Differences in Financial Applications, Digital Banks, and E-wallet – The development of technology has made a transition in the financial world from conventional to all-digital or digitalization.
In Indonesia, the use of digital transactions is widespread. Online payments are progressing and are in great demand because of the various conveniences and conveniences in transacting. Starting from paying for shopping, transportation, buying food, paying bills, and so on.
Various financial methods began to emerge. You must have often heard the term e-wallet, digital banking, and financial applications. All three are indeed here to provide convenience in the financial world. However, not a few people find it difficult to distinguish the three methods.
Then, what are the differences between financial applications, digital banks, and digital banking? e-wallet? Let's know the difference!
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5 Differences in Financial Applications, Digital Banks, and E-wallet
1. Definition of Financial Applications, Digital Bank, and E-wallet
Financial applications are programs that are used to manage and manage finances for various needs, ranging from personal, agency, to business needs. There are many types and features of financial applications. But, ideally it is used to make it easier for users to manage finances and avoid calculation errors.
Digital Bank is a product of banking services. Customers can use bank services and products online or digitally without the hassle of coming to the bank. Its function is to provide convenience for customers to use services from anywhere for 24 hours.
Whereas, e-wallet or digital wallet is an electronic device that provides services for storing money and conducting financial transactions.
From these three meanings, have you found the difference? If not, let's take a look at the other differences.
2. Features and Usability
Financial application features generally contain financial management and financial reports. With financial applications, financial reports are more accurate and detailed, there are no more errors in inputting. In addition to these features, some financial applications are also equipped with other features that are used to help manage finances.
Like offline banking services, digital banks have features for transferring money, opening accounts, making deposits, paying bills, searching for information, and so on. The difference is, customers no longer need to come to the branch office to make bank transactions.
Features provided e-wallet actually leads to financial transactions. As the name suggests, a digital wallet, you can make payments online using a QR code. Transactions are done online, you don't need to carry money in your wallet anymore. Besides, currently e-wallet can already be used to transfer money to fellow users.
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3. Maximum Balance of Storage
The three services above do have uses for saving money online. But it turns out there is a maximum storage, you know. Maximum balance stored in e-wallet and financial applications worth IDR 5,000,000 to IDR 20,000,000.
Meanwhile, the balance stored in the digital bank is larger. It depends on the type of card you have.
4. Admin Fee
Financial applications and e-wallet does not have admin fees that must be incurred every month. In contrast to digital banks. Customers are charged an admin fee which is deducted from their savings every month. The costs incurred also vary depending on the type of card they use.
For financial applications and e-wallet, admin fees are incurred when top-up or balance replenishment from other payment platforms, such as banks, supermarkets, and so on.
5. Transaction Limits and Usage Range
The three services have different usage ranges and transaction limits. We tend to use e-wallet for small transactions, such as buying coffee at a cafe, buying clothes online, paying the monthly electricity bill, and other transactions related to online shops.
Meanwhile, we use digital banks for large transactions and loans. This is because the limit for storing balances is different. Automatically the transaction limit is also different.
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After reading the differences between the three financial services, are you able to distinguish the functions of the three? Indeed, all three have almost similar functions, but there are advantages and disadvantages of each.
Well, if you are curious about financial applications, you can use the Finance Application Whiz. Besides being able to manage finances and get detailed expenses and income details, there are many other features that are no less interesting. Curious, right?
So, what are you waiting for? Feel the ease for your finances by using Whiz!
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