In this article we will look at an ewallet, its history and its future and of course its functions within the financial community on the whole and obviously, the benefits of using an ewallet for your current and future transactions.
What is an Ewallet?
Well, an ewalllet is a digital wallet to which you can hold e currency. In order to obtain e currency you must first convert real cash into a specified currency of your choice. After doing so, it will then be added to your ewallet, ready for transferring to whomever you choose to as long as they are in possession of an ewallet too.
Now, this all might seem very strange to you if you are a new comer to the fintech sector, but in reality this is the future, because what it is doing is allowing entrepreneurs to develop new systems which are replacing the antiquated and costly systems which we have in place today and to be honest, these systems are there to benefit one group only, that group is the banks. Mix that with an over regulated sector which is having difficulties in keeping up with advances in technology and most important of all, a market which is readily available to those entrepreneurs who have the foresight, vision and technical prowess to act upon their ideas and amazing advances such as e currencies and ewallets are born conceptually at first and after development, practically put into use in the markets to answer the call for faster and most cost effective products for the consumer. So now you know what an ewallet is, let’s take a look at the benefits of an ewallet.
Benefits of an Ewallet
Let’s take a look here at Moneymailme as a prime example of the benefits which are available through using an ewallet. Monneymailme is an Android and iOS application which offers it user’s free access to global chat, file sharing, video chat and money transfers. They are the first to offer international money transfers through a mobile phone which can be sent to the receiver instantly anywhere in the world with the ability to then withdraw cash in 162 countries worldwide.
This is all only available and possible due to an ewallet system being implemented into the software which enables its users to store their cash after conversion and as it is emoney, it is digital and this can be transferred at the touch of a mobile button. If you were to try and complete the same sort of transaction thorough any other company in the world, you would have to spend a lot of time to initiate the transfer and once it is initiated, you will then have to wait anywhere from a day to a week for the person whom you have sent the money to, to actually receive the money.
Faster delivery times mean that situations when cash is needed in a very big hurry can be dealt with efficiently and safely. Let’s look at an example to help you understand. You son or daughter has gone on holiday and they have had their bags stolen with their passport and wallet inside but luckily enough, they had their phone in their hand as they were busy on social media. What are they going to do? They cannot receive a western union or a bank transfer as they do not have a passport. You could fly to meet them. That would be expensive. How about transferring with Moneymailme. If you have accounts with Moneymailme, all the parent has to do while consoling their son or daughter, is click send cash and it is in their phone immediately. They can then use the cash in their phone and provide it to another person as payment, if they have not got an account, it is simple to open an account and take all of 5 minutes. They can still receive money while they are having their own identity documents verified. Situation better but not resolved until they get an emergency passport but at least they can rest assured they have access to cash.
The Future of Ewallets
Let’s look at it this way, they are here to stay and they have become an integral part of the online and mobile business sectors. With the current benefits on offer from their usage and the unknown potential from undeveloped usages not yet factored in, banks and financial institutions have changed their tone from initial caution to full on embracing financial technology in such a manner that they are teaming up with fintech developers in the role of venture capitalists. Sure, the saying goes;
If You Can’t Beat Them, Buy Them
Now that you have the basic information on how the ewallet system works, you can either read more in our other information articles and posts through clicking on our Blog or you can dive in and download our next gen applications via ITunes here and google play here .