Can Integration Of E-Wallets And Neo Banking Be Beneficial For Your Business?

The business of digital payment sectors and banking is increasing rapidly. The product and services that are being offered today are based on the rowdy form of technologies that are being provided to the growing generation today. The payment sectors and banks are changing their ways of providing their customers with flexible and convenient services. The finance systems have been around since the early times, where during the prehistoric times people used the barter system as their payment methods, which slowly evolved into the usage of currencies and cash. At present, the customers’ expectations change rapidly, and they demand new and effective ways of comfortable services which help in minimizing the human effort as much as possible. This has been brought forward by the different digital methods of payments and the introduction of neo banks in our world.

But sooner or later people would start to develop questions in their mind about how these methods can provide them more benefits and if new features would be made available to them. Everyone wants to receive great features such as easy opening and operating accounts, seamless payments, transfer and remittance, and credit solutions, et cetera. Payment gateways and neo banks have helped customers with all these experiences, and this has helped merchants in raising their sales.

The substantial increase in the fintech products and services is starting to spread on a wide scale all around the world as their functionality has become so strong that they are capable on their own to bring about neo banks, which would consist of a variety of increased services, enabling them to attract large amounts of customers and earning profits.

 

What Is An E-Wallet?

 

E-wallets are also known as digital wallets or cyber wallets and work as an online wallet that is the same as your physical wallet. It is an electronic device through which people can make online electronic money transactions with the help of just a few clicks. The e-wallets work by storing the bank information of users along with their card details securely in their system. Users are also given the feature to add money to their wallet accounts for further transaction purposes. In simple terms, an e-wallet is an electronic device that stores electronic money and virtual accounts within a virtual account management system. Some examples are Google Pay, PayTm, PayPal, et cetera.

 

Advantages Of E-Wallets

1. Provides Easy Transaction Methods

Through the use of your e-wallets, you can easily make payment transactions on the go. It does not matter the time and place where you are, through the usage of e-wallets, you can make transactions anywhere in the world.

 

2. Provides Security

It is a safer method to use digital e-wallets as there are more chances that you would become a target for criminals as it is easy for them to steal cash from you. If you use e-wallets, you are provided with different security methods such as data encryption and tokenization.

 

3. Saves Time

With easy transaction methods, you do not have to go to different places to make payments as you can now do everything with just a few clicks on your phone. Now, it does not matter if you are sitting on opposite ends of the world, as you can continue with your payment transactions.

 

What Is Neo Banking?

 

Neo banking is also called direct banking or branchless banking. It is a banking system where everything takes place online. Unlike traditional banks, these banks do not have any infrastructural building and each service is provided to customers through digital means only. They offer all the services a traditional bank offers but this takes place without the existence of local branch offices. These banks come with their own set of advantages that make them more preferable than traditional banks.

 

Benefits Of Neo Banking

1. Provides Higher Interest Rates

A major advantage that you gain with neo banks is that, unlike traditional banks, they offer more interest on both checking and savings accounts. Thus, these can be more preferable for you since the operating costs of neo banks are less.

 

2. Convenient Services

Neo banks are operated through online banking on your smartphones. Through this, you can get access to your accounts from anywhere, and making transactions become easier for you due to the amount of flexibility and comfort that is provided through these smartphone-operated banks.

 

3. Simple Technological Use

Through the use of simple but superior technologies, neo-banks enhance the user-friendly experience of the customer. The interface and features of the mobile applications are optimum in speed and give fast responses, unlike the traditional banking websites that are filled with bugs and glitches.

 

Conclusion

 

Both the technologies, payment gateways and neo banking, are becoming popular in today’s date and more merchants are becoming aware to implement these advancements in their business so that they can gain the profits due to these technologies.

To know more about such kinds of services and how you can set it up for your business, you can visit us at www.ulisfintech.com where you would get an overview about different kinds of services such as E-wallets, Digital Onboarding, Cash-back Managements, Mobile money Wallets, et cetera. You can also reach us through care@ulisfintech.com where you would get the answer to all your finance technology-related queries.