In the digital era, undoubtedly, there is increasingly less use for cash transactions. All of us have been required to change our financing habits and alter the way we manage our coffers more broadly. There is a multitude of options available to us now, which only makes it all the more difficult for some to navigate. With all the alternative payment methods out there, it can be really tough to find the one that serves, is secure and offers savings.
Increasingly, eWallets are becoming the prefered option, but many long-time cash users are understandably hesitant about making the switch. It’s worth taking a moment to consider if the hype around eWallets is justified.
All the Rage
In certain sectors, eWallets are all the rage, and those providers unwilling or unable to offer eWallet payment options are discovering that their bottom line is affected. The online casino industry, always keen to jump on the latest technological trend or change in consumer behaviour, appears to be all-in with eWallets. Scrolling through a list of licensed, trustworthy sites reveals a multitude of eWallet brands players can use to make deposits and just as online casinos were able to recognise the shift to mobile gaming, they appear to be ahead of the curve with eWallets.
That doesn’t mean you should use them without a second thought, though. Savvy spenders should be wary of the eWallet pros and cons before determining to use a new payment method.
Perks
A surprisingly appealing benefit of eWallets is the simple saving of pocket space or the end of having to root around a handbag trying to locate a purse. Additionally, not physically being in possession of cash diminishes the threat of becoming a victim of theft or an ATM mugging. As eWallets are not connected to your bank account, the threat of hacking is also reduced as hackers are unable to access the entirety of your funds. Indeed, the multi-authentication functions that are required to verify a transaction with eWallets generally make them a more secure payment option, yet it should be noted that no method of making payments is totally risk-free.
Also on the pro column is the savings that result from using an eWallet as there are many deals and promotions available with each company. Typically, users benefit from a reward scheme that allows users to accumulate points that can be used to redeem discounts and cashback for future buys made with the eWallet. With constant use of the eWallet, you make savings without cutting back on expenses, but you need to consider if your lifestyle fits the criteria to take advantage of these savings.
Reasons to Doubt
While those that wish to gamble online will find many providers willing to accommodate their desire to use an eWallet, you can’t use it everywhere. You should consider your spending habits and enquire if the merchants you regularly visit have partnered with the eWallet you’re considering using.
One of the main reasons for reluctance in acquiring an eWallet is people’s personal experience of being in a queue behind someone trying unsuccessfully to make a payment via their phone. While using a phone to make a payment is convenient, when everything works as it should, phones experience issues with connectivity, battery life or simply faulty apps that can be incredibly frustrating and have dire consequences if you are totally reliant on an eWallet.
Indeed, the convenience of eWallets has been called into question as they require topping up and frantically trying to transfer funds to your eWallet at the last minute can be annoying. Some companies are offering auto-debit functions that should erase this issue, but many people are experiencing problems as they have several eWallets on the go. This makes it difficult to keep track of monthly expenses and all the topping up required can be burdensome.
Some have argued that the demanding process works in your favour as it provides time for users to reflect on their purchases and consider cutting back, but most can see through this attempt to sell a deficiency as a benefit.
There’s little doubt that the use of eWallets will continue to rise, but while it’s worth dipping your toe in to test the water, make the right choice based on your spending habits and always retain a backup payment method.
