Benefits and Drawbacks of Digital Wallets That You Should Know in 2022

Sandip Sharma, Sunday, October 3, 2021

Did you ever wonder about the information on digital wallets? What are their uses, benefits, drawbacks, etc? A digital wallet is a software application tool for online payments. It has the facility to securely save the details of your cards such as debit cards and credit cards. In most places of the world digital payment is accepted which makes people easy to travel without carrying a physical wallet.

Digital wallet systems make payment systems more advance in the recent world. You can make payments only by using your computer or mobile phone.

Features of Digital Wallets

There are various digital wallets available in the world having their unique features. Every digital wallet has its own interface cut some of the points mentioned below may match with every digital wallet’s working mechanism:

  • Save your bank account details to make payments,
  • Save your debit and credit cards details for making payments,
  • online payment method,
  • Send or receive money in wallets any time,
  • May provide some reward for operating the wallet,
  • provide various offers to make payments in different fields, etc.

Now, these were some features of digital wallets. Let’s move towards the benefits of a digital wallet.

Benefits From Digital Wallet

The involvement of people in the case of technology is growing day by day. People use to carry digital wallets rather than a physical wallet that is why, because of the benefits mentioned below:-

Convenience

Simply convenience refers to the state of being able to proceed with something without difficulty. That’s what a digital wallet does during the time of payments. You do not have to carry the money with you or search for ATMs near you in order to withdraw the money and make the payment. You can easily load your money on your digital wallet and make your payment in a convenient way. This is the main beneficial point of having a digital wallet.

Easy To Access

Similarly, a digital wallet has benefits because of its easily accessible feature. You can have easy access to your wallet and make your payment at the same time. Once the details of your cards or banks are stored in your wallet, you don’t need to add the details back before doing a payment. You can have an easy experience just only tapping a couple of times for payment.

Secure

The next one is secure. A digital wallet is secure. The information and the money inside your digital wallet are kept safe and cannot be accessed by another non-authorized person. You have to add the login details like username and password to access the wallet, and also set up a transaction pin which is required before every payment. If somehow you lost your phone then you don’t have to worry because another person cannot access your wallet without proper login details and transaction pin. So, a digital wallet is secure.

Possible To Make Big Transactions

In digital wallets, you can make huge transactions without getting worried about being interrupted in payments. In the case of Nepal, you can do a transaction of up to Rs.50000 per day which can be considered a huge transaction in the case of digital wallets.

So, these were some of the main benefits of a digital wallet, on the other hand, let’s discuss the drawbacks of digital wallets.

Drawbacks Of Digital Wallet

In the case of drawbacks the following points appear:

Can’t Do Payment Offline

This is not a big drawback but it is fact. You can not make transactions offline. Sometimes you have to do the payment digitally while you are not connected to the internet, at that time problems may arise.

Not Accepted By All Business

The impact of digital wallets is growing day by day but there are still some businesses around the world that do not accept the digital payment system. They believe in cash or cheque payments. So this may be considered a drawback for being not accepted by some of the businesses around the world.

Furthermore, there is a list of digital wallets widely known in the world as given below:

  • PayPal
  • G-pay
  • Samsung Pay
  • Apple pay
  • Ali Pay

In the case of Nepal the digital wallets are:

  • Esewa
  • Khalti
  • Moru
  • IME Pay
  • Prabhu Pay
  • Q-Pay, etc.

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