Every year, Benzinga showcases some of the most innovative and forward-looking companies that are actively shaping the fintech industry.
In preparation for the fifth annual Benzinga Fintech Awards in New York City on Nov. 19, we're taking a look at revolutionary fintech tools like e-wallets.
What Is An E-Wallet?
A digital banking tool, electronic device or service that allows for the secure storage of money, payments and transfers digitally via technologies like Near Field Communication, or NFC.
The tool has revolutionized the banking and payments industry in the following ways:
E-wallets can’t be physically stolen like traditional wallets. The tool is loaded within your phone and communicates with payment terminals via encrypted technologies that do not disclose sensitive information like credit card and personal identification numbers to retailers.
Apart from transaction and balance transfer costs, e-wallets are free to download and use.
All you need is a phone. If you select the right digital wallet, you will be able to make payments and transfer money digitally without ever needing to carry a wallet.
Digital wallets allow users to store and access multiple credit, debit and rewards cards from one place.
The mobile payments and banking space is expected to grow exponentially in the coming years.
In addition, due to the persistent evolution of regulations and technology, e-wallet products could make international spending less cumbersome and better address currency conversion, fraud protection, cash advance fees and the like.
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