- September 3, 2017
- Posted by: eresolute
- Category: Uncategorized
The mobile phones are slowly turning into an immutable need of our daily lives. Over the years, mobile phones have inevitably replaced calendars, photo albums, cameras, watches, calculators, music systems, alarm clocks, and now they are at the cusp of replacing your wallet. A single tap on your phone is sufficient to instantly connect you to a distant relative, chat, order food, learn, read books or simply do anything under the realm of possibility. So why should bill payment be a conundrum? A plain solution would be to upsurge into the Digital wallets bandwagon.
So what exactly is a Digital wallet?
A Digital wallet, also known as e-wallets are the mobile payment solutions that store your payment information such as credit, debit, and prepaid card details on your smartphone. You can shop on the go without having to worry about punching your information every single time. Digital wallets encapsulate layers of data integration making your sensitive information absolutely secure.
Is UAE catching up?
Cashless transactions are a new rage, yet it is not as favored as you may think. A staggering 75% of the transactions are carried out using cash, making paper money, the irrefutable king of the UAE economy. Despite cash occupying copious space in the economy, stakeholders like Banks, telecom companies, regulators, payment companies and government institutions are striving hard to keep up with the digital curve.
UAE government is taking initiatives to adopt digital commerce and cashless payments as the flagship in UAE’s Vision 2021. e-Dirham, an electronic payment solution introduced by UAE government witnessed 38.6 million cashless transactions, with 6.94 percent increment compared to 2015. UAE government has also introduced electronic payment systems to help the expat workers get paid conveniently every month.
Digitization requires a conducive environment where the masses are equipped with a technical edge and UAE is well established in this arena.
According to a recent research by a consultancy firm, McKinsey, more than 70% people of the total population have a mobile phone. Estimates say there are about 150,000 point-of-sale (POS) terminals in use and over a half of them can handle digital payments.
Despite the prevailing circumstances, digital wallets are bound to take over in UAE and in our lives. We, at eResolute Payment Services Provider LLC,a visionary fintech company, foresee the advantages and recognize the that such digital technologies can add real value to the payment system and society in general. We have an expedient electronic digital wallet solution, Flexi Wallet that allows you to use electronic cash anytime, anywhere. Flexi wallet also encompasses coupons,vouchers among other payment options.
Why Cash is not so good for our economy?
Disadvantages of using cash over digital wallet is coherently evident. Inexhaustible amounts of cash in the economy can cost the government up to 1.5 percent of GDP to print and deliver.
Physical money also galvanizes corruption, illegal activity and is a potential waste. So ditch your leather billfold and switch to the digital one.
Here are the five reasons why you should switch to Digital Wallet at the earliest:
- Ease of Access
It is unchallenging to make transactions using a digital wallet even for digitally illiterate folks. Just a tap or wave of the smartphone at the checkout terminal and in no time you can make safe, secure, and reliable transactions. Digital wallets eliminate the queuing time A recent study by a UK supermarket app, Ubamarket reports that a whopping three-quarters of the shoppers chose to abandon their shopping as opposed to waiting in the agonizing queue. You can stack up all your credit cards and bank accounts in one place, instead of having to carry a wallet full of cards.
- Security
Digital wallets fortify the security of your information with encryption. The actual account numbers or credit card details are not shared with the merchant and verification details like password and login id are used for authentication. This is a lot more safer than walking with your physical wallet and having it stolen or lost.
Flexi wallet, our digital wallet solution entails secured protocols while integrating with telecommunication and third party platforms.
- Shop and Sort bills instantly
A major takeaway of the digital wallet system is to bring comfort to the customers. Digital wallets banish the discomfort of having to punch your payment and shipping information every time you want to buy something online, facilitating a rapid checkout process. Digital wallets encapsulate multiple layers of security that ensure the security of the sensitive information. You can instantly shop online and make bill payments for a myriad of services like DTH, ticketing,utilities like gas,water and electricity among others. Digital wallets have an unceasing outreach .
- Cost-effective and rapid fund transfers
Send and receive money in matter of split seconds using Digital wallets. You can send, store and receive funds in a jiffy by just tapping your smartphone. You can also pay and charge people in real time in a matter of few seconds. Flexi wallet does not impose any transaction charge for transferring money anywhere, anytime, thus making it a viable digital wallet solution.
- Discounts
Digital wallets give you a lot of discounts for buying things online. Most of the cards offer loyalty programs making shopping a great experience. You can use digital wallet to send money from your credit card to the bank and earn free credit card points. You can also pay and charge people in real time in a matter of few seconds.
Like every aspect of life, Digital wallets too have their own advantages and setbacks. Regardless, digital wallets can change the current momentum in the financial ecosystem and also the way consumers deal with their transactions. We, at eResolute, see Digital Wallets as a milestone in the financial system that is going to make lives of the customers and stakeholders involved easy. We think that the Digital wallets are economical, resilient and can even support businesses. For more information on the best digital wallet available in the market, visit http://eresolute.com/ or call [] .
