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How A Digital Wallet Can Benefit Your Finances: 5 Key Benefits

See how a digital wallet can help you manage your finances and have a cashless transaction!

By: Mira Maestrecampo | August 24, 2022
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digital wallet, cashless transactions, e-wallet

Cashless transactions are not just a trend; it has now evolved to become a lifestyle.

Images: Pexels (L); Unsplash (R)

More than just an app on your mobile phone, a digital wallet technologically emerges as a secure way to keep your money and secure your finances, with its convenience features as a bonus. Besides cash and checks, digital wallets or e-wallets are a new and more convenient payment option, which started during the era of the pandemic. Cashless transactions became the possible, safest way to purchase and interact with people, mainly when physical contact was highly restricted.

As we all move forward, studies show that the Philippines is among the countries that have seen sustainable growth in mobile and cashless transactions, having 24.6 million digital wallet users when the pandemic started last 2020—and the numbers are foreseen to increase. Filipinos have found it easier to install digital wallets on their mobile phones to keep up with the trend brought about by the effects of the pandemic but also to secure and manage their finances well. Also, people won’t need to bring big wallets for their cash because of these e-wallets!

Transitioning to the digital era and evolving to go cashless transactions, find out how the latest technology adjusts to every individual’s lifestyle. With the aid of digital wallets as a flexible and helpful way to send money, pay your bills, make cashless transactions, and manage your money and finances.


What Is A Digital Wallet?


A digital wallet, an electronic wallet or e-wallet, is an application, software, or online banking service that helps merchants, businesses, and people make cashless transactions using their mobile phones or devices. It secures the necessary payment information, electronic money or digital cash, pins, and passwords. A digital wallet helps you carry your money conveniently wherever you go without bringing your bulky cash or multiple credit cards with you. With the help of a digital wallet or e-wallet, you can easily access your money and banking information and pay for your purchases in just a few clicks.

Digital wallets or e-wallets in mobile phones are mainly utilized because of their flexibility. Digital wallets are also safer and offer a certain level of security when transacting with your money and finances with its embedded authentication and security features. You can also have a digital wallet on your desktop or laptop device, but traditionally, digital wallets or e-wallets are primarily accessed and installed in a smartphone app.

Developing countries around the world make use of digital wallets to keep up with the global financial market.

Other than your money, a digital wallet can also store membership cards, loyalty cards, gift cheques, coupons, plane tickets, event tickets, and other finances in digital form. Various e-wallets are now available here in the country, and some popularly used are GCash, PayMaya, Apple Pay, Google Wallet, Samsung Pay, PayPal, AliPay, and Cash App.



How Can A Digital Wallet Benefit Your Finances?


1. You can pay your bills cashless.


Digital Wallet – Cashless Transactions – E-Wallet – Yoorekka, cashless transactions

Pay your bills even in the comforts of your home when you use your digital wallet.

Image: Unsplash

When it comes to paying your monthly bills, it’s inevitable for convenience not to be considered, especially for an individual with a fast-paced lifestyle. A digital wallet comes in handy whenever you pay your bills, motivating users to go cashless transactions rather than through long lines in banks and long queues in payment centers. Exposing oneself in public is not that appealing to some, especially during the pandemic era, and digital wallets or e-wallets really served and are still considered life savers.

A digital wallet on your phone lets you pay your bills, even without leaving your house. Paying your electricity bills, water bills, postpaid dues, paying your internet fees, credit cards, insurance, and other monthly bills can quickly be done. In just a few clicks, you can manage your finances well and pay your bills on time, in real time, without any delays.

2. It has secured data privacy


Digital Wallet – Cashless Transactions – E-Wallet – Yoorekka, e-wallet

A digital wallet ensures to secure your finances with its encrypted features.

Image: Unsplash

You can ensure your finances are secured in your digital wallet, reducing the risk of scams and frauds. All these cashless transactions are protected with the same privacy and security as your physical cards. Information in digital wallets is encrypted, your actual account numbers are not exposed whenever you make transactions, and your data is treated with confidentiality. Digital wallets also use random one-time payment codes, always relying on security features, such as biometrics, for you to authorize all transactions with your money.

Digital wallets or e-wallets also utilize the wireless features of your mobile device, such as Bluetooth, Wi-Fi, and its magnetic signals in transmitting your financial transactions. Quick response codes, near-field communication, and secure magnetic transmission are some of the current technologies used by mobile devices and digital wallets. While utilizing these, your payment data is transmitted securely from your device to another receiver.

3. Savings are partnered with convenience.


Digital Wallet – Cashless Transactions – E-Wallet – Yoorekka, digital wallet

Most digital wallets offer additional discounts or cashback.

Image: Unsplash

Digital wallets are not only beneficial for spending but also helpful in saving money. Saving up or investing your money to grow is always part of managing your finances. Using a digital wallet is how savings are partnered with convenience. Examples of these are additional discounts, cashback, and exclusive promotional offers. This benefit of using a digital wallet or e-wallet is undoubtedly appreciated by bargain enthusiasts, especially for a usual and typical Filipino. You can also optimize the use of your digital wallet by directly buying prepaid load and mobile data on any networks available here in the Philippines. Another bonus is that there is no promo period, and some do not even have special codes needed for you to avail.



4. Many shops now cater to digital and cashless transactions.


Digital Wallet – Cashless Transactions – E-Wallet – Yoorekka, e-wallet

Malls, shops, establishments, and even minute business sellers are now opting for digital payments.

Image: Unsplash

With the data on millions of Filipinos switching to e-wallets, establishments have also transitioned with this digital paradigm shift. Millions of shops and establishments in the Philippines already accept cashless transactions for payments. Convenience in grocery shopping, eating in restaurants, or even traveling and booking hotel reservations can now be done cashless in a few taps and will significantly affect managing your finances.

Unknown to most users, the Philippines has always been one of the leading global pioneers in going digital with money, with systems in place long ago since 2001. But, Filipinos have not switched to using e-wallets since establishments here in the country are not yet accepting digital payments or even started transacting money digitally. But now, this circumstance is no longer an issue, even now that we are in the post-pandemic era.

5. Save time in handling your finances.


Digital Wallet – Cashless Transactions – E-Wallet – Yoorekka, digital wallet

Handling your finances and paying bills can be time-consuming, but not when you are using a digital wallet. .

Image: Unsplash

Using a digital wallet appeals to most working Filipino professionals and millennials since it helps them save time and manage money without taking up so much time of the day. You can carry your digital wallet anywhere you go! You can quickly make your transactions with a few clicks on your phone! Because of e-wallets, you can do online banking transactions during lunch breaks, coffee breaks, or even at night if you need to pay or transact important and urgent financial matters and financial emergencies. A few taps with the digital wallet on your phone can help you save time and be worry-free in all your cashless transactions since every step is well-authenticated and verified.


Keeping up with the technological trends also offers convenience, especially in keeping up with a typical Filipino lifestyle. Digital cash is now accessible with a few taps of the finger, secured in your digital wallet, and conveniently with you always in your mobile phone. Manage your finances well by saving up, paying your bills on time, helping others financially, and shopping conveniently in the comforts of your home—all in place when you use a digital wallet.


Visit Yoorekka Magazine for more Philippine shopping tips and trends!


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About Mira Maestrecampo
Mira - with a long surname - is a girl who dreams of becoming a news anchor someday, in God's perfect time. She loves to read books and eat different kinds of cheesy or saucy food. A coffee addict and a dog lover, she loves long hugs, hot coffee on an afternoon break with friends, or simply sleeping all day with her stuffed unicorns.
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Disclaimer: All articles in the Consumers Magazine of Yoorekka are for general information and entertainment purposes only. Although careful research has been made in writing them, Yoorekka does not make any warranty about the completeness and accuracy of all information presented in our articles. Our content is not intended to be used in place of legal, medical, or any professional advice.
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