E-Wallets Vs. Payment Gateways

The modern world has become aware of today’s new-age methods that they can adapt to lead more peaceful and comfor6table lives. The main exact aim of the new age technology that is widely being used by today’s generation is to provide as much comfort as possible, with trying to limit human efforts as much as possible. Nowadays, with the majority of help from the internet, everything has found its place online. From movie shows to business enterprises, everything that is known in existence in the present time can be found on the internet. In such a case, when everything is evolving and attaining greater heights, business organizations are also looking to learn and adapt different ways through which they can increase their sales and find new customers each day. One such method that they are inclining to improve is their different ways of making and receiving payments.

Lately, the e-commerce sector has seen a massive increase in its popularity, and it is developing day by day as more and more business merchants are becoming aware of the new techniques that are being made available to them. They seem to be favoring more towards the digital methods that can help them in attracting more people towards their business. When store owners introduce a new way of making payments that can happen digitally, more customers would obviously be interested to buy more products as this method provides a substantial amount of flexibility and convenience to people. It can be easily demonstrated by saying that earlier when people had to make any kind of payment transaction, they had to physically go and make their payment, but now, with the help of new technologies that are being introduced, a person can make payment transactions to someone from anywhere in the world with simply a few clicks on your device.

The new-age methods of payment that are gaining popularity with each passing day are e-wallets and payment gateways. They have redefined the meaning of comfort as now people do not need to take out their cash and cards every time, they have to make a payment.

But the main aim of today’s new technology is finding the best possible method that can give maximum benefits to the user with a quality experience. In this article, you would be given a detailed comparison of e-wallets and payment gateways, that would help you in determining the best service provider for your business.

Key Differences Between E-Wallets and Payment Gateways

An e-wallet also called an electronic wallet or cyber wallet, in simple terms, can be considered as an equivalent to your physical wallet. It is an online wallet that stores your bank virtually and takes care of all management. Some common examples of e-wallets are PayTm, Google Pay, et cetera. These digital wallets enable you to perform payments on any e-commerce platform due to their high compatibility networks. These types of wallets provide a substantial amount of convenience to the users as it stores all the important information regarding your everyday use for transactions such as card details, billing address, shipping address, et cetera.

On the other hand, payment gateways are portals that can be compared to PoS machines that work as a pathway between the e-commerce website platforms and banks. These portals enable you to select your preferred method of payment from a wide range of methods that helps in making the transaction process easier between the customer and merchant. Some common examples of payment gateways are PayUBiz, Razorpay, Amazon Pay, et cetera. Unlike e-wallets, these payment gateways do not require any formalities like KYC completion to be done by the users. Since payment gateways secure much less information than e-wallets, they are beneficial in providing tighter security to the user. Since it works as a middleman for the transactions between the buyer and the seller, the user is also given the option to pay through their digital wallets, but the procedure of payment transaction would still have to go through the payment gateway.

Conclusion

Both e-wallets and payment gateways have proven their worth in today’s digital world by providing us a substantial amount of convenience and flexibility in our day-to-day lives. You can choose either method that is preferable to you according to your business needs. This would surely help in establishing your business and taking your sales to the next level. 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, etcetera. You can also reach us through [email protected] where you would get the answer to all your finance technology-related queries.