Wednesday, 14 November 2018

E-WALLET (Student Article)


E-WALLET stands for electronic wallet. It is a type of electronic card which is used to made transactions online through computers and smartphones. It is collection of multiple credit cards and bank account numbers in a safe environment. It is also eliminates the need to enter account information when making any payment. E-wallets also termed as digital wallets and are one of the best innovation in the field of technology . Thousands and millions of people making payment from these virtual wallets. These wallets are easy to use once an individual has created on e-wallet profiles, he can make payments faster without less typing. The most trending mobile wallets companies of India:

Paytm
Oxigen Wallet
Mobiwik Wallets
Pay U Money
Vodafone M Pesa
Free Charge
Jio Money
State Bank Buddy
Chillr
ICICI Pockets

Features of e-wallet includes-
·        Reusability of our card is infinite.
·        Multiple card features are included in the same card.
·        No separate card reader is required to access our card.
·        It has firewall encrypted security logic.
·        It is refillable.
·        It has universal access.
·        Our current balance can be stored and read.
·        It cannot be copied.

Advantages-
·        It is very safe and controllable.
·        It is open ended.
·        It has user friendliness.
·        Ease of  using without having to enter your debit and credit details for every online transactions.
·        Instant cash payment without swipe a credit and debit card.
·        You can deposit an amount as low as Rs10.
·        SNo need to access your bank a/c for e-payment.
·        A person also get extra cashbacks for every amount spent using e-wallet.

Disadvantages-
·        One cannot  redeem his money back from the wallet he needs to use this money by making purchases.
·        If one loses his mobile, his wallet will also be lost.

What Does E-Wallet has Today?
ü Biometrics included.
ü User can manage and operate credit,debit,loyalty,transport and gift cards.
Types of E-Wallet-
·        CLOSED WALLET-closed wallet can be used only for a company, no redemption and cash withdrawal is possible. Eg-makemytrip,jabong.
·        SEMI-CLOSED WALLET- semi-closed wallet do not allow redemption or cash withdrawal. Eg –paytm, mobikwik.
·        OPEN WALLET-open wallet allow redemption as well as cash withdrawals. Eg –vodafone powered M-Pesa Wallet.


Top E-Wallets (in world):
Google wallet
Skrill
Stripe
Amazon Payments.

The main idea behind this article is to bring in an affordable more adaptable and very easy usable kind of card.
 
  








                                                                                                      
BY: HEZAL AGARWAL
3RD SEMESTER



Contributors