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