E-WALLET PAYMENT
An E-wallet, also known as digital wallet, is an electronic/digital online service where individuals can make transactions with. Some examples would be PayPal, Apps from banks, Samsung Pay, Apple Pay, Wechat Pay etc. While POS systems facilitates business owners to keep track of their stores, E-Wallet does the same but also provides convenience and accessibility for end-users.
In addition, E-Wallet payment systems also build a free economic ecosystem for both business owners and users, facilitating further communications between both parties.
Within e-Wallet payment system:
QR Code Payment
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Analytic Reports
Fund Allocation Management
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Transaction Records
Payment
Method
Management
Inventory Stock Management
Why E-Wallet?
E-Wallet bring huge benefits for both business owners and users. It offers much more convenience to users anytime, anywhere. As it provides access to multiple payment cards, users can choose which card to be used without necessarily bringing the cards with them when they travel, which for business owners it also means they could accept any customers.
It is also more secured as all information is stored digitally, reducing the opportunity of losing money hence losing the physical card.
Furthermore, with access to analytic reports and transaction records, both business owners and users gain help with budgeting management. Business owners will also learn more about their own business and products.
Did you know?
The U.S. mobile payment market increased 41% from $69.8 billion in 2018 to $98.8 billion in 2019.
The growth significantly equals to total spend in 2012. The market is expected to rise to $130.3 billion in 2020.
As technology an infrastructure and related platforms grow, consumers will have more options and more stable payment system with the element of incentivizing customers on spending. Pioneers such as Apple, Alibaba, Wechat, Samsung, Grab etc. had already implemented incentive programs in order to attract more users to their payment network. It is inevitable for the whole consuming pattern to migrate more rapidly onto the digital payment world.