The E-Wallet Payment System

1
The E-Wallet Payment System
2
The internet has grown from being used only as a
point of information. It has now become a social
platform and a shopping place supporting even
commercial transactions. Online purchases need
payments through bank account transfers and use
of credit cards. However, with the introduction
of e-wallets or digital wallets, the payment has
just gotten easier and convenient. The e-wallet
payment system uses a technology which allows
shoppers or users to stack money into the wallet
and use without the need to use their credit or
debit cards. The money is channeled into the
wallets from the credit and debit for use as
desired.
3
The e-wallet payment system can be for general
use or for specific web vendor use. The wallet is
also accessible and usable using smartphones. The
e-wallet also referred to as a digital wallet
applies to different programs which allow
customers to transfer money to the accounts
electronically so that they can pay for services
and goods that they are interested in. It was
initialized to provide safe electronic cash
transactions and to make online shopping much
more efficient. This system has secured online
space as far as payment information is concerned
and can be used at any given time and from any
place for that matter. There are two kinds of
e-wallets.
4
Consumer Owned E-Wallets The user or consumer
owned e-wallet allows users to enter payment
information manually. This includes banking
routing data and credit card information to
personalize their accounts. It is a system that
is secured with authentication challenges and
passwords to keep the users safe. Once the
account is active, it can be used across
different websites for payments. There are now
lots of websites which support the e-wallet
system. The stored information is validated to
make deposits, debits and purchases swift for the
users every time. Personal wallets programs that
are popular include Moneybookers, Neteller and
PayPal among others. Layers of encryption are
used to help in protecting the programs thus
preventing unintended sharing of personal
information.
5
Seller Owned E-Wallets It is the simplest form of
a digital wallet and it is now used by many
websites. Websites offer to store payment
information accessible through passwords through
setting up of e-wallets. The e-wallet serves the
website user or visitor every time he or she is
visiting the site in need of a purchase. By
entering identification information, he is able
to make payments with only a single click. They
are basically wallets which make it possible for
the customers to buy goods from particular sites
making the e-wallet facility possible. These
kinds of e-wallets are strictly for use on those
particular websites for desired purchases. On
clicking to pay, the customer automatically pays
for the goods without even having to go all the
way to the e-wallet. This is because every
important detail is saved by the seller on the
site.
6
Contact Us
14th Floor, Damji Shamji Business Galleria,LBS
Marg, Kanjurmarg (West),Mumbai-
400078,Maharashtra, India. Kindly Connect
Mindgate at www.mindgate.in