Although some people have not yet appreciated the purpose of the digital wallets, they play the role of the traditional leather billfolds but with a much more convenience and security. They create a single platform that combines credit, debit, and loyalty cards operations, replacing the need for numerous cards and paperwork. These wallets vary depending on the based location and consumer behavior and preferences.
The European market
Many people in Europe use digital wallets that have the ability to hold multiple currencies. In addition, the wallets can be linked up with debit cards and used to withdraw money from ATMs. It is the responsibility of the wallet provider to handle any arising disputes such as chargebacks. Different methods are used to deposit money in the wallets for example direct from checking accounts. Recently, people have started to use digital wallets for changing cryptocurrency into liquid cash.
Are digital wallets an alternative to the banks?
Although the concept of digital wallet does not offer entire benefits traditional bank provide, it can replace some basic functions of the bank. In the recent past, people have been migrating from checking accounts and totally relying on digital wallets for all of their transactions. There is no need to carry cash around because all the user need is a place where mobile payments are accepted. Although standard bank accounts are insured by the government, electronic money is not and users are advised to be cautious when dealing with huge transactions. However, Google Wallet funds are insured by the Federal Deposits Insurance Corporation. Providers are also encouraged to provide more security to the users.
EcoPayz brings another alternative for the European consumers
— PSI-Pay (@PSIPayLtd) October 13, 2015
EcoPayz is a perfect example of a European digital wallet that allows users to sign up for free and deposit cash to enable transactions. The wallet has five different membership that includes classic, silver, gold, platinum, and VIP. Free international currency transfer is provided to gold, platinum and VIP members. However, VIP members have an added advantage of enjoying extra features. Although consumers are charged a percent-based fee to deposit with credit cards, deposits through cryptocurrencies are free.
PSI-Pay is another example of the digital wallet. Unlike EcoPayz, it is regulated by the UK Financial Conduct Authority. The regulation of PSI-Pay has eliminated the fear of most people of switching to digital banking. Due to exemplary local and international services the wallet platform has continued to reap continuous growth. In fact, MasterCard has permitted PSI-Pay to supply their pre-paid cards to businesses.