Unlocking the Power of E-Wallets for Effective Financial Management

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Advantage of using E-wallet than Cash
Today, we can not stop the continuous improvement and adaptation of the internet and its capabilities. As you can see, we are almost dependent on the Internet from personal interests, banking needs, jobs, games, and socialization. Everything is connected and works with our smartphones. In this article, I will tackle how important is Mobile Banking or e-wallets to our Financial management and expenditure.

E-wallet or Electronic Wallet is a version of wallet stock on your mobile phone. In this generation, our Smartphone shall be secured like a bank because we have to do business and transactions daily. A traditional wallet has no records, nor receipts for every time you spend, compared to the digitalized version of a wallet our money has security measures, records and receipts that can we track any time we want. This is just a simple difference from the traditional wallet. The following are the advantages of E-wallet to our Financial management:

1. Do-it-yourself Services
All e-wallets launched in the Philippines have so many features that can help to secure our daily needs such as buying Mobile Top-ups, cable subscriptions, Services Subscriptions, Trading, Investment, Paying your Utility bills, Taxes, insurance, mortgage, and Amortization. This feature of FinTech is undeniable, a game-changer to our financial journey and management.
2. Transaction History
If you used Pen and Paper to track your expenses, all the money we have used coming from e-wallets are all recorded with unique reference numbers that can we track and use for any reason. We can identify which items, and categories where we have large expenditures.
3. QRPH Feature
QR PH launch to standardize the QR code in the Philippine Banking Transfer and Transactions. QR PH is based on Europay-Mastercard-Visa (EMV), a global standard for payments secure transactions between Philippine participating banks and non-bank electronic Money issuers like e-wallets, lenders and remittances.
Seems not all stores especially in the wet market are not yet accepting cashless payment, most Supermarkets, drugstores, and other stores are accepting QRPH to secure payment for their products and services.
4. Banking needs
E-wallet companies at the same time offer an easy and secure savings account for your banking needs without any documents or physical appearance in a bank. You can open savings accounts, Time deposit accounts, Credit cards and invest in Mutual funds.
5. Loans and Easy Credit
Most of the E-wallets offer loans and Easy Credit to each eligible user. This is one of the best offer of e-wallets that someone attracts to open an account. Building credit is important and relieves financial stress for every Filipino.
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