Friday, December 3rd, 2021
In today’s fast-paced business world, it’s important to keep up with the newest developments in technology. One of those technological advancements is the digital wallet. e-Wallets allow users to store online payment cards and information for online shopping, and software applications that can be used for various purposes. You might even have a digital wallet on your phone, making it simpler to pay for things as you go. But what exactly is a digital e-wallet?
Digital Wallet: How does it work?
A digital e-wallet is an online account where you can store funds to use for online shopping, on mobile devices, or in stores. Digital wallets are similar to traditional payment cards, but they are used exclusively online.
Digital wallets are often linked to your bank account or debit card so that you can pay for things online or through your mobile device. You can usually send money to other people with a digital wallet, too.
Some digital wallets also allow you to use their balance as part of a checkout process at participating merchants. Instead of entering credit card information, you may be able to enter your digital wallet username and password at checkout, then confirm the transaction through the app on your mobile device.
How Can You Get Started on Digital Wallets?
An e-wallet provider creates an account for you, which you can access through their website or app. When you sign up, you enter details such as your name, date of birth, and payment information (like a credit card). The provider then generates a long sequence of numbers and letters, called an “identifier,” which acts as both your password and the key to unlocking your account.
Your provider stores this identifier securely — it’s sort of like a master key that lets them get into your account whenever they want to use it, without letting anyone else in. This is how they move money in and out of your account — they simply ask the bank for permission to send money from your account to the merchant’s account, using the identifier as proof that you’ve given them permission to do so.
The Perks of an e-wallet
A digital wallet stores your financial information so you can pay for things online, in apps, and in-store. It’s a safe way to store your payment cards, loyalty cards, and offers, so you can access them whenever you need to.
Here are some other benefits of having a digital wallet:
1. Hassle-free payments.
You need not produce any physical documents– no documents are required to be notarized or attested.
It also keeps your personal information secret since it never reveals full credit card details or debit card details.
With everything stored in one place, paying for things is easy no matter where you are – even if you don’t have your physical wallet on you.
Lastly, digital wallets are easy to create and use. You can set up a digital wallet by simply downloading the app and registering with some basic details such as email ID and phone number.