Online wallets have made living much more convenient. As you know, technological advancement has positively affected almost every aspect of life. The same is the case with processing money. Due to their full-time availability, they are beneficial in our lives.
Moreover, online Wallets are the quickest means of transferring money. There are various online wallets, each with different and unique features. You can use online wallets on your mobile to pay for your bills, goods, medicines, and many other online services. You can send and receive money to your friends, family, colleagues, clients, workers, and relatives living abroad.
This article is a complete guide to various online/mobile wallets with unique advantages and exclusive features. In addition, this article will help you in selecting online wallets according to your requirements and interests.
Use of Online Wallets in Pakistan
Millions of people use online wallets in Pakistan. It is a payment instrument for payments, transfers, and storing money. Pakistan is one of the top money-receiving countries. Sending money to Pakistan is now more accessible due to the availability of many well-known mobile wallet services.
Over 170 million people used online wallets in 2020. The vast majority of users clearly show a preference for online wallets over banks and cash pickups. There are many types of online wallets used in Pakistan. They have made the lives of Freelancers much easier as they can make quick transactions with their clients and workers.
The most popular online wallets people use in Pakistan are EasyPaisa and JazzCash. These mobile wallets are used for various purposes, such as online shopping, paying bills, online tuition, etc.
Online Wallets for International Transactions
Online International Transactions are getting increasingly well-liked in Pakistan as they provide an easy and secure way to send money over long distances.
Below is the list of online wallets used in Pakistan for international transactions.
- Wise
- Payoneer
- WorldPay
- SadaPay
- Money Gram
- HBL-KONNECT
Advantages of Online Wallet over Bank Accounts
Notably, online wallets and bank accounts have their pros and cons. But some advantages of online wallets make them more handy and accessible. We can describe them as follows,
- Easier to Open
- Convenient
- Instant Transactions
- Not location specific
How do Online Wallets work?
To complete the transaction, you should enter a passcode or prove your identity using fingerprint or face recognition. You can also use the app to get tickets for events like concerts or trips. You can make purchases, pay someone directly, and more. You could be asked to sign in or supply a password while using digital wallets that aren’t mobile, e.g., laptop, computer, etc.
Generally, online wallets are connected to an app you can download to your computer, phone, or any other smart device. By holding your device close to a terminal that displays the wireless transaction symbol while you’re out shopping, you can use most mobile wallets to make purchases.
Online Wallet and E-commerce Business
As you know, e-commerce is a process of online buying and selling goods and services. E-commerce and Online wallets have a strong connection. As e-commerce is all about making sales online, so in this business, people prefer to pay for their services through online wallets. Among many others, Amazon and Alibaba are examples of E-commerce business sites.
Moreover, Online wallets allow easy transactions for people worldwide. Thus, online wallets have considerably enhanced e-commerce business. The number of services provided by E-commerce are;
- Online Marketing
- Selling
- Secure distribution of data
- Customer service
- Retailing
- Corporate sector purchasing etc.
Best Online Wallets in Pakistan
Below is the list of the best online wallets in Pakistan, with a complete guide to their features and working.
Easypaisa
EasyPaisa was introduced in the market in 2009. Telenor Microfinance Bank powers it. In Pakistan, there are over 20 million registered EasyPaisa Online Wallets. Out of these, over 8 million are active users. It is one of the most popular online wallets among Pakistanis.
Moreover, EasyPaisa comes with a variety of unique features. These features help millions of people with their financial needs. Only a few of these unique features include:
- It facilitates you to transfer funds to any bank in Pakistan
- You can withdraw cash through ATM cards.
- Payment of Telenor Bills.
- Mobile Easyload facility
- You can receive international remittances.
JazzCash
Just like EasyPaisa, JazzCash is a high-profile online wallet. It offers branchless banking services as well as online payments. JazzCash was initiated in 2012. It was first known as ‘Mobicash.’ It is in partnership with Mobilink Microfinance Bank. It has over 100 million registered wallets with 10 million active users.
In addition, the primary purpose of JazzCash was to provide instant and secure transactions. It has a lot of benefits and helps its users to enjoy its enhanced features.
Following are a few broad features of JazzCash online wallet:
- Bill payments
- Online transactions
- Mobile account services
- Mobile easy load
UPaisa
UPaisa is another popular online mobile wallet developed in Pakistan for easy transactions. UPaisa provides every electronic payment option, including bill payment, money transfer, and mobile easy load. UPaisa was established in 2013 as a joint venture between the famous Ufone Microfinance bank.
Have a look at the exciting features of UPaisa:
- Banking services
- Loan repayments
- Toll Payment
- School Fee payment
- Bill payment
- Donation purposes
- Money Transactions
- Mobile Recharge
MCB Mobile Account
MCB is a mobile account that includes a Visa Card. MCB Online Wallet gives its users limitless options for shopping, making online purchases, and using it at ATMs worldwide. Customers will also be able to manage their accounts online.
Below is a list of features of the MCB online wallet:
- Global Acceptance
- Bank Independent
- Unlimited Usage
- Online Shopping
- Pay Anyone
SadaPay
SadaPay practical online payment channel. It can help people with immediate and safe online business payments for bill payments, eCommerce, and other services. Everything has become much simpler with SadaPay, whether for cash withdrawals, fund transfers, or purchasing a favored subscription.
However, you can send money straight to the owner of a SadaPay account. For this purpose, follow the simple steps listed below:
- Log in to the ACE mobile application.
- Make the payment method of your choice.
- Complete the beneficiary’s details and enter the required cash.
- You can easily use ACE Money Transfer to send money to SadaPay.
SadaPay is a fantastic online wallet. It also comes with a lot of features. Some of them are described below.
- Free Digital Wallet with Debit Card
- Possibility of Online Shopping
- Fund Transfer
- Bill Payment
- Free cash withdrawals from any Pakistani ATM
FAQs
Does Online Wallet money expire?
How to get an Online Wallet?
Step 1: Download the particular online wallet app.
Step 2: Enter relevant information.
Step 3: Set a PIN Code
Step 4: Link your payment cards.
Are Online Wallets Safe to Use?
What are the risks of using online wallets?
Who benefits from online wallets?
Merchants are benefited in the following ways.
A combination of fraud protection
Quicker payment acceptance
Lower transaction costs, and
Lessened theft loss.
The Final Take
To conclude, online wallets are used for many purposes in Pakistan. You can also make transactions worldwide. It has played an essential role in online business and freelancing. For International money transfer purposes, the typical online wallets used are PayPal, Payoneer, Money Gram, HBL-KONNECT, and WorldPay.
Also, you can easily make an account on the online wallet app by providing the required information. It is safe to use. The Best online wallets in Pakistan are EasyPaisa, JazzCash, UPaisa, HBL, and Alfalah Bank.
Hence, the discovery of online wallets has made transactions relatively easy and quick. You can transfer money from any corner to any corner of the world.