Why is now the time to start using eWallets? Image credit: AdobeStock
As online forms of payment like Google Pay, Apple Pay, and PayPal rise in popularity, the need for everyday people to start using them is growing. They’re not just essential online, either, as these systems to store digital wealth are becoming more commonly used in physical locations. Cold hard cash is on the way out, with Australia expected to be cashless by 2024. Therefore, if you’re not already using an eWallet, you may want to start doing so.
Australians are spoilt for choice when it comes to digital wallets, and there isn’t a clear-cut victor among the various options. Apple Pay is currently leading the way with a 5.9 per cent usage rate recorded in 2020, with Google Pay and Samsung Pay just behind 3.9 and 1 per cent, respectively.
These services provided by the major tech companies are convenient because they can be integrated with various devices. For example, Apple Pay is available on the iPhone, iPad, Apple Watch, or Mac, meaning that paying for services with online funds is a seamless experience that can be triggered through the fingerprint or face scanner on the more modern pieces of technology.
There are also a few other eWallets that are vying for recognition in the country and are worthy of attention. Skrill and Neteller have been around for a few years, but their popularity has grown in recent times thanks to new enhancements. Ecopayz is another that has been around since the late 2000s but capitalised on recent developments in the Fintech industry to become a major player. It launched a new mobile app in 2020 with a minimalist design and innovative features.
Digital wallets initially came about to make online payments smoother than they had been in the past. Instead of having to key in card details at different sites, consumers could simply select their eWallet at a site and log in using its credentials. Some of the biggest industries have helped push this forward, especially in sectors where users are typically more cautious about their security. This is especially notable in the entertainment and payment and services industries.
Payments with digital wallets can be made when online grocery shopping with Geezy or HelloFresh, or buying tickets for events at Ticketebo. The PlayStation Store in Australia has famously offered PayPal as an option for many years as well, and most other game providers have also adopted PayPal too, including Steam and Nintendo. Furthermore, in the wider entertainment industry PlayAmo Australia offers eWallet payments from Skrill and Neteller because they provide both convenience and peace of mind. Looking to the future, it’s expected that many eWallets will accept and process cryptocurrencies too, and some sites are already offering these payment methods to adapt to the growing number of crypto users.
Even though eWallets rose to prominence online, they can also make payments in offline settings. It is possible to perform transactions with physical retailers by scanning a QR code and selecting your eWallet on your smartphone.
The uptake of eWallets in Australia is gaining traction as the landscape shifts away from the mainstream usage of physical currency. It will be essential to have an online wallet to store digital funds in the years ahead, so now is the time to choose one that suits you.