What Is E-wallet And What Is Its Importance?
Traditional methods of payment such as paper checks or the use of banknotes have become not useful to users. E-commerce comes as a result of that. Banks tried to solve the problem by offering digital checks on cyberspace, but this method was not the best solution anyway.
Unlike the expensive financial charges, it did not differ from the use of paper checks. The same treatment took much time and was as slow as conventional bank deals. Banknotes are never suitable for a global trade like e-commerce.
So, people need a new type of suitable modern trade such as e-commerce, being speed, flexible and global. E-wallets are what we mean.
What Are E-Wallets?
E-Wallets, are digital units that are transferred from one person’s account to someone’s account electronically. They are used as an alternative to banknotes, so they are traded at an equal value to pay for goods and make e-financial transactions.
E-wallets are the equivalent of paper checks, but they are more flexible, faster, and safer. They are used in e-commerce in various activities, and in sending and receiving money. Plus simple activities such as buying movies and serials online, or buying tickets for concerts, cinema or aviation, as well as fast food and other similar activities.
The Importance Of E-Wallets
E-wallets helped e-commerce spread all over the world. Without it, there is no e-financial transactions or e-purchasing.
E-wallets have an easy way to pay bills of various kinds, commercial or governmental, or even invoices for restaurants and shops.
It gives the owner an ideal flexibility to make any e-transaction. Just click some buttons, and the digital units will move from your personal account to the desired account immediately.
Financial transactions made through cash wallets are much cheaper and faster than bank transactions. SADAD E-wallet is free, and it gives you many other privileges such as creating and managing an e-store.
In this case, SADAD e-wallet does not ask for the merchant’s account fee as required by banks in this type of deals. But, it checks the trader’s data and opens a free account immediately.
Benefits of E-Wallets
E-wallets are characterized by some benefits as follows:
E-wallets are one of the cheapest means of e-transactions. Unlike banks, they do not impose excessive fees and do not burden the user with interest and debt. The user is a merchant or customer who can use it at any time without fear of any additional financial burdens.
E-wallets have emerged as an alternative to traditional payment methods that have not been commensurate with the universality of e-commerce. So the digital wallet has emerged as a tool that can be used anywhere, anytime. The user, can transfer money from his / her personal account to another account with just one click and a low financial value.
E-wallets are fast and flexible. They do not take as long as complex banking procedures, and do not need to waste time as traditional banknotes transfers. SADAD e-wallet offers users with bank transfer, deposit, bill payment and other financial services in just 5 seconds. But in traditional methods you may need hours and sometimes days.
E-wallets have a high-level protection system that allows customers to trust and rely on it as a formal alternative to banknotes or credit cards. So, wallets maintain highly secure e-payment gateways. These gates not only encrypt the deal between the buyer and the seller and vice versa, but also protect the data of the parties and the deal itself from being stolen. Unlike the use of credit cards, where fraud and e-theft increase, e-wallets are safer and more secure.
- They Have Various Uses
As mentioned previously, e-wallets are not only used to make e-purchasing transactions. An e-wallet as SADAD offers its customers with the following services:
- Billing Management Service: SADAD allows its customers the freedom to pay bills of various types through its billing management service. The user can see the outstanding, late, paid and unpaid invoices just by a click.
- Bank Deposit Service: In which users are free to transfer their money from SADAD e-account to their bank account within 5 seconds.
- Financial Transaction Tracking Service: In which the user can follow his money step by step, he knows in which part is spent, and how it is spent? And at what time?
- E-Store Creation Service: A user can create an e-store for his products, add product details, attach images, and post them on different platforms.
- Purchase Order Tracking Service: The user has a tracking feature for the orders he / she is purchasing. He / she is aware of which orders are in progress and which ones are on hold.
All of these services are provided by electronic wallets to their owners, especially SADAD payment solutions. It is not like the rest of other various payment apps. It is the first in the world in terms of financial cost licensing. The first in the Middle East for payment solutions and the first in Qatar as an e-wallet.