Commenting on the higher e-wallet limits, Assistant Professor of Finance (Education) and Director of the Citi Foundation-SMU Financial Literacy Programme for Young Adults Aurobindo Ghosh said that multi-currency e-wallets and apps like YouTrip have flexibility and lower cost of operations compared with a multi-currency bank account, mainly due to the higher regulatory burden that traditional banks have to face. He added, “In general, consumers benefit more using these e-wallets as the exchange rates are more competitive and service charges are lower. The main concerns that the multi-currency apps are grappling with are potential acceptability across different countries, the limited capacity for withdrawing cash either locally or in foreign countries, and potential of fraud. Having higher capacity and limits would bring convenience closer to that of bank cards.”
