E Wallets

'E-Wallets'

 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. 
                                                
                                                  
Descriptions


E-Wallet is a type of pre-paid account in which a user can store his/her money for any ure 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. 

E-Wallet has mainly Two components, software and information.

 The software component stores personal information and providesSecurity and Encryption of the Data. The Information component is a Database of details provided by the user which includes their name, Shipping address, Payment method, amount to be paid, credit or Debit card details, etc. 

For Setting up an E-Wallet Account, the user Needs to Install the Software on his/her Device, and Enter the Relevant Information required. After Shopping Online, the E-Wallet Automatically fills in the user’s Information on the Payment form. To Activate the E-Wallet, the user needs to enter his Password. Once the Online Payment is made, the 
consumer is not required to fill the order form on any other website as the Information gets Stored in the Database and is updated Automatically.

E-Wallet stands for electronic wallet. It is a type of Electronic card which is used for Transactions made online through a computer or a smartphone. The utility of E-Wallet is same as a credit or debit card. An E-Wallet needs to be linked with the individual's bank Account to make payments. The main objective of E-Wallet is to make paperless money transaction easier.

Features  of  E - Wallet  / How does it work?

E-Wallet has mainly two components, software and information.

Software component stores personal information and provides security and encryption of the data whereas information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit 
card details, etc.
                           
How do I use E-Wallet?
                                                      
For Consumer:

1  Download the app on your device.

2  Sign-up by entering the relevant information.

3  The user will receive a password.

4 Load money using debit/credit card or Netbanking.

5 After shopping online, the E-Wallet automatically fills in the user's information on the payment form.

Once the online payment is made, the user is not required to fill the order form on any other website as the information gets stored in the database and is updated automatically.
                                                       
For Merchant
               
1 Merchant downloads the app on his/her device.

2 Sign-up by entering the relevant information. 

3 The user will receive a password.

4 Self-declare yourself as a merchant.

5 Start accepting payments.

                                     hat do I need to start using an E-Wallet?

1 Bank Account.

2 Smart phone.

3 2G/3G/4G connection.

4 A free wallet app .

Must Do Practices
Register your mobile number at bank for regular information by SMS for every transaction .
Never share your PIN to anyone.
Transact at only trusted merchants.
While at ATM, ensure no one is looking over your shoulder.

                              
The Top 20 Digital Wallets 

1) Airtel Money :

With the Airtel Money app, users can easily recharge prepaid accounts or pay postpaid bills. 

You can also shop online if your digital wallet has cash loaded in it. It’s also extremely safe 

as every transaction or payment you make requires a secret 4-digit mPin.

2) Citi MasterPass:

Citi MasterPass, a free digital wallet, helps make checking out while online shopping a 

speedier process. Once you’ve stored all your payment and shipping details in your Citi 

Wallet, simply click on the MasterPass button and it will take care of the rest.

3) Citrus Pay:

Citrus Pay, one of the top E-Wallets in India, it offers a Citrus wallet for customers as well 

as payment solutions to businesses. With a strong base of 800 million customers, it has 

definitely earned its spot as one of the best mobile wallets in India.

4) Ezetap:

Ezetap, a Bangalore based digital payment solution founded in 2011, offers business owners 

solutions to accept card payments via electronic devices. It also send customers e-receipts 

through an SMS or email.

5) Freecharge:

Freecharge, one of the most famous names right now when it comes to digital payment in 

India, has been known to target the youth in all their promotions. With equivalent amount 

of coupons given for every recharge you make, it’s a great option to save while paying your 

bills online.

6) HDFC PayZapp:

HDFC PayZapp, making digital payment in India simplified with one click payments, is one 

of the top online wallets in India. Users can easily compare flight and hotel tickets and even 

buy music or pay bills with the app. Simple connect your debit/credit card once and forget to 

worry about making payments.

7) ICICI Pockets:

While you might find a Pocket card redundant, considering you’re opting for an E-Wallet 

app to avoid using a card, they do have a pretty neat wallet app. It’s VISA powered and can be used on any Indian website, or to transfer money to email ids, WhatsApp contacts, and also just tap and pay your friends easily.


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