As much as people have failed to embrace the whole idea of the digital wallets, it’s important to understand that they play an integral part when it comes to traditional leather billfolds. However, they can only be more useful when security is guaranteed. These wallets create a simple platform that incorporates debit, credit, and loyalty cards services hence replacing the need of having many cards and paperwork. The wallets also differ according to the location, client’s attitude and also preferences.
The European market
In Europe, a vast majority of people use modern wallets mainly because they can hold various currencies. Moreover, they are designed in a way that one can easily link them up with debit cards especially if you’re withdrawing money through ATMs. In case there are disputes like chargebacks; the wallet provider is always available to assist. There are different ways you deposit cash in wallets. For example, you can deposit directly from your checking account. Nowadays, digital wallets are being used to change cryptocurrency into liquid cash.
Could it be that digital wallets have come to replace banks?
Well, the digital wallet is not here to provide all the benefits that traditional bank offer. However, it can handle a few services that the bank presents. Just recently, people have begun shifting from checking accounts and are now depending on digital wallets when doing all their transactions. Today, one doesn’t necessarily need to carry their cash around since all is needed is a place where mobile payments are allowed. Despite that the government protects the standard bank, that does not apply to electronic money and customers have been asked to be vigilant particularly when handling big transactions. On the other hand, as for Google Wallet funds, they are already protected by the Federal Deposits Insurancallowede Corporation. Additionally, companies have been advised to provide heightened security for the sake of their users.
EcoPayz brings another alternative for the European consumers
EcoPayz is one of the European digital wallets which enable its customers to register for free and deposit cash to allow transactions. It poses five different membership namely; gold silver, platinum, classic and VIP members. But, VIP members are at an advantage of enjoying numerous features. Even if consumers are being charged a percent-based fee to deposit with credit cards, the cryptocurrencies deposits are free.
Another digital wallet is PSI-Pay. As opposed to EcoPayz, it is governed by the UK Financial Conduct Authority. The management of PSI-Pay has come to eradicate the anxiety that people have of migrating to digital banking. Because of the excellent services that they offer both local and internationally, the wallet platform will continue to experience growth. Actually, MasterCard has allowed PSI Pay to offer their pre-paid cards to businesses.