eWallet : The Physical Card is No Longer Needed?

eWallets are mobile payment apps that store your payment information on your smartphone. This information can include your credit, debit and prepaid card details.

A user must register with the provider, and may have to complete screening process before they’re allowed to use an eWallet. Some payment service providers have the concept of a verified and unverified eWallet account. Verified shoppers normally have a higher spending limit and trusted.

How to use eWallet?

  • Install the software on your mobile
  • Fill in basic information such as name and bank details.
  • The eWallet will automatically fill in user information on the payment form, when shopping online
  • Activate the eWallet with your password.
  • Once the online payment is complete, your information is saved for further use and updated automatically.

How does it works?

The payment process of an eWallet is significantly different to that of card payments; during the payment process the shopper is authenticated, user then has access to the full features and functions of the eWallet account. This account may include currency conversions, top-ups, and access to other payment service providers.

 

Advantages of eWallet

Easy accessibility –Using a mobile wallet for day to day transactions is really simple to begin with.  Downloading the app and creating a user ID and password is all you need to do here.  It is as simple as logging in to your Gmail or Facebook account from your smart phone.

Simple to load money– You can add money to your wallet in easily via net banking, credit card or debit card. Being able to store these details saves you from the hassle of entering these details every time you make a transaction and saves time.

Range of uses–  Starting from bill payments, postpaid, data card and broadband to buying air, bus or train tickets, you can use an e wallet for a variety of transactions. From paying at your local stores to paying for your utilities like gas, water and electricity, the reach of mobile wallets has gone far and wide.

Split bill facility– Being able to split expenses with friends is another big advantage. Some of the eWallet providers allowed their users to split their bills simply by entering the amount and the number of people who are expected to pay their share. These wallets will automatically generate a link which you can send to people who owe you money.

Ensures timely payments– You can also make use of the auto pay facility to make future bill payments automatically, from your wallet balance on a pre-determined date.

Incentives and Promotions– Each wallet comes with its own set of incentives. E-wallets give plenty of money saving avenues through discounts, cashback, offers and free gifts. You can benefit the maximum by going through their offer section and making optimum use of promo codes.

Quick transfer of funds– Money wallets have made sending and receiving money quick and easy. And on the top of that, currently there are no transaction charges levied for transferring money anywhere, anytime, thus making it a more preferable option.

 

What do you think about this invention? Does it benefit you in ways you could ever imagine?

 

Sources :
WorldPay , PaisaBazaar , LoanSingh