E-wallets Leading the Way in the Cashless Age | Seven Peaks

E-wallets or digital wallets are rapidly transforming financial solutions within the FinTech landscape. The FIS Global Payments Report 2023 revealed that Thais spent a significant 25% of all their e-payments through e-wallets in 2022, with this trend projected to accelerate further. 

While this shift is undeniable, many individuals still cling to the comfort of traditional cash payments. This article aims to explore the various benefits that e-wallets offer and how they can enhance a user’s daily life.

What is an E-wallet?

E-wallets are digital wallets that take the form of convenient mobile apps. They're a popular type of FinTech, widely embraced by individuals seeking a more seamless and efficient way to manage their daily finances. With just a single app linked to your bank account, debit card, or credit card, you can effortlessly make payments at stores and various locations, eliminating the need to carry cash or multiple cards.

E-wallet vs. Digital Wallet

The terms e-wallet and digital wallet are often used interchangeably and for good reasons. They both refer to platforms that use technology to store and manage financial assets and electronic transactions. However, there are some differences between the two.

E-wallet:

• E-wallets, a long-standing term in the FinTech landscape, continue to evolve today.
• E-wallets are secure digital applications that store your credit, debit, and loyalty cards, alongside digital currencies and electronic money.
• E-wallets offer a comprehensive solution for modern lifestyles, enabling secure and easy payments, money transfers, and loyalty program management.

Digital wallet:

• Digital wallet is a more modern and comprehensive term that encompasses digital assets and a wider range of functionality.
• Digital wallets can store other types of digital assets besides payment cards and digital money, such as identity information, tickets, and more.
• Digital wallets can manage digital assets more broadly and facilitate interactions and services such as secure document access or identity verification.
  
  

Go Cashless, Ditch the Hassle

E-wallets are crucial for Thailand's cashless future. Whether you're a consumer or an organization, discover how e-wallets benefit you below.