Press Release & Articles
Product Updates

September 12, 2022

5 Reasons to Use a Digital Wallet

BY: IPINMI AKINKUGBE

In the post – pandemic world, contactless payments have become increasingly popular. The use of digital wallets has gone from being a bonus payment option to being an essential payment method.  

The consumers' preferences for ease, convenience and security are what is fueling the growth of digital wallets. According to Statista, 60% of internet users in Nigeria were using mobile payments in 2021, for an internet penetration rate of around 34%. In most African countries, mobile payments meet the need for financial inclusion, as the vast majority of the population is still unbanked.

Sources: Statista Global Consumer Survey, World Bank

There is no better time to learn what a digital wallet is, how it works, why you should use it and how Sabi’s wallet is meeting the need for financial inclusion.

                               What is a digital wallet?

A digital wallet is an online service that enables an individual or business to conduct electronic transactions. Also called a mobile wallet, it securely stores the user’s payment method, such as a debit card and ID document like a driver’s license.

Digital wallets enable users to make purchases easily from their devices like a mobile phone.

                               5 reasons to use a digital wallet

Convenience  

One of the biggest reasons people use their digital wallet is for convenience. Whether you shop online, in store or in an app, your digital wallet stores your information for easy checkout. Most digital wallets also let you transfer money from the wallet to your bank account, pay for bills and perform mobile phone top-ups.  

Consumers will always pick the most convenient, fastest and simple option and the digital wallet is this option.

Efficient

Digital wallets allow quick and efficient transactions compared to bank accounts. Transactions carried out using digital wallets often reflect immediately which reduces the confusion of bank balances that usually comes with the use of a traditional bank account.  

Discounts

Mobile payment companies and wallets often provide discounts or cashback schemes. Using Sabi’s wallet, you earn a commission for every recharge you make.  

Secure

If you lose your physical wallet, all your cards, and personal information can be easily stolen but with digital wallets, there are often two layers of security (2-factor authentication), making it more secure.

With digital wallets, your information is encoded and each transaction you make using your digital wallet creates a unique, one-time code, reducing security risks.  

Accessibility for the unbanked

Digital wallets help solve the problem of people’s lack of access to banks and give them the opportunity to perform the simplest of banking transactions using their phones. They are able to easily track their business expenses and keep track of their transactions all through a digital wallet.

                                      What is Sabi Wallet

Sabi’s wallet is a merchant – specific, messenger – based wallet that allows registered users top up their wallet through different payment channels, shop from a wide range of goods sold in “Buy”, the wholesale marketplace, recharge mobile accounts and pay for bills online.  

                 Step-by-step Guide on how to use Sabi Wallet

Here is a step – by – step guide on how to use the Sabi wallet. To get started:  

Step 1: Open the Sabi app and click on the wallet icon  

Step 2: In the wallet section, you will see 4 different actions for you to take.  

A. Top up your wallet

B. Transfer

C. Buy Airtime

D. Pay Bills  

Step 3: Click on anyone depending on the action you want to take. You can also earn a commission for every recharge you make on Sabi.  

Step 4: When you are done, you can see your transaction history.

                                 Start adapting to the changes

Digital banking remains a steadfastly popular choice in today’s time as customers continue to look for convenient options. With all the above advantages kept in mind, we can conclude that a digital wallet can entirely improve the client’s experience.

At Sabi.am, we provide a digital wallet solution that helps users perform all the versatile mobile finance services.

Other Posts
Product Updates
July 13, 2019.
Sabi unlocks new value chain across Logistics
Product Updates
July 13, 2019.
How to design a product that can grow itself 10x in year:
Product Updates
July 13, 2019.
Researching the Sabi numbers