What is an e-wallet? Top popular e-wallets today

Along with the constantly developing technology, many different forms of payment have been born to meet the needs of users. Accordingly, e-wallets are a familiar and extremely popular form. So what exactly is an e-wallet? What are the outstanding features of current e-wallets? Why should users choose to use e-wallets to pay for regular expenses? Let’s find out the detailed information below with Forex.

What is an e-Wallet?

An e-Wallet, also known as a digital wallet, is an online account connected to a bank and integrated with mobile applications. Its standout feature is the ability to make payments and conduct online transactions at places that accept eWallet payments.

This is a very convenient form of payment and shopping as it allows you to maintain the guaranteed value of the deposit, which is equivalent to the amount transferred from the customer’s bank payment account to the payment guarantee account of the eWallet service provider at a 1:1 ratio. Currently, eWallets are a popular form of payment, widely used by many due to the convenience they offer.

Understanding the features and benefits of eWallets

As mentioned above, not only in Vietnam but also in many countries around the world, the trend of using eWallets instead of cash payments is gaining increasing attention. Many people are using eWallets because of their smart and advanced features:

• Receive and transfer money: Any eWallet holder can transfer money to others with extremely simple steps without needing to visit the bank or access the bank’s website.
• Pay bills online quickly and conveniently: This means you can use your eWallet to pay for meals, shopping, coffee, or in supermarkets.
• Additionally, you can recharge your phone, buy movie tickets, book flight tickets, train tickets, bus tickets, pay for utilities, and even take out personal loans. It only takes a few seconds to make payments on your device. A mobile WiFi connection is set up without the need for cash.
• Store and manage money online: This helps reduce the amount of cash in circulation and minimize risks, such as inflation risks.

A glance at the pros and cons of eWallets

While it is a popular form of payment and widely used, eWallets also have their own advantages and disadvantages. You should understand them thoroughly to assess whether this method is suitable for you.

Advantages

It can be said that eWallets have many outstanding advantages compared to the disadvantages they have, making this payment method able to quickly persuade users to trust and use it:

• Simple and fast operation, saving time
• Easy to receive and transfer money
• The app offers convenience and speed, with a user-friendly interface
• Secure transactions
• Customers can be proactive in knowing their account information
• Reduces dependence on cash and physical cards
• Many promotions and discounts for customers

Disadvantages

Although there are many outstanding advantages, any payment method also comes with certain limitations. For this reason, you need to carefully consider before exploring and using any eWallet, as, as you have seen, this is a payment method related to finances and requires ensuring user information security. If information is leaked, there is a high chance that the account may be compromised during eWallet transactions. Additionally, the service fees for this payment method are still higher than other payment tools.

Common eWallets

The eWallet service has been tested by the State Bank of Vietnam for over 10 years. During the period when Circular No. 39/2014/TT-NHNN was effective, the State Bank received more than 82 applications for permission to provide intermediary payment services from March 1, 2015, to June 30, 2019. As a result, there are many different types of eWallets for you to choose from. Below are some of the popular eWallets you can explore.

ZaloPay

ZaloPay is a widely used and familiar mobile payment tool. ZaloPay is developed by Zion Joint Stock Company, a member of Vietnam’s leading tech group VinaGame (VNG), and was licensed by the State Bank of Vietnam on January 18, 2016.

ZaloPay meets the criteria of a reliable mobile payment application with many unique features, such as extremely fast money transfers within 2 seconds, payments via QR code scanning, support for ATM card withdrawals, Zalo Pay integration, sending lucky money to one or multiple recipients at once, top-ups, and paying for services like internet, electricity, water, etc. All of these services are simple and fast.

MOMO

MOMO is likely no longer a strange name to most people. The MOMO eWallet is a product of M_Service Joint Stock Company. This application allows you to create and top up your MOMO account to make direct payments for public services such as purchasing goods, paying bills, installment payments, receiving and withdrawing money, and more on the mobile platform (Mobile Payment). MOMO frequently offers interesting discount codes and promotional programs as well.

AirPay

AirPay is one of the most popular mobile eWallet applications in Vietnam. This app allows users to make online payments for services such as purchasing transactions (phone cards, online shopping, etc.), bills, flight tickets, travel tickets, hotel reservations, and more. Additionally, AirPay users enjoy many attractive discounts through the supported wallet services.

AirPay is developed by Vietnam Esports Joint Stock Company, under License No. 29/GP-NHNN dated December 16, 2015, issued by the State Bank of Vietnam for providing intermediary payment services. Vietnam Esports is the predecessor of major brands such as Garena, Ocha, Foody, Now.vn, and Shopee.

Moca

Moca is a relatively new eWallet but has left a strong impression on users. It began operations in Vietnam in February 2016. Moca is used for making payments during shopping at stores, paying for taxi rides, utility bills, television subscriptions, internet services, postpaid phone bills, phone top-ups, and purchasing recharge cards. It is convenient and fast for various types of transactions.

Payoo

Payoo is an eWallet, also known as a virtual account, that functions as a payment wallet in the online world, allowing users to buy, sell, and conduct transactions on e-commerce websites and online communities that support payments. Payoo is authorized by the Governor of the State Bank of Vietnam, with permission granted on February 18, 2009, for operating in the intermediary payment services sector.

ViettelPay

ViettelPay is one of the electronic payment ecosystems developed by Viettel, with its main product being the Vietnamese payment app – ViettelPay. The service supports most of the daily household payment activities, such as transferring money, paying loans, topping up phone cards, paying telecommunications fees, and booking tickets for flights, trains, etc. ViettelPay does not differentiate between Viettel’s own network and other networks, so if you’re using networks like Mobifone or Vinaphone, you can still register a Viettel number to use the service.

VTC Pay

VTC Pay is an electronic account that serves as a digital wallet, which can be used for savings or to pay for online transactions such as purchasing phone cards, online game cards, topping up phone credit, or directly depositing funds into game accounts. Users can store money in their VTC Pay wallet and withdraw it when needed for shopping, transferring money, etc. VTC Pay also allows users to easily carry out various online transactions on e-commerce websites.

TrueMoney Wallet

TrueMoney Wallet is a reliable mobile e-wallet application developed by TrueMoney Vietnam. With this e-wallet, you can carry out all transactions on online platforms, top up your account, and pay bills instantly, all from your mobile phone. If you enjoy online shopping or want to earn passive income on the internet, TrueMoney Wallet can provide you with many convenient features.

BankPlus Wallet

BankPlus is another popular e-wallet service that you might want to consider. This is a direct payment service developed in partnership between Viettel and various banks, allowing users to transfer money quickly, securely, and easily, anytime and anywhere using their mobile phones. BankPlus offers a convenient solution for mobile payments and money transfers.

VinID Wallet

VinID is one of the digital ecosystems designed to become a trusted companion for individuals, families, and businesses. It aims to improve the daily life experience by offering convenient services for various needs. VinID is available both as a card and a mobile app. With a wide range of services, it provides convenience for shopping, payments, and other essential activities in your life. It is especially useful for customers who frequently shop at VinGroup’s affiliated stores, such as VinMart, VinPro, and more.

In addition, the VinID app is integrated with an e-wallet, which can connect to over 36 domestic banks for topping up and making payments, buying, and selling various products. The VinID digital ecosystem is praised for being fast and convenient, considered a super app, an incredibly intelligent application that is indispensable for Vietnamese people.

Skrill E-Wallet

Skrill e-wallet is currently known as a popular payment method, one of the technology products of the famous UK-based PaySafe group. Skrill is regulated by Skrill Limited and is directly overseen by the FCA (Financial Conduct Authority), the UK’s financial regulatory body.

The reason why Skrill e-wallet is popular is that this payment method clearly separates fees for each service, such as online bill payments, deposits to exchanges, etc. Particularly, users can make online payments on their phones in a convenient, fast, and secure way.

Neteller E-Wallet

Similar to the payment method above, Neteller is a name of a widely used e-wallet that was founded in 1999, with its parent company being PaySafe, like Skrill Wallet. However, the Neteller payment method still has distinct features that set it apart from Skrill.

According to the company’s statistics, since 2016, Neteller has served over 300 million customers on the platform. Additionally, Neteller has representative offices in over 200 locations worldwide. Neteller is considered a versatile and promising e-wallet as it provides various services for depositing and withdrawing money in different formats. This is why Neteller has become a popular e-wallet choice for investors and exchanges in the current services.

WebMoney E-Wallet

Another promising payment method currently gaining traction is WebMoney, which allows users to pay for goods and services online. This method supports money transfers and receiving money from different accounts. It is used in forex transactions, gambling systems, online casinos, and P2P (customer-to-customer) payments.

Currently, WebMoney is known as one of the international e-wallet products, and its management company in Vietnam is Vietnam Online Trading Service Joint Stock Company (VNO). Additionally, WebMoney holds a significant advantage as it is licensed by the State Bank of Vietnam to operate as a “payment intermediary service provider.” This helps solidify the trust in this payment method in the market.

Perfect Money

Finally, another e-wallet payment method we want to introduce is Perfect Money – one of the largest and most popular online e-wallet payment systems today.

Perfect Money was officially launched in 2007 and is directly managed by SR&I, a company with an A-class financial license. Transactions made using this app are guaranteed by Perfect Money, which is famous for its increasing account security level and extreme safety. The system will automatically prompt users to enter a PIN when logging into a new IP address. The PIN is sent to the registered email address or phone number, ensuring users’ peace of mind about their e-wallets.

E-Wallet Payment Process

Many people, when first learning how to use e-wallets, might not know the steps to make payments through this wallet. In general, making payments through these e-wallets is straightforward; you need to link the wallet to your bank account first, then follow the specific instructions to make payments through the e-wallet, and the money will be directly debited from your bank account. The process is as follows:

Step 1: Download the e-wallet app on your phone

Step 2: Fill in all the required personal information as requested by the app, including your full name, phone number, email address, date of birth, ID number, and bank information that you want to link with the wallet.

Step 3: Create an account and proceed with identity verification as required by the e-wallet (take a photo of both sides of your ID card and verify your face).

Step 4: Contact the bank you wish to link with => Enter your ATM card information accurately, then authenticate using the OTP code sent by the bank to the registered phone number.

Step 5: Top up your wallet

This operation is done using the bank account you linked earlier, via payment at locations that accept e-wallets, or you can also make payments by scanning a QR code or using transfer methods.

Important Notes When Using E-Wallets

To ensure safety and security when using e-wallets, it is essential to follow these important guidelines. Due to the limitations mentioned by traderforex above, to keep your wallet safe, users must ensure that no personal information is exposed during usage, especially:

• Do not share your wallet registration information with anyone.
• Do not use your e-wallet account with antivirus software on other phones or computers to ensure security and avoid exploitation by malicious parties.
• Do not share your OTP password with others, even acquaintances.
• Do not allow others to use your e-wallet.
• Top up your wallet with a reasonable amount; avoid storing too much money in the wallet to prevent loss or theft.
• Do not click on unfamiliar links to avoid being hacked or redirected to OTP message scams.

The above are extremely important tips that you should not overlook when learning about e-wallets. Forex believes that through this article, you now have a clear understanding of what an e-wallet is and how to choose the most suitable one for yourself.