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