The mode of payment has changed in many shapes and sizes over the years. From the days when coins used to be the norm to today, where virtual e-wallets are making payments possible with just a click. Digital wallets or e-wallets refer to an electronic device, software, or online service, that enables users to make secure online transactions.
Digital wallets are safe and secure and have slowly negated the need for physical wallets. The information stored in digital wallets is secured with multiple levels of security and is stored in a compressed form, making it very convenient for individuals as well as businesses.
Digital wallets can be used in various ways, users can have their card details stored on their digital wallets to make transactions online, or users can load their digital wallet or prepaid wallet with money to use it online. Broadly, wallets can be anything that doesn’t require physical money to make transactions.
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Benefits of digital wallets in business
Digital wallets have come as a boon for people and businesses alike. Not only is it convenient, but it also offers a lot of benefits for both buyers and sellers.
Safe & Secure – There is no doubt that digital wallets are safer than physical wallets with no fear of losing or your wallet getting stolen. The data stored is encrypted, which makes digital wallets very secure.
Organized – A user can save all types of cards like credit, debit, ID cards, etc. With digital wallets, you don’t have to carry cash, cards, etc., all the time. It is all available on your digital wallet in an organized manner.
Saves time – Digital wallets have enabled faster and contactless checkouts. You don’t need to pay in cash or swipe your card anymore, you can just scan and make a contactless payment.
Get rewards – Digital wallets offer a lot of rewards and cashback for every transaction that you make through your wallet. As your wallet is linked to your bank account, the cashback and monetary rewards get deposited directly to your account.
How do we use virtual wallets on Fanso?
Fanso is one of the leading readymade scripts to build your own community platforms like OnlyFans and Patreon. You get features like subscriptions, live streaming, an eCommerce store, individual dashboards, a social community, and more to help you build your own content-sharing platform.
With so many features on Fanso, it is expected that your platform will see a lot of transactions happening on it. For a user, every time entering their card details to buy content can be a tedious job and also unsafe. That’s why Fanso uses something known as a virtual wallet.
A user can buy ‘token’ packages using their cards on Fanso. Once they have tokens in their Fanso account, then they can buy anything from Fanso using the token or their virtual wallet. This is very convenient for the users and also for the platform to keep track of the spending on their website.
Why should you use wallets on your platform?
Digital wallets have made life easier for both buyers and sellers by simplifying the process of transactions. It helps businesses to focus on other areas while transactions are handled smoothly by digital wallets. Digital wallets are a must on any website or business dealing in buying and selling, and here’s why you should use digital wallets on your platform too.
Reduces threat of fraud and chargebacks – With advanced security solutions encrypted with it, digital wallets have a 99.6% lesser chargeback volume compared to card transactions. Digital wallets encrypt solutions like tokenization and biometric authentication to reduce the threats of fraud and chargebacks.
Easier to refund – Compared to card transactions, where refunds take a few days to process, refunds on wallets happen much faster. There are usually no fees associated with refunds, but it is better to check with your wallet provider to understand if there are any fees.
Easy to give rewards – Keeping your loyal customers happy is an important part of any business. By using digital wallets, it becomes really easy to award your customers as you can transfer the award tokens to their wallet account in a few clicks.
Keeps the cash flow intact – As you are dealing only with virtual tokens, your business gets money upfront as users buy packages of tokens in bulk. This keeps your business cash positive all the time.
Integrating crypto wallets for creator marketplace
It won’t be long before crypto wallets become an inseparable part of any online business. Crypto is slowly becoming the preferred payment method for many creators due to the benefits it provides. Crypto wallets are safer, faster, and more secure compared to traditional wallets, making them a better choice.
Crypto wallets help in giving more control to the creators allowing them to express themselves more freely by providing financial security. If you plan to integrate crypto wallets to your creator marketplace, which you should, then here is an article that you should read before taking up the integration.
Conclusion
Wallets have become a necessity in our everyday life now. They have made transactions easier and helped in organizing our money in a more efficient way. Physical cash is going to be a thing of the past soon as wallets will become the norm around the world.