Fast, safe and convenient cash, cards and digital payments
Get cash from thousands of locations via virtual and physical cards, send money to family and friends, and pay or get paid online or mobile.
Join us.
So What’s The Difference Between Digital Cash, Digital Payments, and a Digital Wallet?
Let’s face it — there’s a lot of confusion out there. We believe an educated customer is a better customer. Let’s break down the difference between physical cash, digital cash, digital payments and digital wallets.
Physical Cash
Thing – Paper bills/notes and coins.
- Free to use
- Available everywhere
- Accepted everywhere
- Used by everyone
- Easy and convenient to use
- In-person transactions
- Smaller transaction sizes
- Cash purchases are not tracked
- No prerequisites
- Reliable, no tech needed
- Can be lost or stolen
Digital Cash
Thing – A virtual debit or rewards card existing only in your smartphone’s digital wallet that does not require a bank account.
- Free to use (requires a deposit)
- Widely available (to all smartphone users – no debit/credit needed)
- Accepted by select merchants
- Used by select retailers and customers
- Fast, easy and convenient to use
- In-person, mobile and remote transactions
- Larger transaction sizes
- Cash purchases are not tracked with opt-in tracking for personal finance management (PFM)
- Requires special hardware
- Local to phone, less subject to tech, power and transaction failures
- Can experience smaller security breaches localized to phone
Digital Payments
Process – A means of electronic payment where a financial transaction is facilitated between a buyer and seller.
- At least one side pays
- Widely available (to smartphone users and debit/credit customers)
- Accepted by select merchants
- Used by select retailers and customers
- Fast, easy and convenient to use
- In-person, mobile and remote transactions
- All transaction sizes
- Always tracked
- Requires special hardware
- Subject to network, device, power and transaction failures
- Can experience larger security breaches to cloud/servers
Digital Wallet
Thing – Stores virtual duplicates of your physical credit, debit and rewards cards on your smartphone or tablet. Digital Payments uses “cards” in your wallet to make an electronic payment. This is the digital version of pulling out a credit, debit or rewards card from your physical wallet to hand over to a store cashier who scans, swipes or inserts it in a point-of-sale (POS) terminal.
Manage your money
Encash caters to a diverse clientele, ranging from parents and teenagers to various types of businesses.
Encash Debit Card
Spend your cash and earn up to 5% cash back – all with no monthly fees or minimum balance requirements.
Learn more
Grow Your Business
Take business payments and engage customers with the help of a seamless cash and payments experience people trust.
