Wallet as a Service

What is Wallet as a Service (WAAS)?

Wallet as a service also known as the Digital Wallets or E-wallet allows users to create digital payment accounts to receive or pay payments from various sources. It also allows you to create a virtual card, make deposits, withdrawals, transfer or perform any other payment-related task online.

Why Wallet as a Service (WAAS)?

Wallet as a Service creates a secured channel between you and your customer or marchant to send, receive, and transfer your payments securely. The best part of the technology is that you need not keep any physical cards or cheques with you to make payments. This helps you to prevent unwanted situations like losing payment cards, cheques, etc.

Best wallets of 2022 that you should try

IntaSend
IntaSend is an initiative of IntaSend Solutions Limited. It provides multiple ways to get paid from customers instantly. The acceptable payment method in Africa with IntaSend are as follows,

1. Card Payments: IntaSend accepts major cards including MasterCard and Visa - debit and credit cards. Easily get paid in a 3D secure and PCI-DSS compliant environment. Card payments take 2-3 days to clear.

2. Bank transfer: We enable you to get paid through bank transfers. Get paid through ACH even without a US account. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

3. Pay with Bitcoin: This is the new way of getting paid - funds are made available for withdrawal on the same day. We payout in USD to help you minimize risk with the crypto-currency price volatility.

4. Mobile money: Ideal for local strategy and expansion. M-Pesa payments are instantly available for withdrawal. You can use M-Pesa API for mobile billing and business payments automation.

Besides, IntaSend is secure as it is a legally registered company and PCI-DSS compliant. It is recognized and registered as a secure payment provider by VISA and other payment partners. Learn more about IntaSend here.

Paypal
Paypal is a digital wallet and online payment method through which we can easily send or receive money safely. You can easily connect your Bank Account, credit cards, and debit cards to your PayPal account. The major features of PayPal are as follows

1. Secure transactions
   When you are making payment with Paypal, it provides some extra security to your payments so that the merchants can't able to see your sensitive data. It provides end-to-end data encryption, two-factor authentication on account login, and email confirmation during transactions.

2. Easy and convenient
   Paypal contains a large number of payment options like Visa, Mastercard, Discover, and American Express along with millions of online stores available. It is very easy to make a payment with cards that are linked to your account.
   Learn more about PayPal here.

Apple Pay
Apple Pay is another popular wallet. It is a safe, easy and secure payment method that is accepted by over 85 percent of retailers in the United States. It is faster and easier than using cards or cash. Let's take a look at the features that the apple store provides,

1. Faster and easier than using cards or cash
2. Privacy and security built-in
3. Accepted on millions of websites and apps.
4. Checkout is easier online with Apple Pay. All apple devices contain Apple Pay built-in so if you are an Apple user, you need not download the app separately. Learn more about Apple Pay here.

Google Pay
Google Pay is another wallet service provided by Google. It is safe and simple to pay and manage your money. It is available for both IOS and Android. The most interesting part of Google Pay is that you can make group payments. Now Group payment means sending or requesting money from a private group. Like other wallet services, Google pay also allows you to connect your cards and accounts with your digital wallets and make payments from them safely and easily. Google pay provides you full transparency, control, and security on each payment you made. Learn more about Google Pay here.

Cash App
Cash app is another popular digital payment wallet. The Cash app helps you to make payments instantly, anytime, and anywhere. And it's free. Cash app provides its users with a customizable, fee-free debit card to use anywhere. Besides you can buy stocks and bitcoins with these wallets which means you can also invest and earn money from here. Cash App uses advanced security features to secure the private data of millions of people and payments. Learn more about Cash App here.

Benefits of Wallet as a Service (WAAS)

Wallets as a Service (WAAS) provides you and your business with numerous benefits like the below,

1. Making faster payments.
2. Secure way to pay.
3. No need to carry physical payment equipment like cards, cheques, etc.
4. Provides security for private information for both accounts and payments.
5. Worldwide acceptance.
6. Keeps digital records for each transaction.
7. Easy to use.
8. Some digital wallets provide free services for personal use. Also, Wallet as a service become more popular today for cryptocurrencies for its security and easy to handle.

Conclusion

In the end, we just can say Wallet as a Service (WAAS), generally known as Digital Wallets or E-Wallets provides us with a smart way to pay without using any physical equipment like cards, cheques, or any Bank related papers.
Besides it also helps us on managing personal finance. Through this technology, you can track your expenses and fix you daily budgets.

References:
https://www.bankrate.com/finance/credit-cards/guide-to-using-paypal/
https://www.paypal.com/us/webapps/mpp/home
https://tangany.com/blog/what-is-wallet-as-a-service-and-hows-it-different-from-blockchain-as-a-service/
https://cryptoapis.io/blog/87-what-wallet-as-a-service-can-do-for-your-business#:~:text=great%20user%20experience.-,Robust%20Security,of%20dealing%20with%20it%20directly.