4 Smart Uses of E-wallets that you probably didn’t know about

online wallets in india
online wallets in india

There was a time when there were very few payment options available. One only has the choice to either pay via cash, checks, bank transfers, and credit cards. Those days are gone now, thanks to technology.

People now have more options when it comes to their financial transactions with the addition of new payment methods such as Bitcoins, debit cards and e-wallets. And around the world, people are choosing for the e-wallet as an alternative payment to the traditional options.

This mode of payment is convenient as one only needs an internet connection and a computer or smartphone. It is also secure thanks to the top-notch security features used by credible e-wallet companies.

It also helps that e-wallets are versatile and can be used in different ways. Here are some of the things one can do with this digital payment method.

1. Find nearby establishments

Unfortunately, we have all been in a situation where we do not have cash on hand but is in need of a product or service.

One of the more unknown features of some e-wallet is to help users find an establishment that accepts the e-wallet.

For example, are you in need of some medicines but do not have cash with you? Check your e-wallet as many firms allow users to find the nearest establishment that will allow a client to pay with their e-wallets.

2.Transfer money

Contrary to the belief of many people, e-wallets are not only limited to payment transactions. In fact, one has the option of sending money to a bank account with this prepaid wallet.

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Naturally, there are many benefits to being able to send money through the e-wallet. For one, it saves people time and money from having to line up at banks just to deposit some cash to another person’s account. The owner can also send money to his or her account.

3. Keep your bank history clean

You should avoid giving out your credit card number and bank details when doing your biddings online. You can never be sure how the company will handle your personal data, and in some cases,  you can get your credit score lowered by your local authorities.  Depending on what you are doing.

In UK and India, as example, you can get a hard time getting a bank loan if you have gambling transactions from your bank account. Therefore, it is recommended that you use an E-Wallet such as Skrill, PayPal or Neteller when depositing to an online casino.

The bank will only see the transactions going in and out to your e-wallet and can’t judge you after that.

4.Get paid for services or product

If you are a business owner or a professional who collects money from clients, then you may want to consider e-wallets as your payment option. Many of them, after all, allow the owner to receive funds. Sometimes, all you have to give to those who want to pay you through this channel is your email address. So, if you are a freelancer or a business owner, then you may want to consider e-wallets as your payment mode since most providers can process such a transaction within 24 hours. This turn around time is much faster than most international bank transfers.