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 Is E-wallet And What Is Its Importance | Sadad | Article Image


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.

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