Bank Account vs. Digital Wallet

Digital wallets are gaining popularity nowadays since it will be safer to do a cashless transaction. However, there are still transactions that need to be done in a bank. Before we got used to using our automated teller machine (ATM) to withdraw some cash but when the digital wallet was introduced to the public, many people have enjoyed using it due to the convenience it offers. If you’re one of the persons who can’t decide whether to use a digital wallet or just open a bank account, here’s a bank account vs. digital wallet comparison that might help you decide.

Bank Account vs. Digital Wallet

Try to evaluate the situation that will be given below, so that you can decide whether to use a digital wallet or a bank account.

Cashless Transaction

Do you always do cashless transactions? If yes, then you should get a Digital Wallet. Do note that you can also use your mobile banking app to do a cashless transaction, but a digital wallet offers a lot of features when it comes to cashless transactions compared to mobile banking. A digital wallet will allow you to buy load, paying bills, buying game credits, and also paying government agencies and taxes.

Transfer money to people who don’t have bank account

In this case, you should get a Digital Wallet. Why? because a digital wallet will allow you to send money even if the recipient doesn’t have a bank account. As long as you both have a digital wallet application installed on your mobile device, you can send money anytime you prefer.

Do online and offline transaction

If you want to do both online and offline transactions, you should get a Bank Account. Why? because a bank account will allow you to do transactions either online or offline which digital banking cannot offer. Digital can only be used online, it will not function if you’re offline. Unlike a bank account, where you can use your ATM or over-the-counter transaction to withdraw money.

Physical Card

If you want to own a card, then you should get a Bank Account. Although some digital wallets also offer cards, a bank’s physical card will be better. Since you have an option to choose whether to get a credit card or a debit card which a digital wallet can’t offer.

Avail Financial Services

If you want to avail financial services, then you should get a Bank Account. Digital wallet is not an option because they don’t offer financial services. Unlike banks, they offer car and housing loans, insurance, and other financial services.

NOTE:
If you want to get both an online bank and a digital wallet account, you can definitely do that. There’s no problem with that.

READ:
How to secure your online bank account
Tips to Protect Yourself from Financial Scammers Online

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