Paying is a breeze for e-wallet users

EASY, convenient and cashless.

These are among the positive things users have to say about the e-wallet.

But there are some who are quick to point out its security risks too, such as the possibility of accounts falling into the wrong hands.

E-wallets spell lighter pockets for some, though, like information technology executive Tobias Ng, 31.

The e-wallet user says payments are made faster and easier as there is no need to carry around so much cash and heavy coins.

“On top of that, there’s cash back to be gained or rebates.

“There are also a lot of promotions on such platforms, which normal cash transactions don’t offer. For example, there was once a ‘buy one, free one’ offer for cinema tickets if I used my e-wallet account to pay,” he explains.

Ng says he uses two types of e-wallets: one requiring prepaid credit while the other is directly linked to his credit card.

In the long run, he believes e-wallets are here to stay and foresees himself using them frequently, saving him the trouble of carrying cash and credit cards around.

“However, I do worry about losing my phone since I have e-wallets installed inside.

“I also worry about the reliability of it. What if my account is hacked or if there is the glitch and the wrong amount is charged?” he ponders.

Another concern is what happens if the system is down and Ng does not have cash on him.

Frequent e-wallet user Mohd Azlan Rafi’ee, 27, says he uses his accounts almost every day for transport, food delivery, beverages and at shopping malls when he dines in restaurants.

“It is so convenient. If there is a place that accepts my e-wallet account, I will use and take advantage of it.

“It’s mainly to earn points because you get all kinds of attractive rewards,” says the corporate communications manager.

He tops up his prepaid account using online banking from time to time, making it less of a need to carry his physical wallet all the time.

Among the returns he gets from using e-wallets to pay for goods and services is enjoying cheaper purchases in future.

“Accumulated points can be exchanged for other goodies including a cup of Starbucks and free trips for e-hailing services,” Mohd Azlan says.

Expressing confidence in such apps, he says he feels secure using them to make payments and there have been no problems for him so far.

“I am hoping e-wallets will become one of the main payment methods of the future. It is easier, and there is less of a need to bring cash and coins.

“If possible, we should aim to be on par with developed countries and cashless societies,” he says.

However, there are some who are still sceptical about e-wallets, as they feel there will be too much reliance on their phones.

A marketing executive who wishes to be known only as Linda, 35, admits the returns of using an e-wallet are much better than paying cold hard cash.

“But I still believe we shouldn’t stick with just e-wallets as our main method of payment.

“We will have much more to lose if someone steals our phone, as some e-wallets have prepaid credit.

“Also, what if my phone runs out of battery? So I will still carry cash and credit cards either way,” she says.

Nevertheless, she uses an e-wallet account when dining at her favourite restaurant as she gets an RM10 discount on her next visit there.

“Such aspects of using e-wallets are good. Here’s hoping conventional payment methods can come up with equal promotions to benefit consumers,” Linda says.

Banker Jessica Lee, 33, says it will be more risky to lose your phone if you are is a heavy e-wallet user.

“I am a bit wary of e-wallets, especially when it comes to data protection.

“Also, even online banking accounts can be hacked. So e-wallets will have similar risks as well,” she says.

But she believes that such payment modes may one day overtake credit cards.

“This is especially convenient when you can just pay for items with your phone,” Lee says.