Cashless payments are used quite often nowadays. Everyone knows the risks of paying in cash and by now, we all know how it’s easier to work without cash payments. E-wallets have also gained popularity in the last decades and continue to do so as people are getting adjusted to using them. From public transport to online shopping, most platforms have added an E-wallet option where you can add money to that virtual wallet and then use the amount to pay.
While this is the case everywhere in the world, it’s even a bigger deal in developing countries. For reasons that we will list below, e-wallets are more popular in developing countries.
Easy Access
When comparing prices between smartphones and computers, we can see that the majority of the population has a smartphone. That is because they cost less and they are slowly turning into small computers. Most people don’t even find a need to get a computer as they can get their work done on their phone too. Because of the small size and capabilities, mobile friendly websites and applications are a bigger hit, that includes e-wallets.
Inability to access global platforms
It’s easy to type in a famous platform like Amazon and order the things you like, but it won’t go through unless you’re able to pay for it. A lot of the people in developing countries find it hard to purchase things on global platforms as they do not have a globally-accepted bank card. They must rely on a third party, gift cards or online wallets. Regardless of what platform they use, e-wallets are still the way to go.
No Cash, no problem
It’s common to know that carrying cash around in developing countries is a huge risk, everybody that lives there knows that. People prefer to keep their money as digital currency in a safe space where they can access it when they need to. Your digital money can still be stolen, but it won’t be as easy as cash and the stolen money can’t be used as it will be tracked down with every purchase; not the ideal scenario for criminals.
Receiving money internationally
There are platforms such as PayPal where you can send and receive money from anywhere in the world as long as both parties have a PayPal account. But PayPal is not the best option for everyone as the fees can get quite high and by the time the money reaches the receiver, losses would occur. There are tons of other platforms with e-wallets that have taken this measure to make sure that the fees are consistent and reasonable for everyone. Therefore people in developing countries use these e-wallets almost daily when dealing with international payments.
Mobile payments and e-wallets are the right and secure way for us all, through them we can be assured that the payments will go through safely and quickly. These e-wallets are constantly developed and updated, each time adjusting to the changes that occur in the country. Regardless, we know that the future involves digital currencies and online wallets.
Where do you start?
An easy way to go from cash to e-wallets is to look for platforms that offer the suitable services. Platforms like Venmo and CashPay have made the process easy for clients. Using platforms like this, you will find yourself carrying almost no cash around. You can transfer and pay with just a few clicks. But always make sure that the platform is available in your country and that the fees are appropriate for you.
Avoid having loads of money around you and instead, deposit them into safe accounts. Go for a trustworthy bank that also has a mobile application for you to manage your money. Such applications will come in handy in almost any situation.
Mobile payments and e-wallets are the right and secure way for us all, through them we can be assured that the payments will go through safely and quickly. These e-wallets are constantly developed and updated, each time adjusting to the changes that occur in the country. Regardless, we know that the future involves digital currencies and online wallets.
