Digital Wallets: discover the 5 best on the market
The financial world has evolved dramatically, at a speed that's often difficult to keep up with. However, those who don't keep up end up falling behind! For example: Have you heard about digital wallets?
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If you haven't heard of it, this post will be very important for you to stay up to date on this topic and better understand the theme, so that you can apply it in your daily life and get the benefits that come from it.
The point is: to remain competitive, both individually and as a company, it is very important not to abstain from information that can benefit you in some way, even if at first, that subject does not seem to be that interesting.
Digital wallets are becoming increasingly popular, so take the opportunity to learn more about them in this article.
Here you will check:
- What are digital wallets?
- How do digital wallets work?
- The digital wallet scenario in Brazil
- 5 best digital wallets on the market
What are digital wallets?
But what are these digital wallets? A digital wallet is a completely online service, via an app, that stores your entire credit or debit card history and can also serve as an account where you can manage your money.
Using a digital wallet, you can make payments online or in physical stores using your cell phone, in a very convenient way.
Its function is basically the same as a regular physical wallet, where you store your cards and use them when needed. The difference is in the format. digital wallets are much wider in their use and are safer.
How do digital wallets work?
In practice, a digital wallet is like a link between the buyer and the seller, all through digital means. In other words, just as a retailer needs to partner with a card operator to accept payments this way, they also need to offer the option of QR Code or contactless payments.
And paying with a digital wallet is very easy, exactly like this: the establishment can generate a QR Code so you can pay without having to take your physical wallet out of your pocket.
The digital wallet scenario in Brazil
Here in Brazil, the use of digital wallets is becoming increasingly common and a survey by the Brazilian Consumer Society found that 61% of Brazilians in classes A, B and C have digital wallets.
Furthermore, this research itself indicated that 47% of the consumers interviewed by the institution consider convenience and ease to be some of the reasons for using a digital wallet.
And this finding is real: this format provides agility in the transaction, with much lower fees than other forms of payment.
For e-commerce, this update was excellent because it enabled efficient online transactions and reduced abandonment at checkout.
In other words: there are only advantages, both for the buyer and for the seller.
5 best digital wallets on the market
Today, there are more than 600 digital wallet options in Brazil, from highly regarded companies to new institutions in the market, offering a thousand and one possibilities for those who hire them.
To make your choice easier, we've selected 5 of the best options so you'll be ready to sign up for your digital wallet and start making transactions after reading this post.
Mercado Pago
THE Mercado Pago Mercado Livre's digital wallet, an app for selling a wide variety of products, lets you buy from Mercado Livre itself and pay through Mercado Pago with just one click.
But this wallet option is already linked to numerous other e-commerce platforms.
One of the differentiators is the ease of refunds (when you cancel a purchase and the company needs to return the money), transferring money between accounts, and purchasing points in online games or streaming sites.
There's also convenience for sellers: Mercado Pago has its own payment terminal with no monthly or membership fees, which are unlocked as soon as you open your digital account.
Pic Pay
Pic Pay, a payment method that became very popular through advertising on small screens last year, is also an interesting digital wallet for those who want many advantages.
Today it has 36 million active people, making it the account with the most users, as well as establishments, with 3 million connected to the network.
There is no annual fee, membership fee, and it allows cash transfers, Pix, and guarantees cashback.
One of the main differences is the return on the account: the money deposited can yield up to 210% in CDI.
Google Pay
Google Pay is Google's proprietary payment system, available for use in physical and online stores. It's compatible with several banks, including Itaú, Bradesco, and Caixa Econômica.
One cool thing about Google Pay is the option to integrate gift cards and loyalty cards.
It is available for Android and IOS.
Apple Pay
This is an exclusive payment option for iOS users, so not everyone can access it.
Despite this, it is compatible with several banks such as Banco do Brasil, Itaú and Bradesco and has some additional payment options, through Touch ID or Face ID, specific to iOS.
As it is an integrated function, it is possible to store tickets, tickets, and flights. Its features are among the most renowned for carrying the Apple brand.
Iti
Finally, the recently launched Iti digital wallet is already considered one of the best options. The brand is an Itaú app that allows payments via QR Code, as well as transfers between checking accounts.
It's also free for both buyers and sellers, and there's no monthly fee. The only difference is a 1% fee charged on the amounts received.
So, which of these options will you choose?
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