A secure online money transfer
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An E-Wallet otherwise known as a digital wallet is an account much like a physical wallet that you carry around on your person but the “E” implies “Electronic”. It’s basically a virtual wallet and used the same as you would a physical wallet in that you have money and can spend money. The E-wallet is loaded by the bank account or debit card that you attach to it. E-Wallet management is via a dashboard that you can access via your mobile phone or computer.
Features of an E-Wallet
- Send and receive money
- Make purchases
- Draw your balance to your associated bank account
Advantages to online businesses
More than 25% of online shoppers abandon their cart due to frustration in filling in forms. The E-wallet addresses this problem by giving users the option to transfer their information securely and accurately. This quicker and simpler approach to completing purchases results in better usability.
E-Wallets can also increase the security of the transaction since the wallet does not pass payment card details to the website (a unique transaction identifier or token is shared instead). This approach is a widely used feature of online payment gateways, where the payment gateway has a “hosted payment page.”