What do you mean by an eWallet?

ewallet

eWallet:- An electronic wallet, also called a digital wallet, is a piece of software that allows a user to make an electronic payment with a financial instrument.

An eWallet serves many purposes:

  • It provides security and encryption for the user’s personal information and for the actual transaction.
  • It keeps a database of user-inputted information (shipping address, billing address, payment methods, and other information).
  • It authenticates the consumer through the use of digital certificates and other encryption methods.

The software component that a consumer uses to make purchases electronically is referred to as an electronic wallet. The wallet allows the customer to store information on his desktop, eliminating the need to continually refresh information such as customer name, shipping and billing address, and payment information.

Electronic wallet (e-wallet) is an encryption software that store payment information like a traditional wallet. The e-wallet component is downloaded to a user’s computer and in which the user stores credit card number and other personal information.

While shopping using e-wallet, a user can perform one-click shopping with the e-wallet automatically filling in the necessary information. Credit card companies like VISA and Master Card offer e-wallet services.

An eWallet, serving the functions similar to a physical wallet, holds credit cards numbers, electronic cash, owner identification, and owner contact information and provides that information at an e-commerce site’s checkout counter.

Electronic wallets give customers the benefit of entering their information just once, instead of having to enter their information just once, instead of having to enter their information at every site with which they want to do business.

The eWallet is an electronic payment system that operates like a carrier of e-cash and information, in the same way, a real-world wallet function. The aim is to give shoppers a single, simple and secure way of carrying currency electronically.

 

The procedure for using an e-Wallet is:

  1. Decide on an electronic shop where you would like to shop.
  2. Download a wallet from the merchant’s website where you intend to shop. The special form requires the buyer to fill in some personal information.
  3. Fill in the personal information such as your credit card number, name, address, and phone number, an address of shipment.
  4. When you are ready to buy, click on the wallet button and the buying process is fully executed. Billing information is filled out automatically. You can also drag information out of the wallet and drop it into the online form.

Read Also

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Electronic Cash System | Payment Processing Solutions

Electronic payment System – Types and Features of E-payment

Characteristics of Electronic Payment System

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