, their popularity is gaining momentum.

Nevertheless, secure e-wallets use various security measures to ensure that their platforms are safer and efficient. 

Features that make e-wallets safer

Features that make e-wallets safer

The main reason e-wallets like Paypound are gaining popularity is because of the safety mechanism they use. Meanwhile, check out the features of e-wallets below-

Encryption technology

Encryption technology

Virtually all e-wallet platforms use encryption technology to ensure mobile wallet security. Interestingly, most people don’t realize that encryption technology is used daily. Almost all computing devices like smartphones or PCs use some level of encryption.

Therefore, is the encryption technology safe? Yes, encryption technology is safe, no wonder e-wallet platforms have embraced it to secure their systems. Encryption technology turns your normal data or plaintext into random characters or ciphertext.

Password protected

Password protected- e-walllets

Password protection was a key issue when e-wallets came on board. Consumer’s passwords were often hacked because they were not strong or the e-wallet system was compromised.

Currently, e-wallet systems employ various levels of security measures including complex alphanumeric passwords and biometric protocols. Therefore, combining these security measures and encryption technology provides a lot of security.

Instant payment

Instant payment- e-walllet

Unlike banking methods that require payment transactions to pass through complicated databases and processing systems, e-wallets use simpler platforms to make transactions faster. E-wallet transactions take at least 24 hours compared to other banking methods that take 2 to 5 days.

Limited risk

Imagine losing your phone and a person with a less positive motive picking it up. Your funds could be withdrawn without your consent if you are using the conventional baking method. With e-wallets, several security protocols are required to withdraw funds from your account. For instance, most e-wallet platforms require fingerprints, etc.

Accountability

e-walllet

E-wallets provide a higher level of accountability. You can trace funds that leave your e-wallet account. Also, you can view your e-wallet balance or transaction at any time and from anywhere. Meanwhile, you don’t have to log in to your banking account to view your e-wallet account. 

Act as proxy

Compared to credit cards, e-wallets help users to conceal their banking and private data. Also, e-wallet systems don’t expose users’ data and they only have access to data that you make available. By acting as a proxy, e-wallets offer better mobile wallets. Therefore, third parties can barely steal from your e-wallet account because of the security that e-wallets offer.

Final thoughts

You can also securely save your funds on the e-wallet platform without losing them so easily. Finally, e-wallets are safe and secure but make sure you choose the right one.