E-Wallets – The Future of Money Transfer Worldwide

Since the beginning of the new millennium, the world has seen a massive boom in technology. Along with making people think out of the box, technology has also made life comparatively much more manageable.

E-wallets or digital wallets are one aspect of technology that has significantly impacted the way cash is handled.  An e-wallet is a software-based system that helps users pay and purchase anything using their smartphone. If you want to send money to Bangladesh, you can easily do it through digital payments and e-wallets.

Digital Wallets

Digital wallets have mostly eliminated the need to carry cash or physical wallets for money transfer to Bangladesh and other parts of the world by securely storing all of a consumer’s payment information. People used to make purchases through physical cash and maintain registers to record their purchases. It was not only a tedious task but unreliable as well.

There were the chances of misplacing wallets or getting robbed. Now with a digital wallet, you can keep your money safe and secure while making a transaction at any time in any part of the world. Also, one does not have to worry about tracking purchases.

Additionally, digital wallets also allow consumers to receive funds or remittances from friends and family living abroad. E-wallets have made life easier for its consumers worldwide. Today many companies have introduced their digital wallets like Walmart pay, Google Wallet, Samsung Pay, PayPal, Venmo, etc.

It may seem by these names that E-wallet is a product for developed and technologically advanced countries. However, that is not true because E-wallet is the need of the hour, and developing countries are not far behind in this realm. Digital wallets have made developing nations participate more abundantly in the global financial system.

Remittance Services

E-Wallets have played a leading role in the remittance sector. You can easily send and receive your money through E-Wallets. Services like ACE Money Transfer allow you to send money to Bangladesh online quickly to your loved ones through digital payment methods and E-wallets.

Bangladesh and E-Wallets

Bangladesh has recently enjoyed rapid technological advancement with a current internet penetration rate of 60.7%. One of the most noticeable trends in Bangladesh right now is the rise of digital payments.

The government of Bangladesh evaluates that around 7.7% of the country’s population makes payments through mobile monetary services as of 2020. Bangladesh’s first complete mobile financial service provider, bKash Limited, launched its mobile banking operation in July 2011. bKash also introduced its mobile wallet that is a VISA technology platform allowing customers to secure money transactions.

Digital financial services have entered the rural population, too, through their universal appeal. Digital wallets do not require a physical bank, often allowing those in poorer and rural areas to be served and, therefore, enables a broader financial inclusion.

Also, with the start of the pandemic, people are now more inclined towards using digital wallets as a mode of payment as it is risk-free and easily accessible. Bangladesh has done a great job generating financial inclusion at a massive scale for the past few years.

No doubt, online money transfer to Bangladesh and worldwide especially Digital wallets are the future of banking and finance, providing rapid and secure transactions at an instance, making lives easier. However, much more is needed — access to the internet and developing an in-depth understanding of E-wallets among end-users is vital to get the maximum benefit.