4 Advantages and Ease of Digital Wallets for Users
Currently, the business transaction process has shifted from manual to digital. This is marked by the presence of digital wallets in Indonesia. There are many types, so every banking service competes to attract consumers. Digital wallets are recognized as the best breakthrough of today.
Digital wallets, also known as e-wallets, have many conveniences, one of which is accessibility through mobile phones. Moreover, in terms of appearance, available menus, and designs, they are visually pleasing to users.
To obtain detailed information about digital wallets, the article below will explain the definition, examples, and differences from electronic money.
Definition of Digital Wallets
A digital wallet, commonly known as an e-wallet, is a service available in applications used for conducting transactions online. Therefore, it can be said that a digital wallet is an electronic service that can be used as a payment tool.
In addition to serving as a payment tool, e-wallets are also used as verification tools for buying and selling activities. For example, e-wallets can verify age so that users can know products suitable for their age criteria.
The function of digital wallets is almost similar to electronic money, namely being able to store money digitally. However, when conducting transactions, digital wallets can perform transactions both offline and online with QR codes.
Examples of Digital Wallets
Source: freepik.com
There are several examples of digital wallets that you should know and can be used in your business:
GO-PAY
One popular digital wallet in Indonesia since 2019 is Go-Pay. This application, which has a basic green color, has obtained official permission from Bank Indonesia.
Go-Pay is chosen by many consumers because of its simple interface, complete features, and usability for various transactions. It can be used for topping up credit, bill payments (electricity, water, BPJS, and telephone), food and beverage orders, and delivery services.
For topping up the balance, it is quite easy to use through internet banking, mobile banking, or ATM banking.
OVO
In addition to Go-Pay, another popular digital wallet in Indonesia is OVO. Nearly 70 percent of shopping centers in Indonesia use OVO as an online payment method.
Apart from functioning as an online payment method, OVO can also be used for offline payments by using QRIS codes available at places that provide them.
DANA
Since its release in 2018, DANA has become known to digital wallet users. Currently, DANA is among the top three e-wallets in Indonesia.
DANA also has permission from Bank Indonesia and is integrated with the Population and Civil Registration Agency. Like other e-wallets, this blue-logoed application can be used for online and offline payments.
LinkAja
Some banking services have provided applications similar to e-wallets. One of them is LinkAja. This application, with a red background, is a combination of several companies in Indonesia, such as Telkomsel, Pertamina, and Bank Mandiri. Since 2019, LinkAja has ranked fourth among digital wallets in Indonesia.
Jenius
Apart from the four mentioned above, Jenius can also be an option for customers as an online payment method in Indonesia. Jenius has many features such as Save It, Send It, Pay Me, Split Bill, and eCard.
One advantage of Jenius is its ability to separate financial targets from just one application. Moreover, you can also use more than one eCard for close friends or family members but with full control from you.
Advantages of Digital Wallets
Source: freepik.com
There are many advantages that you can get from digital wallets:
1. Faster Transactions
What customers want during transactions? Of course, the transaction process to be faster. With e-wallets, all transactions are definitely faster. During transactions, you only need to scan the barcode and then make the payment.
2. Avoiding Counterfeit Money
One advantage of using digital wallets is the absence of counterfeit money circulating during transactions. Additionally, users do not need to worry about change as they are already using e-wallets.
3. Security Assurance
Apart from avoiding counterfeit money, users do not need to worry about security when conducting transactions because there is security assurance. Each user with a digital wallet needs to verify their data. Moreover, it also requires a PIN and password to access.
4. Usable Anywhere
This is what customers like most when using digital wallets, namely transactions can be done anywhere. You can use them to pay bills (electricity, water, BPJS) and top up credit.
In the payment process, some e-wallets usually provide many promos for certain products. Therefore, you can save on payments.
After understanding the definition, legal basis, types, benefits, examples, and differences between electronic money and digital wallets, you can use them in your business. To further develop your business, use payment methods that match customer preferences. Brick can help you accept various payment methods and process them automatically.