E-Wallet

(E-wallet is an international term).

An e-wallet, also known as a digital wallet, allows users to securely store electronic money and use it for online payments and transactions.

E-Wallet

An e-wallet, or electronic wallet, is a digital solution for storing funds and payment information. Users can link their credit cards, debit cards or bank accounts to the e-wallet and use it for various online payments. E-wallets offer convenience by providing a faster and more secure way to make transactions without having to enter payment information for each payment. They are commonly used in e-commerce platforms, online marketplaces and mobile apps for the purchase of goods and services.

E-wallet examples

A customer uses an e-wallet to buy tickets for a concert online without having to enter their credit card details each time.

An online shopping platform allows users to use their e-wallet to purchase clothing, electronics and other products.

In a mobile money transfer app, a user can send money to friends or pay bills via their e-wallet.

E-Wallet FAQ

  • An e-wallet, also known as an electronic purse, operates as a virtual platform for the secure storage of payment information. Users can store credit cards, debit cards and bank account details in their e-wallet. When making online payments, the e-wallet can then use selected payment information to process transactions conveniently and efficiently. This minimizes the need to re-enter payment details each time a purchase is made.

  • E-wallets implement various security measures to protect the integrity of the stored payment information. This includes advanced encryption technologies that secure the data during transmission and storage. In addition, e-wallets use authentication methods such as passwords, fingerprint or facial recognition to ensure that only authorized users can access the stored data.

  • Yes, the majority of e-wallets allow users to store multiple payment methods in a single account. This includes not only credit and debit cards, but also the linking of different bank accounts. This flexibility allows users to use different payment methods for various transactions depending on preference and availability, making the shopping experience personalized and versatile.