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:
Pay U Money
Vodafone M Pesa
State Bank Buddy
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.
· 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.
· 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.
The main idea behind this article is to bring in an affordable more adaptable and very easy usable kind of card.
BY: HEZAL AGARWAL