8 Features That Make a Good E-Wallet

8 Features That Make a Good E-Wallet

Last updated on November 4th, 2024 at 09:48 am

Even though cash remains king (at least for now), e-wallets are fast becoming the preferred choice for transactions beyond online purchases. If you’re a Filipino, there is already a 4 in 5 chance that you are already a regular of an e-wallet solution like Maya. Though e-wallets function as viable alternatives to physical coins and bills, the ongoing development of these platforms shows that they are more than just electronic alternatives to regular cash. In emerging markets like the Philippines, these wallets are even handily outpacing credit and debit cards in their adoption thanks to a continuous stream of exciting payment innovations.

If you’re not yet a regular ewallet user, it’s a good time to start making a full transition. Aside from unlocking fast payments and saving you countless trips to banks and ATMs, they also tend to be much more secure than physical cash, especially if multifactor authentication is enabled. In addition, many offer more reasonable transaction fees compared to credit cards, particularly for smaller everyday amounts.

Of course, no two competing e-wallets are alike. Before you fully commit to an e-wallet provider and make it your mainstay, you’ll want to make sure that it comes with the following customer-centric features:

1) User-Friendly Interface

Because it’s going to be used daily, your next e-wallet should be easy to navigate, even if you’re not the tech-savvy type. An intuitive interface will make it easy to find whatever features you need, especially critical ones such as topping up your balance, paying bills, or sending money. If you can’t imagine a non-techie navigating the wallet app, you may want to try something else.

2) Broad Merchant Acceptance

It doesn’t matter how intuitive or safe your e-wallet is if it’s not accepted by enough merchants, both online and offline. More recognition and acceptance, as well as the interoperability enabled by QR payment systems, increase the utility of the wallet and make it far easier to pay for groceries, online shopping, and services.

3) Seamless Bank and Card Integration

The best e-wallets also offer seamless integration with major banks and credit/debit cards, including those not directly connected to the wallet provider. This makes the management of funds much less of a hassle, particularly when you maintain multiple accounts at various providers for different purposes.

4) Low or No Transaction Fees

Of course, a good e-wallet should offer low or even no fees for basic transactions. This benefit is a massive boon for daily transactions like paying bills or sending money to family and friends.

5) Strong Security Features

You shouldn’t even consider an e-wallet that doesn’t offer credible security. At the very least, it should offer two-factor authentication (2FA) using SMS or biometric logins (fingerprint or facial recognition) as well as real-time transaction alerts. These features protect your wallet from common types of electronic fraud, making them safe for daily use.

6) QR Code Payments

In the Philippine setting, QR code payments have received a massive boost thanks to the rolling out of the QR Ph standard, which allows QR codes to seamlessly function between different financial providers. QR code payments are exceptionally user-friendly since they prevent account number typos and allow for secure transfers even in busy situations, such as in markets and transportation hubs. Good e-wallets will make it far simpler to generate and scan QR codes, even in hectic situations.

7) Bill Payment and Utility Integration

Your e-wallet should allow you to easily pay your utilities, government fees, and even school tuition directly through the app. Effectively centralizing these key regular payments is a big deal since it allows you to save several hours each month when paying bills. When you consider transportation, snacks, and all the other expenses associated with going to a billing office, this one feature should be one of your key priorities when picking an e-wallet.

8) Customer Support and Dispute Resolution

The last item has nothing to do with the technology backing your e-wallet. Instead, it is entirely dependent on your future wallet provider’s management. Because of the high stakes involved in financial transactions, your provider must be able to provide solid customer support via phone, chat, or email, even during holidays. Better access to good customer support can give you peace of mind and help you overcome any technical or procedural problems with your app or anything else related to your e-wallet.

Adopt Your Next E-Wallet with Care

The right e-wallet can give you the security, convenience, and cost savings you need to fully enjoy today’s services and shopping experiences. Consider a provider like Maya, which promises users the combined flexibility and convenience of an e-wallet and the stringent safety measures of a bank.

Remember that your e-wallet should work for your present lifestyle, so shop around first before fully committing to any of the available options. And once you’ve selected the best e-wallet for your needs, be sure to explore other emerging payment methods to ensure sufficient redundancy and control over your finances.