What are e-wallets and Digital Money?

Are you missing out on the online banking revolution?
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Written by Staff Writer • Posted on Jun 14, 2012

In the last couple of months, online banking has evolved into something much more impressive and streamlined using smartphone technology. The proliferation of smartphones in the last couple of years has been revolutionary in nature, due to the way that people can rapidly use the Internet to do just about anything while on the move.

Online banking is a natural evolution to the smartphone user. Therefore, the combination of a smartphone and a bank account serves as a “digital wallet” for you if you have the right apps. Using this setup, you can make transfers to accounts instantly using your phone, and then withdraw the money from an ATM later.

Effectively, the digital wallet makes it so that you do not have to worry about carrying cash around. Instead, you will have your “digital money”, which is the balance of your bank accounts to work with instead. When it all comes down to it, e-wallets are a progression of what we can see happening all around us every day.

It is simpler and easier to bank in this way, and the list of features you will be able to access is growing as well. While there are some concerns involved with security and what happens if you lose the phone, downloading the right protective measures is going to make it a fairly secure experience for you.

While the technology still has a relatively small user base, it is very likely that we will see this user base grow a lot in the coming years as the idea gains in popularity.