Ever since Alexander Graham Bell created the telephone 145 years ago, its evolution has taken an exponential spike, and we are grateful. After all, how could we survive this pandemic if it wasn’t for our trusty smartphones?
But, have you ever asked yourself if you are maximising your handy communication tool?
One of the most amazing things your smartphone can do right now is to be your primary wallet. Yes, that branded leather wallet stashed with receipts from 2019 has been demoted because the e-wallet is here to stay.
Now, most of you who have not started using it might have heard about it. Some of you might have downloaded it – it is just that you have not brought yourself to use it because you are sceptical of its security.
We are here to smash these urban myths and show you how convenient, safe, and rewarding e-wallets can be.
What is an e-wallet?
An e-wallet acts like how a normal wallet does – except that you see its value on a digital device. This wallet exists as an application on your phone.
There are many types of e-wallets available in Malaysia, and you have the option of using all of them or limit it to only a select few.
Each of them may offer different benefits, but their operation is quite similar.
You have to load your money into the e-wallet to use it. Unlike physical cash, you transfer money through your credit card, debit card, or online banking. Once the money is in, you can use it to pay at merchants.
Some may require you to scan their QR code before you can pay via the app. Others may need you to scan your app-generated QR code to complete the payment.
How convenient is it?
You know how people sometimes promote a new in-thing as something “super-easy” and “super-convenient”… then, when you ask them to teach you how to do this new thing, your head just gets frazzled, and you wonder if you are some kind-of-special because you cannot seem to grasp the concept.
But really, using an e-wallet is easy and convenient.
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Use it like a debit card
You are not digging into credit when you use your e-wallet because there is a limit. It works exactly like your debit card with an even smaller limit, as it depends on how much you have reloaded.
At the counter, instead of passing your card to the cashier, wave the app. Once the information is scanned, the transaction is complete.
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You can view your balance anytime
There is never an “Oops, I did it again” moment with e-wallets. Why? Because your balance is always displayed. Your balance update is shown immediately – from the minute you launch the app, to after a transaction is made.
It keeps you in check, so you are less likely to overspend.
For example, you have RM100 on your e-wallet and you spend RM97 on groceries, on the way out, you suddenly have a desire for a cup of Boba tea.
You sashay over, and alas, only RM3 in your e-wallet? Do you want to reload it for a Boba tea that is actually just an unhealthy craving? Maybe next time.
WOW, life-changing – you saved money and reduced your sugar intake!
Yes, e-wallets tend to do that when it comes to this very minor but positive inconvenience. No wonder personal finance gurus applaud its existence.
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Many merchants accept e-wallets
E-wallets are usually used to pay for groceries, but do you know you can pay for A LOT more using this tool?
You can use it to pay your bills from utilities, such as electricity, water, Internet, and mobile. Then, you have your entertainment subscriptions and insurance commitments that can be paid via e-wallet as well.
Online shopping, of course lah, instead of keying in your debit card or credit card number every time you want to make a payment, just scan the QR code on the screen using the app and voilà, transaction complete!
Now, you must be wondering if e-wallets are only accepted at “established” and “proper” places, but do you know that many hawker stalls are accepting e-wallet payments, too? Yes, many of the makcik and pakcik selling food are also transitioning from cash to digital.
Plus, there is no contact needed during the payment – no better way to keep the virus at bay, am I right?
How can it reward me?
The first thing you need to note is that e-wallets will reward you much more than your physical wallet ever will. It is the gift of convenience that keeps on giving.
There are always some special discounts from merchants, though it changes from time to time. There is a pharmacy that I frequent that would give me RM5 cash back into my e-wallet every time I spend RM50 and above.
Some e-wallets reward you with coins. These coins allow you to join lucky draws, redeem cash, grocery and petrol vouchers, or products in their catalogues.
E-wallets are also gamified to keep you excited about what you can earn once you reach a certain spending threshold.
Sometimes, they might require you to shop at two named merchants within a preset time, and once you do, you will get vouchers and the like.
The trick to get the most out of any e-wallet is to get a referral code to the e-wallet you are interested in and register and have at least two types of e-wallets on your phone.
Is it safe?
While everyone is going gaga about e-wallets, one should ask, is it SAFE?
The simple answer: it is pretty safe.
The not so simple answer: E-wallets are protected against fraud; the masterminds behind this technology are always upping their security to provide extra protection – around the clock.
If you are worried that anyone might steal your money (after all, these hackers are pretty sneaky), you must know that authentication from the owner is required at every stage.
To add the money into your e-wallet, your bank will know where it is going, and your bank will need the correct authentication from you – this includes your username, password, thumbprint, and a PIN code.
Once that transaction is complete, it stays safe in your e-wallet.
When you want to make a payment, you need to authenticate your purchase – either via a password or thumbprint.
Even if your phone was stolen, these thieves cannot launch the application without your authentication – yes, nobody will know how much it is in your e-wallet, unless you allow them.
So, what is the verdict?
In time, you will realise that heading out to the stores without a handbag filled with stuff (including a wallet filled with cards) is a liberating experience.