Why Ewallets Are More Popular In Developing Countries

By Author: sifip
Total Articles: 687
Comment this article

eWallet services have been popular in developed countries such as the United States for nearly two decades. However, they have gradually gained popularity in developing countries, which are two decades behind developed countries in terms of IT infrastructure.
In this article, we will look at how eWallets differ in developing economies versus developed economies. We will also discuss why contactless eWallets, online payment gateway and mobile payments have been more successful in developing countries. So, without further ado, let's get started.

Mobile phone compatibility
Smartphones are essential for people all over the world. However, it is not incorrect to say that a smartphone has a greater impact on the latter's life. Because advances in smartphone technology are now bridging the gap between a laptop and a phone.
As a result, it's safe to say that smartphones are simply small computers. However, these are the only computers that people in developing countries have easy access to. Smartphones are less expensive than tablets or laptop computers. Furthermore, its small size makes it portable and less ...
... vulnerable to theft.
When compared to people in developed countries, people in developing countries have less disposable income. As a result, an affordable smartphone with plenty of memory and a powerful battery becomes an excellent choice. Furthermore, the smartphone provides access to a wide range of applications that can be used to track health data, finances, personal to-do lists, and much more.
According to the Economist, Kenya, Tanzania, and Zimbabwe are the top three developing countries in terms of mobile money spending. Mobile money expenditure accounts for significant percentages of these countries' GDP. Kenya, Tanzania, and Zimbabwe have percentages of 55 percent, 65 percent, and 21 percent, respectively. Even in Afghanistan, mobile money accounts for a sizable 18% of total GDP.
These figures demonstrate how important smartphone technology is to these developing countries, as well as how eWallet services can help a country's economy.
Accessibility to the global marketplace
People in developed countries, such as the United States, use e-wallets to buy items that are not available in their city. People in developing countries, on the other hand, use e-wallet services to purchase items that are not available in their entire country.
If people in many countries want to buy something that is not available in their country, they simply log in to any global eCommerce site and place their order. The same procedure applies to products whose manufacturers do not have access to any of the country's vendors.
Receiving online orders is still a challenge for many countries. However, once these countries have fully established their participation in global eCommerce, as well as global eWallet services and the best online payment gateway this problem will be resolved. In the coming years, we will see these countries improve their shipping systems to meet the demands of their citizens.

Safer than paper money
People in developed countries prefer digital money to cash because it cannot be stolen. People in developed countries are attempting to save money from criminals who will go to any length to deceive authorities. However, the situation differs in developing countries, where the authorities are sometimes criminals.
Many developing economies are unable to adequately compensate their law enforcement officers. This frequently leads to these officials compromising or evading their legal obligations. This leaves ordinary people with two options: pay a bribe willingly or have the money extorted through force or threat.
Now, eWallet solutions are not completely immune to cops; however, stealing digital money is less appealing than stealing cash because it creates a digital record of the bribe or theft. Furthermore, because digital money is easily traceable, it is not suitable for criminals to purchase illegal goods or services.

Advanced-Level eCommerce security
A few developing countries provide the services of a national-based eWallet. However, the eCommerce security of these eWalllets is subpar. Global eWallet providers that have maintained PCI DSS compliance have emerged over the last decade. These compliances are among the highest security standards for all eCommerce transactions worldwide.
Previously, people were sceptical of using eWallet to make eCommerce purchases. And they were correct because there was a high likelihood of them disclosing their account information to the wrong people. However, with cutting-edge cybersecurity technology and global PCI DSS compliance infrastructure, eWallet providers can easily eliminate the above scenario.
Furthermore, eWallet providers have done an outstanding job of popularising eWallet services in developing countries. They have established and implemented stringent security standards for all domestic eWalllet services in countries that are gaining traction in the global marketplace.

I love to write.