The ongoing global pandemic ushered in drastic – perhaps even permanent – changes in the way people interact with each other. Times have changed, and while many people are still struggling to keep up with these changes, others are able to adjust to the new normal, thanks in part to the growing popularity of digital wallets.
What Are Digital Wallets?
Digital wallets, or sometimes called as e-wallets, are online accounts that people use to store funds, which are usually in the form of fiat currency. Similar to debit accounts, digital wallets are also used to buy products and services online, send money, and track transactions. One advantage of digital wallets is that these typically allow for easier access to payment information, such as your name, address, card numbers, etc., and users are able to easily use this information for online transactions.
Advantages for the General Populace
While digital wallets such as PayLoro are by no means a new technology, the ongoing pandemic served as a catalyst for the increased dependence on digital wallets. This is because digital wallets bring a whole slew of capabilities that simplify the way people transact with each other.
For example, with PayLoro, you have a mobile app that users can use to manage funds and make transactions. Digital wallets regularly partner with merchants for exclusive perks and to provide users with deals or discounts. Also, since digital wallets are password-protected and rarely offer physical cards, and are sometimes seen as more secure than their card-based counterparts.
Perhaps the best advantage of digital wallets is that they are fairly simple to obtain. While bank accounts require a ton of paperwork, anyone with a smartphone and an identification card can get a digital wallet of his or her own, free of charge.
Advantages for Merchants
One of the reasons why shoppers abandon online orders is due to the hassle of filling up forms. This is why e-wallets like PayLoro often offer functionalities that allow the application to instantly transfer information to a merchant’s payment page. This streamlines online purchases, simplifies the process for the user, and reduces the number of abandoned carts.
As we mentioned earlier, the global pandemic triggered an increase in the acceptance and usage of e-wallets. People now expect businesses to be able to accept digital wallets as a form of payment, which is why it is to the best advantage of merchants to integrate digital wallets into their businesses as soon as possible.
These are only a few reasons why e-wallets are used as much as they are today. If you are interested in getting a digital wallet for your personal use or for your business, PayLoro is a great app that you can use. PayLoro has everything you might want in a digital wallet, including low convenience rates, merchant partnerships for deals and discounts, and more. Visit PayLoro’s website at www.payloro.com to learn more.