What E-Wallet Is: Understanding, Excess, Deficiency, and Role of E-Wallet in Digital Business

What E-Wallet Is: Understanding, Excess, Deficiency, and Role of E-Wallet in Digital Business
What E-Wallet Is: Understanding, Excess, Deficiency, and Role of E-Wallet in Digital Business

In the digital age in which all transactions have been made cashless forces the public to adapt to today’s technological advances. Transactions that used to be made with cash payments, are now switched in a more practical way, one of which is by using e-wallets.

The presence of e-wallets greatly benefits businesses, especially those with businesses online. Even offline businesses now provide QR code for later scanning by using e-wallets. With e-wallet, customers so have more variable payment methods. They also adapted the desired payment method to my needs.

What is E-Wallet?

Understanding E-Wallet

E-Wallet was developed to make it easier for any of its users to make transactions. Understanding An E-wallet or digital wallet is an electronic service whose function is to store data and become a payment instrument, i.e. as a means of payment.

Users can use cards or electronic money that will house funds for the purchase payments. E-wallet can be seen as an application-aka software program, it can also be a service that saves money digitally. The goal is to transact online.

E-Wallet Overflow

Using e-wallet certainly has a number of advantages. One of them is the user again have to carry cash everywhere. To be more complete, yuk imitated the following explanation.

  • Be spared counterfeit money

The main advantage of e-wallets is reducing the risk of circulating counterfeit money. It is becoming an issue that has still occurred frequently, because there are still many Indonesian people who have difficulty distinguishing real money from fake. Well, the presence of e-wallets can reduce those risks.

  • Faster Transactions

Using an e-wallet will make transactions faster. This is different from the transaction cash that has to exchange money first. On the other hand, it must also be in the same place to make transactions. The e-wallet trims all that process. To do a transaction, you just have to do, either performing a barcode scan, or performing a transfer to the destination virtual account without having to be in the same place.

E-Wallet Deficiency

Although it has a myriad of advantages, e-wallet certainly has a number of disadvantages as well. Anything into That currant? Here’s the details.

  • Merchant is still limited

The shortage of using e-wallets in Indonesia is that currently there are not many merchants that can receive transactions digitally. This is due to the lack of infrastructure that supports it, suppose the internet is uneven in Indonesia. Certainly as time progresses, however, this inevitably slowly improves. It is only a matter of time that the spread of the internet and digital literacy in Indonesia will be as evenly distributed as it should be.

  • There is an administrative cost of each transaction

The second drawback is that some e-wallets still implement administrative cost systems per tranwitness. The burden of such expenses is indeed not great. Surely, however, this is also a consideration for its users.

  • Become more consumptive

Because its nature is more flexible, it means that users can transact anywhere. Wailing e-wallet makes its users more consumptive. Moreover, there are a lot of attractive promotions so that users can transact more diligently using e-wallet. Because of this, users should be wiser at using e-wallets in order not to become bad habits.

Make no mistake, nowadays, especially in this pandemic era, there are so many interesting promotions that makes partial digital wallet users continue to make transactions through digital wallets. Suppose promo discounts, cashbacks, etc. are discounted.

  • Balance in digital wallet cannot be cashed

There are several e-wallet platforms that do not provide digital wallet balance disbursement services. Of course the purpose is for the money that has been placed inside the digital wallet to be spent by its users. That is, the platform does not want to make its services a place to save money alone.

E-wallet Benefits for Business Owners

Many of the benefits businesses will gain by providing a method of recycling through e-wallet, including:

  • Faster payments

If a cash transaction requires you to prepare change, it is different from use an e-wallet. You don’t have to prepare cash for change because payment is made online and automatically. Because it’s electronic, it’ll also be easier to check out transactions that are available straight forward. All transactions will be directly logged in the storage system so you can check them whenever you need.

  • Give a promotion

By providing e-wallet as one of your business’ payment methods, you don’t get dizzy thinking of a promotion. Because e-wallet service providers often give promotions in both discount and cashback so you only need to provide information about the promo to your customers.

  • Avoiding the existence of counterfeit money

With e-wallets, business people can certainly reduce the crime of circulating counterfeit money. This is because digital money technology stored in e-wallets is guaranteed to be safe and still sufficient impenetrable to its security.

E-wallet Benefits for Customers

On the customer side, there are some benefits they can get by using e-wallets, among them:

  • Facilitate transactions

E-wallet benefits not only businesses, but also customers. With the e-wallet option presented by the seller, customers so there’s no need to be bothered in making payments. Stay the e-wallet access that is on their smartphone, the e-wallet balance will be truncated and direct payment processed. The customer also does not need to submit proof of payment due notification will be readily accepted by the seller automatically.

  • Safer

As long as the e-wallet account, as well as the password, and OTP code are not propagated to the other party, the e-wallet is a fairly secure system from fund theft. Even e-wallet users don’t have to worry if one’s wallet is left behind because it can still transact through digital wallets anytime.

  • Can do various transactions

Varying e-wallet features make e-wallet services even more profitable. Customers can make any transaction, both for shopping, investing, and paying bills.

  • The Role of E-wallet in Digital Business

There are currently so many merchants in Indonesia who receive payments by e-wallet. Even the number will continue to increase as time goes by. If you are interested in undergoing business online, you could also by easily presents an electronic wallet as one of its payment methods.

Closure

So the article about E-Wallet hopefully this article will add to our insights all. May it be worthwhile.

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