What are the advantages of e-wallets and what are the cautions?

Every coin has two sides, as do e-wallets and cashless societies. First, let’s see what a cashless society is. A cashless society is a huge change in society from the former that always has to carry cash or withdraw from ATMs. But when it comes to a cashless society, we don’t have to pay fees on ATMs or carry banknotes. But you can still make a payment by many methods. One of them is the E-wallet.

Advantages of E-wallets.

1.More secure than cash (both sender and receiver)

    As for the transferor, if we are traveling abroad or even traveling in the country alone, it may not be a good idea to carry a lot of cash. But if you use the application payment services instead, it allows us to shop without worrying about the security of carrying large amounts of money.

    On the part of the transferee, if we are a shop that accepts payments, don’t worry about fake or damaged banknotes or incomplete payments, or even deceptions. For example, they told us that they had already made a payment, but they had not. Accepting payments through E-Wallet allows us to check on transactions’ history immediately. It also reduces the chances of being cheated by people, making the wrong money change, reducing theft problems or the risk of holding cash.

2. More expedient and convenient

    Transactions through an e-wallet are faster and not difficult, just by scanning a QR code anytime and anywhere. No need to carry cash and reduce mistakes in entering the transaction information as well.

3. There is promotion and reward

    To encourage a cashless society, service providers always have promotions and points accumulation for customers, allowing us to pay at the store or restaurants cheaper or the same price but get more products.

4. As an assistant to control our payment

    It’s like a housewife giving the money to her husband to work each day. The same as with an e-wallet, the amount we put in determines how much we can spend. Moreover, there is a function that can classify expenses and check on how much they spend, making it easier to control spending.

Cautions on security

    1. Be careful about setting a PIN or password that is easy to guess and must keep your User ID and password confidential. It is recommended to change the password often.

     2. Before logging in with your User ID and Password, you should make sure that it is an app or website of the actual service provider.

     3.Select a reputable and authorized E-wallet service.

Cautions on spending behavior

    Although we can easily control our spending, it is important to control ourselves from overspending. Do not forget to divide the proportion of expenses to suit ourselves as well.

Nowadays, in the world of high-end technology, there are very high developments in both functionality and security to prevent theft. And service providers must be licensed by the government and rigorously scrutinized. Therefore, users can be assured that their assets or money in the E-Wallet will not be lost.