e-wallet stands for electronic wallet; it is used to make online transactions using smartphones or laptops. It is similar to a credit or debit card. e-wallet must be linked to a bank account to make online payments. These wallets can be used in online or offline shopping, ATM transactions, payment for goods and services.
e-wallet has mainly two components
1.Software component stores all the personal information, this information is secured using data encryption techniques.
2.Information component is a set of details provided by the users like name, address, credit/debit card details, amount, etc.
Types of e-wallets
These wallets are issued by different companies and money stored in them can only be used to transact with the companies who have issued them. These are similar to online accounts where money gets credited in case of any cancellations or refunds.
These wallets can be used to make online or offline transactions like paying for groceries, buying clothes online; payments for utilities like water bills, electricity bills, etc. Making payments for recharging mobile phone accounts, metro cards, bus cards, etc
These wallets can only be issued by banks or in partnership with the banks. They can be used as semi-wallets plus to make ATM transactions, banks, or funds transfers.
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