24th November 2021

A digital wallet, sometimes referred to as an e-wallet, is a software-based tool that securely stores users' payment information or passwords for a range of payment methods and websites. With near-field communications technology and a digital wallet, customers may make transactions fast and easily. They can also generate more secure passwords without having to worry about remembering them in the future. Digital wallets can be used in tandem with mobile payment systems, that allow consumers to pay for goods with their smartphones.A digital wallets can also contain information from loyalty cards and digital vouchers.

By securely and compactly storing everything regarding a consumer's payment information, digital wallets significantly eliminate the need to carry a physical wallet. In addition to the numerous digital wallet features, organizations that collect consumer data may benefit from digital wallets due to the capacity to collect and store records. The more information a company has about its clients' buying habits, the more efficiently it can promote to them. Consumers may experience a loss of privacy because of this. Many people in poor countries can now use digital wallets to engage even more fully in the global financial system. Participants can make payments for services given as well as receive monies or remittances from friends and family in other countries using digital wallets. Because digital wallets do not require a real bank account or branch, they are widely used by persons in poorer and rural areas, allowing for greater financial inclusion.

How do e-wallets work?

Some people can be wary of e-wallets' safety and security since they don't understand how they work.

1. Getting Your Identity Right

The first and most important stage is for users to enter personal information to authenticate their identification. It's commonly done by asking users to submit a clear selfie and a front and back photo of their IC/Passport.

2. Topping-Up The e-wallets

Unless specifically authorised, funds will not be automatically withdrawn from the wallet. Users must deposit funds into their e-wallet using a credit card, debit card, or online banking to get started.

3. Where Does The Money Go? Into A Licensed Trust Account!

Relax, the funds will not vanish into thin air. As mandated by Bank Negara, all monies will be deposited into a trust account with a licensed financial institution.

4. Lastly, Scan Or Transfer The Kaching!

To confirm and finish the transaction, users will scan a QR code supplied by the merchant or vice versa, or transmit money through a phone number.

What are the benefits of e-wallets?

What are the advantages of living in a cashless society? Using e-wallets has several advantages:

1. Reducing Theft And Fraud

It is possible to lessen the threat of theft that comes with physical cash when transactions are performed online. It may also be easier for the government to oversee a system that does not use counterfeit money and records all transactions in a single database.

Furthermore, data in mobile wallets are encrypted, which means that the actual card account details are not transferred during a transaction. Security elements have been added to payment codes, such as single-use QR codes, to make them safer.

2. For The Love Of Convenience

You save time by using e-wallets. In only a few minutes, you can complete a transaction with just a few clicks. It eliminates the need to physically count cash or type down bank account details for internet transfers.

3. More Mindful Of Expenditures

E-wallets allow you to keep track of your spending in real-time. We would tend to slack off when it comes to tracking our expenditure if we rely on monthly statements that are normally generated near the end of the month. This is a fantastic and practical approach to improving one's financial literacy.

4. Going Contactless Is The Safer Option

As part of the new normal of living with the COVID-19 virus, we should be especially cautious in how we go about our daily lives. For those who like to keep their distance from any large crowd, contactless and cashless payment is an option.

5. There Are Numerous Rewards And Cashback Opportunities

E-wallets also provide incentives to users in the form of prizes and cashback. Using an e-wallet makes it easier to spend and track your rewards.

5 digital wallet features

1. Ease Of Use & Seamless Transactions

Making a payment with a mobile wallet is simple and quick. All you need to do is link your debit/credit card to the e-wallet apps and provide valid paperwork. It maintains your information for authentication and allows you to conduct a secure and smooth transaction from anywhere in the globe. Users can synchronize their data across various devices to use the e-wallet on multiple devices.

2. An Interactive And Smooth UI/UX Design

User engagement relies heavily on UI/UX design. A user-friendly mobile wallet design can entice them to interact and become more popular. UI/UX design is an important component of mobile app development since it ensures that the app is user-friendly and simple to use. It improves the user's engagement and readability of your app.

3. Cloud-based Technology

Customers can use cloud-based technology to turn their cellphones into digital wallets with full functionality. Payments made with a simple touch at POS terminals, for example, are simplifying the payment process for merchants, issuers, and buyers alike.

4. GPS Tracking & Navigation

Nowadays, anyone or any business may take mobile payments no matter where they are thanks to e-wallet capabilities. GPS tracking and navigation is one of the essential in-built functions of the e-wallet software, thanks to geolocation. Users can utilize GPS to locate people on their devices and make payments by simply tapping on the specific user's name. As no account information is required and the transaction is completed quickly, this function saves time.

5. Spending Analysis

You should incorporate spending analysis as a function in your mobile wallet application so that customers can keep track of their spending. It enables consumers to better control their expenditure and, if necessary, impose spending limitations.

6. Privacy & Security

Users of an e-wallet are expected to keep their credit card details and passwords. As a result, one of the most significant characteristics of e-wallets is the ability to securely store personal information. Mobile wallet app developers must create a password-protected app with features like fingerprint, OTP, and QR code for proper authentication and validation, as well as a safe, fast, and efficient payment transmission because e-wallet apps are always a soft target for hackers.

EVOLET’s Salary Management System

The application's built-in payroll administration system takes care of salary management for employers. Employers benefit from a streamlined process flow that includes quick reconciliation, backup, and record keeping. As a result, the risk of losing payment data is reduced, and errors caused by human computations are avoided. EVOLET's salary management solution makes it safer and faster for all parties involved. It eliminates the need for employers to take money out of the bank, reducing the risk of robbery or theft. This also applies to workers who send money to their families quickly as this task only takes up to half a day.

EVOLET is well-suited to two types of workers: migrants and low-wage Malaysians. Many migrant workers, whether documented or undocumented, struggle to get a bank account in Malaysia. According to Johnson Yu, the creator of EVOLET, certain nationalities find it difficult to register bank accounts even if they have work licenses and visas since their nations have been red-flagged by Bank Negara. As they do not speak Malay or English, many migrants suffer a language barrier. For nationalities such as Nepalese, Bangladeshis, Filipinos, and Indonesians, who make up over 60% of Malaysia's foreign workforce, the EVOLET application has been translated into 12 different languages.

EVOLET’s E-Remittance

Many migrant laborers are compelled to keep all of their earnings in cash.

When they share a house with a big number of other workers, however, they frequently have security difficulties. As a result, many wind up sending all their earnings back to their family in their home countries, leaving them with little money to spend in Malaysia on necessities. The EVOLET's e-remittance feature eliminates the need for workers to transfer money via traditional methods, which waste time traveling to banks or financial institutions and waiting in lines. What’s more, EVOLET offers easy to use tools to make your salary payment system seamless and efficient.

Workers can also use EVOLET to send money anywhere, at any time, as long as they have access to the internet. Large costs associated with traditional transfer methods remove a considerable portion of their profits – up to 30% – from their earnings. These workers benefit from exceptionally competitive exchange rates and simply pay a set cost for their remittances when they use EVOLET. It's also a lot safer. When the money arrives at the destination, or when they receive a refund if the money does not arrive, the user will receive notifications via a text message.

EVOLET is a digital wallet app for migrant workers.

Learn more at https://evolet.io/