3. Definition: E-wallet is a type of
electronic card which is used for
transactions made online through
a computer or a Smartphone. Its
utility is same as a credit or debit
card. An E-wallet needs to be
linked with the individual's bank
account to make payments.
4. Descriptions
E-wallet is a type of pre-paid account in which a user
can store his/her money for any future online
transaction. An E-wallet is protected with a password.
With the help of an E-wallet, one can make payments
for groceries, online purchases, and flight tickets,
among others.
5. ADVANTAGES
The e-wallet makes online shopping
easier because it fills in the fields in an
online order form automatically, saving
you the trouble of doing it yourself.
This is also a great advantage for online
merchants, because customers
sometimes abandon online purchases
if they feel that the order form is too
confusing or frustrating. The e-wallet
can overcome this phenomenon by
automating the completion process.
6. DISADVANTAGES
There are some disadvantages to the e-wallet, as well. If
you try to use the e-wallet with an online order form
whose blank fields are in a different order from those in
your e-wallet, or if the form has fields that the e-wallet
does not recognize, the form may be left incomplete or
be completed incorrectly. This would force you to erase
all the fields and enter your personal information
manually, defeating the purpose of the e-wallet.
7. E-wallets can store your passwords, credit card
numbers, email contacts and vital data like your driver's
license or social security numbers. You may have your
personal data recorded in several disparate locations,
including your browser, spreadsheets, a PDA and on
paper. Not only is it inconvenient to manage your online
experience this way, but it can also be risky.
Function
8. Features
A consumer e-wallet is a standalone software application
that you can download and install on your computer,
PDA or Smartphone. Some of the most popular e-wallet
software programs also allow you to store photos and
maps. You can often customize the software's data entry
options to fit your needs. Many retailers also provide
credit card data e-wallets to their customers. These have
limited features. They mainly store billing and shipping
information.
9. Security
A good e-wallet uses strong encryption for stored data.
The user also needs to enter a password to open the
stored files. Some e-wallets employ additional
password security features such as a limit on failed
password attempts. Once this limit is reached, the user
will be locked out.
11. What are the benefits?
The sites where e-wallet services are available generally have
the following few easy steps to get started.
Ease of use without having to enter your debit/credit card
details for every online transaction.
For some sites there is no minimum amount and you can
deposit an amount as low as Rs 10.
You can pass on the benefits of your e-wallet to your friends
and family as well.
There is no chance of a decline of payment since e-wallet is a
prepaid account.
12. What are the risks?
Revealed passwords can lead to theft.
There is no facility of refund; the amount is only
redeemable against a purchase.
13. Where can you use E-Wallets?
Online Grocery Stores
Utility Payments
Fly prepaid
E-wallet on mobile
Buying Online
Recharging Mobile Phones
14. CONCLUSION
The main idea behind this topic
is to bring in a cheaper, more
versatile and much more easily
usable kind of a card.
