eWallets, which were formerly just a tool for online buying, are now accepted at supermarkets and clothes stores as a substitute for cash.
The security of our payment cards is at risk with every transaction, which is why digital wallets, whose primary purpose is to enable us to pay for anything without disclosing our personal and financial information to other parties, have been widely used for years and these e-wallet based payment methods are growing popularity in developing countries.
E-wallets are a mobile money payment method that has been around the longest. E-wallets, such as PayPal and Google Pay, serve as a secure gateway between our personal and financial information and the store or online retailer from whom we make purchases.
The reason why digital wallets are growing in popularity in developing countries are listed below:
Compatible with mobile devices
Without a doubt, cellphones are merely portable computers. However, they are the only computers that people in underdeveloped countries can easily access. Smartphones are less expensive than tablets or laptops. Additionally, its small size makes it portable and easy to keep secure from theft.
Compared to citizens in wealthy nations, people in developing countries have less discretionary income. This makes an inexpensive smartphone with lots of memory and a powerful battery the ideal option. The smartphone also gives users access to several programs that may be used to keep track of their money, personal to-do lists, health information, and much more.
eWallets have access to global markets
E-wallets are used by people in industrialized countries like the United States to buy items that are unavailable in their city. However, consumers in developing nations utilize e-wallet services to purchase goods that aren’t offered everywhere in their nation.
People in nations like Kenya may easily log on to any worldwide eCommerce site and make an order if they wish to buy something that is not sold there. The same procedure is used for goods whose producers have no access to any local dealers.
It is safer than actual cash
People in developed countries like using digital currency over physical cash since it cannot be stolen. People in industrialized countries attempt to protect their finances from crooks who would do whatever to trick the authorities. The situation is different in developing nations, meanwhile, where law enforcement officials have been known to commit crimes themselves.
Many developing countries struggle to give law enforcement employees a living wage. This frequently prompts these authorities to violate their legal commitments or dodge them. This leaves the general public with two options: either pay a bribe voluntarily or have money extorted from them via force or fear.
The thought of stealing digital money is less appealing than that of cash since it leaves a digital record of the bribe or theft, even though eWallet solutions aren’t completely impervious to law enforcement. Additionally, because it is so simple to trace criminal activity, digital money is not appropriate for criminals to use to buy unlawful goods or services.
Superior eCommerce security
Earlier, using an eWallet to make an online transaction was seen with great skepticism. They were correct in doing so because there was a good chance they would give over their account details to the incorrect people. However, the eWallet providers may simply avoid the aforementioned situation thanks to the architecture of worldwide PCI DSS compliance and cutting-edge cybersecurity technologies.
Additionally, eWallet service providers have done a fantastic job of popularizing eWallet services in developing nations. They have established and offered excellent security requirements for all domestic digital wallet services in the nations that are prospering on the international market.
