Thanks to technological innovations, many daily tasks and errands can now be done in much more convenient and efficient ways. Take cleaning the house, for example. While you can still use your trusty broom and dustpan to sweep the floor, a vacuum cleaner can do it much better and faster. If you have a robot vacuum, you can even do other tasks or even just relax as the appliance does its job.
The same can be said about using e-wallets. There are still various traditional methods you can use when sending money, but doing it the digital way is simply more convenient. Beyond this obvious benefit, here are a few more reasons you should start using e-wallets to send money:
- The Recipient Will Get the Money ASAP
Nowadays, everything’s all about fast, fast, fast. With everyone’s jam-packed schedules, you need all the help you can get so you can keep up with everything you have to do. Thankfully, the fast way to send money to loved ones is right at your fingertips: your e-wallet. All you have to do is key in their account number, the amount you want to send, and confirm the transaction. Once you tap the button, the money will be instantly credited to the recipient’s account.
This is especially important in case of an emergency. For example, a family member might be in need of urgent medical treatment or they need to pay a bill that’s due immediately. With the instantaneous transfer made possible by e-wallets, you can rest assured that the money will arrive on time.
Sending money via e-wallets is also a good way to support independent sellers and micro-entrepreneurs who don’t have a formal e-commerce platform yet. This way, they will have direct access to their earnings and they can grow their business much faster.
2. You Can Send Money at Any Time
One of the best things about e-wallets is that they don’t have any business hours. Barring maintenance activities—which are necessary for ensuring smooth service and are conducted infrequently—e-wallets are always online and ready to use. This simply means that you can send money anytime, anywhere. No need to wait for the bank or the remittance center to open and no need to rush if the money needs to be sent before the end of a business day.
Again, this is a crucial advantage when dealing with emergencies. With an e-wallet, you can respond to calls for help no matter what time they come. You can also send money wherever you are, whether you’re at home or otherwise, as long as you have a stable internet connection.
3. You Can Send to E-Wallets or Bank Accounts
When you use e-wallets, you can send money not just to other e-wallet accounts but also to bank accounts. Depending on the e-wallet you have, you can even send money to cash remittance partners nationwide. The recipient can then collect the money you send in the most convenient method for them.
It might not matter much to you, as the sender, but the recipient will definitely appreciate your effort to make things easier for them.
4. You Can Send Money Anywhere
Depending on the e-wallet you’re using, you may be able to send money abroad through international remittance partners. You may not need to do it often, but it’s comforting to know that the option is there. It can be scary to get caught in a cash emergency in a foreign place, so having the option to send money abroad to your friends and loved ones can contribute to your peace of mind.
5. It’s Safer and More Secure
Sending money using e-wallets (when fully digital) is both contactless and cashless. Contactless transactions are considerably better for one’s health. The COVID-19 pandemic underscored the incredible risk of disease transmission through close physical contact. Thus, the more you limit your exposure, the safer you will be. Sending money via e-wallets can help a lot in this regard.
Meanwhile, going cashless goes a long way in terms of security. For one, you don’t have to handle physical money so there’s little to no risk of theft. In addition, e-wallet transactions are protected by various measures such as one-time passwords. The accounts themselves are secured by two-factor authentication as well as app passwords or biometric log-ins.
Of course, sending money isn’t the only function that an e-wallet can do. You can also use it to pay bills, shop online, and even purchase prepaid load, mobile data, or gaming pins. There are also hundreds of merchant partners across the country where you can use mobile wallets to shop and dine.
In short, e-wallets let you enjoy a lot more benefits beyond a quick, safe, and secure method of sending money. If you don’t have one yet, perhaps it’s time to sign up for one to harness the power of technology and enjoy a new level of convenience in your day-to-day financial transactions.
Lastly, FINTECH companies are regulated by the Bangko Sentral ng Pilipinas (BSP) as they allow and encourage these type of companies to provide financial service to the underserved Filipinos who do not have access to a traditional bank and may not have the basic requirements as well. The BSP requires the KYC or Know Your Customer compliance to all FINTECH companies for their clients.