4 ways in which eWallet benefits consumers and merchants

Image Source: Google
Image Source: Google

An eWallet is an electronic card which enables transactions online through a computer or a smartphone. Its utility is the same as a credit or a debit card though it needs to be linked with an individual’s bank account to make payments. It is protected by a password/pin.

 

An typical eWallet stores personal information and provides security. The database stores details such as name, shipping address, payment method, transaction details etc.

 

Using an eWallet

  • Install the software on your mobile
  • Feed in basic information such as name and bank details.
  • The eWallet will automatically fill in user information on the payment form, when shopping online
  • Activate the eWallet with your password.
  • Once the online payment is complete, your information is saved for further use and updated automatically.

 

Although a wallet is free for consumers, merchants pay a commission for every successful purchase directed through an eWallet

 

Benefits of Using an eWallet

  • eWallets offer the convenience of a common method for online and offline payments.
  • Users can get through a purchase in mere seconds with a simple tap or scan of their device, mimising the frustration of long checkout queues
  • eWallets offer a new avenue for digital payment methods.
  • Pay for utility bills, shopping, entertainment, and a host of other reasons.
  • Both user and merchant are protected with the encryption software and merchants are also reassured due to the linkage to a bank account

 

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