How to Use An E-Wallet

  • April 27, 2021

 

With almost everything being digitalized, it comes as no surprise that people are looking for ways to manage their transactions online. Just like online banking and credit cards, an e-Wallet allows you to manage your payments online. It is a digital wallet where you can store your payment information and make purchases, transfers, and payments.

That being said, how do you use an e-Wallet? Here, we will explain the answer to this in detail, going into the specifics of using an e-Wallet, making payments, withdrawing funds via an e-Wallet, and other information about it. 

How Do You Use An E-Wallet?

To start using an e-Wallet, you will first have to set up an account which you will manage through an app, a computer, or a separate device. Most digital wallet users use the app because it is convenient and mobile. With the app on your phone, you will be able to use your digital wallet anywhere and make any payments or transfers at short notice. 

When making a payment through your e-Wallet, you will want to look for a point of sale (POS) terminal. This is a contactless hardware system present at checkout in stores and malls. Once you find the POS, you will have to hold your smartphone up in front of the POS terminal for your payment to be processed. Some electronic wallets may provide the option of paying directly through your app, provided that the place you are shopping at allows it. 

The way these e-Wallets work is that they store digital versions of your credit or debit cards in the app, allowing you to pay through them. You can store all of your payment information in the e-wallet app.

After the technicalities have been sorted, you can pay for anything through your electronic wallet, be it purchases at stores, online purchases, delivery services, or ATM deposits.

Why Should You Get an E-Wallet?

With an increase in theft and fraud and with less time on our hands, a quick-to-use digital wallet is an appealing choice. Here is why you should get an electronic wallet:

  1. It is Safe

Seeing that each transaction needs to be verified with PINs and user authentication, it is clear that it is a safe option that prevents people other than the owner of the e-Wallet from transferring funds.

Additionally, when you use debit or credit cards manually, you need to tell someone your credit card details. This is risky, especially when you are paying online. With an e-Wallet, you will not have to disclose any of these details as the payment information is not required to make a purchase; only your electronic wallet PIN or account details are.

Having a digital wallet also prevents you from losing your money. For example, if you lose a physical wallet, you will rarely get it back. With an e-Wallet, you will be able to log in to your account on a new device if you lose your existing one.

  1. It is Convenient

Instead of carrying stacks of cash or a number of credit and debit cards around, you can just carry your device where your e-Wallet account is logged in. The electronic wallet also allows you to make purchases in minutes.

When you are checking out at a store, all you need to do is scan your mobile device at the POS or press a few buttons on your device. This allows for quicker purchases and reduces the hassle of paying in cash or credit cards.

  1. It Gives You Access to Rewards

Just like with any other new product, the electronic wallet presents its users with a variety of offers, rewards, deals, and incentives. 

For certain purchases, you will get discounts, special offers, and deals. Some e-wallet providers are partners with several businesses. When you use the e-wallet to make purchases at those businesses, you might be provided with discount offers. 

With a digital wallet, you are still buying the same things you bought before, but at a lower cost. This is because many e-wallet providers offer you discounts on necessities such as fuel and food.

  1. It Has Special Features

Digital wallets are convenient and mobile, but the benefits do not end there. These digital wallets also have some additional features that make your experience even better.

For one thing, you have the option of storing discount vouchers, coupons, and loyalty cards in the e-wallet. This not only reduces the hassle of carrying them around but also provides you with the option to spend less wherever you go.

Another useful feature of e-wallets is the option to keep a record of your budget and spending habits. This is done through categorized reports. You are also given the option to set budgets. These budgets can be general or for certain categories.

When you set a budget, your app might bar you from spending more money on a certain category. However, you can just as easily disable the feature in the case of an emergency big-ticket purchase.

With your e-wallet, many of the things you previously thought had to be done physically can now be done electronically. Your everyday purchases and transfers become a lot easier.

  1. It is Accepted by Many Retailers

With the rise in popularity of the digital wallet, more and more retailers worldwide have adopted this practice and have allowed their customers to pay using their digital wallets. Of course, some retailers do not use it yet, but the number of them that do is increasing every day.

All that being said, the e-wallet is not a perfect choice. There are disadvantages that you need to be aware of. 

For one thing, the e-wallet, though growing in popularity, is not accepted everywhere. This means that if a business you buy from regularly has not adopted it yet, you will be at a disadvantage.

There will still be risks regarding security. Though the electronic wallet has good measures intact, no digital system is completely safe.

Where can you use payit eWallet?

The payit e-wallet offers a variety of services, such as shopping, dining, paying bills, and transferring money. Through different promo codes, you can get cashback of up to 50%, with the starting rate being 20%.

The payit eWallet can be used by large merchants all over the UAE as follows:

  • Marks & Spencer
  • Jacky’s
  • Emax
  • EROS
  • Jumbo
  • Geekay
  • Popeyes
  • Yateem Optician
  • The Body Shop
  • Galito’s
  • Joyalukkas
  • Cine Royal
  • Oscar Cinema
  • Marrybrown
  • Kulfilicious

You can also use the payit to pay for domestic help without stepping out of your home. This service is safe, quick, affordable, and available 24/7.

How Do I Withdraw Money From My eWallet?

The ways to withdraw money from your mobile wallet vary according to your preferred withdrawal method: bank account or ATM.

How to Withdraw Money from an eWallet Using an ATM?

With any eWallet, you can request a withdrawal with an ATM PIN. Do this while you are at your nearest ATM to prevent the PIN from expiring before you get there. 

For payit, you can use the Cash Out feature to do this. Here’s how to use it:

  1. Locate a FAB ATM
  2. Open the payit e-wallet app on your smartphone
  3. Tap the blue drop-down arrow on the header section of the app and choose the Cash Out option
  4. Choose ‘Cash at ATM’
  5. Enter the amount you would like to withdraw. You can withdraw a maximum of AED 1000 at a time
  6. Receive an SMS code from payit
  7. Enter the SMS code in the FAB ATM and receive the cash

Do note that you’ll be charged a small fee of AED 3.15.

How to Withdraw Money from an eWallet to a Bank Account?

All e-wallets also allow you to withdraw money into your bank account. With payit, this is how it works:

  1. Open the payit e-wallet app on your smartphone
  2. Tap the blue drop-down arrow on the header section of the app and choose the Cash Out option
  3. Choose the Bank Transfer option
  4. Enter the details of the bank account you wish to transfer the money to
  5. Enter your unique payit PIN

Within 24 hours, the money will be transferred! 

What happens if digital wallet is not withdrawn?

If you fail to withdraw your e-wallet cash within the specified period, the money will be reverted to the sender’s account. 

When a certain amount is sent to your eWallet, a specific period is allocated in which the funds must be withdrawn. Oftentimes, a PIN is assigned that can be used to withdraw the funds. Once that PIN expires, the transaction will be reversed. The money will be reverted to the account that sent the funds to your eWallet.

This is a useful function since it stops funds from wrongfully being sent to your eWallet. If an amount is accidentally sent to your digital wallet, all you need to do is leave it there without withdrawing it. When you do that, the money will simply be sent back to the sender’s account once the PIN expires.

Final Words

Using an e-wallet is easy and effective in most cases. Many providers and banks will offer you proper instructions and easy-to-use features that you can use to make your experience convenient and comfortable. It is a method that can be adopted in just a few steps and can change your purchasing habits for the better.

When choosing a digital wallet, make sure to consider payit. We will make sure that you have minimum complaints and that you do not regret using our service!