![]() ![]() For example, in Nigeria, 60% of the population does not have access to bank accounts, as many of the traditional banking transactions are completed through their e-wallets, demonstrating the importance and effectiveness of these payment channels. This situation is especially noteworthy in some countries. Specifically, its forecasts are for the sub-Saharan African region to exceed 500 million accounts by the end of this year. In fact, according to a recent report by the GSM mobile operators’ association, 2019 saw how the 1 billion-mark was passed in terms of mobile money accounts, most of them in developing countries. Today, it has more than 450 million active users, and Africa is the region where these payment solutions are most used. The continent is the global epicenter for this technology. Since M-Pesa, a mobile telephony product of Safaricom, a subsidiary of Vodafone, entered Kenya in 2007, the use of e-wallets via cell phones has grown exponentially in Africa. The reality in Africa: millions of e-wallets and little banking activityĪlthough e-wallets are a fairly common payment method in Europe, this doesn’t compare to their use in Africa. In fact, as businesses have started accepting cryptocurrencies as payment channels, e-wallets are becoming an important part of the financial system. But it wasn’t until a few years ago that they became hugely popular because of the dramatic growth of cryptocurrencies in general, and Bitcoin in particular. In both cases, the purchase amount is charged to a bank card or an account associated with the wallet.Į-wallets emerged in the late 1990s thanks to the Internet’s success and the generalization of virtual pay-per-view channels. ![]() This type of e-wallet often uses Near Field Communication (NFC) technology to make payments at physical retailers simply by bringing the cell phone closer to the POS terminal. At this point, it must be topped up so that it can remain operational. As with a traditional bank account or wallet, the e-wallet amount is deducted from the account as payments are made until the available balance is completely exhausted. What is an e-walletĪn e-wallet is an electronic medium that holds, stores and transfers virtual money to make small payments virtually. An open banking infrastructure as promoted by the European PSD2 directive allows any TPP to develop solutions that enable companies to offer e-wallets to their customers, improving their user experience and, of course, fostering their loyalty. They have shown a clear upward year after year and may become the main payment method in the world in the not too distant future, replacing credit cards and, of course, cash.ĪPIs will further boost their use in the coming years. Many users have already switched from GO to full eWallet, but if you haven’t yet, please contact us so we can help you switch over.E-wallets have seen one of the highest growths among payment channels in the last decade. ![]() Just let us know which platform(s) you are using GO on and we’ll send you pricing information and instructions on switching over. The full eWallet product can import GO wallet files on all platforms: Windows PC (desktop), macOS, Android and iPhone and iPad. In addition to active development and continuing to work with Dropbox, the full eWallet product has several advantages over GO, including a built-in card-level sync engine and more customization of cards. ![]() (Dropbox may have waited until toward the end of September, 2017 before actually turning off that service).Īlso note that the old GO (iPhone) product will not run on iOS 11 or higher the last officially supported version for GO was iOS 6. This means that as of June 27, 2017, GO has had no way of doing backups or restores. Special Notesĭropbox has discontinued support for the way that the “eWallet GO!” product connects for backing up and restoring wallet files (see the Dropbox article, API v1 is now deprecated). This article discusses the features full eWallet has over the GO app. We continue to provide technical support for the GO app via our knowledge base area. We have not been actively developing or selling the GO app for several years, but instead have been focusing our efforts in this area on the full featured eWallet application. Several years ago we had two security related products: the reduced feature set “eWallet GO!” product and the full featured eWallet product. ![]()
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