It is also important to note that eWallets improve access to financial services and play an integral role in economic inclusion. Furthermore, it has an infinite lifespan and does not expire like a credit or debit card. They provide greater flexibility as users can make payments from different accounts in one eWallet rather than carrying multiple cards and its access does not require a designated POS or ATM counters. eWallets are instantaneous, ubiquitous, convenient, easy to use, cheaper, and reduces processing time. Retailers also do not obtain users’ card or account details as a random transaction number is used. The data is secured with encryption and an authentication system. Its use reduces risk of card theft and fraudulent transactions. While eWallets may come with risks of system malfunction or outages due to high traffic in its servers, it entails much more benefits. These are popular among major retailers as it provides greater degree of standardization and efficiency.
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Client-side eWallets’ – maintained by the customers whereby they download the program and once installed, they enter their pertinent information.The latter stores that information, and provides encryption and security for the information and actual transaction. The former is a database of user-inputted details, entailing the account holder name, credit/debit card number, security number, billing address and other personal information so that the user is not required to enter their details on lengthy fields every time they make a transaction.
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There are two components in eWallet: information and software components. In return for making transactions, users are rewarded with cash-back bonuses, loyalty redemptions and other incentives. Users are able to use it for future transfers or transactions, such as for flight tickets, among others.
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transactions using a technology known as near-field communication (NFC) compatible reader pad.Įssentially, it is an online prepaid account (that can be linked to an individual’s bank account) protected with a password where cash value and personal identity information are stored on an electronic device. It can work through an app on a smartphone by scanning a quick response (QR) code, e-commerce websites, or by a tap on a smartphone at a cash register deployed at retail stores or other point-of-sale (POS) terminals for instant payment i.e.
However, instead of a physical card, eWallet is an internet-based payment system where transactions can be made online using a smart phone or computer. Its utility is similar to that of a credit or a debit card. One by-product of this technological expansion and a key driving force in the increasing volume of digital transactions is eWallet.ĮWallet, or digital wallet, is an alternative payment option to cash – based on encryption software that stores payment information much like a traditional wallet. The physical act of paying is fast becoming redundant now that there are mobile and Internet channels for banking services. The growth of e-commerce and apps has become embedded into our everyday lives. While cash remains the primary method of payment, there has been a declining trend in its use with developments in payment virtualization, digital technology and systems infrastructure. Now, the advent of eWallet is making waves in the FinTech market, bringing about a paradigm shift in the way the financial services industry operates with many perceiving it to be a catalyst towards the advancement of a cashless society. FinTech encompasses a broad spectrum of revolutionary and disruptive technological innovation including artificial intelligence, smart contracts and big data analytics. Greater proliferation of smartphones will accelerate the pace of new product development. The rise in popularity and level of activity in the FinTech space is manifest, given the prevalence and widespread use of smart devices.
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