What to Look for in a Quality E-Wallet: Embracing Modern Payment Gateways

Believe it or not, the history of e-wallets can actually be traced as far back as 1997, when Coca-Cola introduced a payment system that utilized SMS services. This industry has advanced in leaps and bounds ever since. Modern e-wallets now offer a host of innovative features that would have been all but impossible to envision only a handful of years ago. Let us look at some of the hallmarks of a quality provider so that you can make an informed choice. 

Crypto-Friendly Solutions

A growing number of consumers have become involved with the cryptocurrency sector and we are not only referring to investments. Cryptocurrencies and FIAT funds are now being used in equal measure to perform everyday financial transactions. It therefore stands to reason that providers such as Mountain Wolf have become extremely popular due to their e-wallet services that have been engineered to support both crypto and FIAT transfers. Simply stated, it pays to leverage flexible and user-friendly solutions. Let us also remember that an e-wallet that can be used to store crypto funds represents another powerful way to constantly manage one’s funds.

Taking Privacy Into Account

Cybersecurity has become an increasingly serious threat over the past few years. This is just as much of a concern when discussing e-wallets and digital payment gateways in general. The good news is that the majority of well-known providers have already implemented protocols such as SSL (Secure Sockets Layer) encryption to protect personal details from third parties. It could nonetheless still be prudent to employ other systems such as a VPN in order enjoy an even more anonymous edge. Both free and paid VPNs are available (depending upon your unique requirements). 

The Ability to Support Contactless Payments

Contactless payments in crypto are a rather recent innovation, yet they have already begun to take the digital payment community by storm. As the term suggests, users can make a payment or confirm a transaction by tapping their phone or holding their physical  crypto card near a POS (point-of-sale) terminal. This is an extremely convenient option in terms of practicality alone as it offers the user the possibility to spend crypto assets in real life, even withdrawing cash form ATMs. Most experts predict that contactless payments should become commonplace in the years ahead. 

Does the Provider Offer a Demonstration Version?

This is sometimes referred to as a “sandbox“. The main intention here is to enable users to learn about the tools and utilities associated with a specific digital payment ecosystem. This is even more relevant for those who might not be entirely familiar with the associated technology. A sandbox essentially enables consumers to “test drive” the software before committing to a subscription and depositing their funds. A bit of transparency can certainly go a long way.

Transaction History

Whether referring to cryptocurrency payments or FIAT transfers, many e-wallets are being employed for business purposes. Transparency is therefore yet another core facet of an efficient e-wallet. Users should always be able to consult their transaction history. This is crucial in terms of accountability and such a feature is ideal for those who want to keep a close eye on their expenditures. 

Loyalty Programmes

Now that we have addressed the decidedly functional aspects of an e-wallet, it should also be stressed that some providers offer unique perks such as loyalty points (similar to traditional credit cards). It is often possible to exchange points for additional amenities such as higher withdrawal limits, access to a dedicated support specialist or free gifts. Naturally, these bonuses will vary between providers.

A Brave New (Digital) World

There is little doubt that crypto-friendly e-wallets and advanced payment gateways will enjoy a bright future. While these are not expected to replace physical cash transactions any time soon, consumers can still enjoy some of the latest technological advancements with the click of a button. We can only imagine what additional innovations will be unveiled in the years to come.