What is an Electronic Wallet?

Your traditional leather wallet is possibly your most important companion. Before you leave home for your errands, you have to make sure it fits tightly in your pocket or handbag. The wallet is your custodian for precious possessions such as cash, credit cards, and many others. Even if it grows thicker and more bulky by the day, you find it difficult to throw it to the dustbin, right? Worse still, you feel a cold shiver running down your spine each time you sit on it the wrong way.

ewallet malaysia rm30 According to a recent report by Yahoo News, 85% of transactions around the world are still based on cash and checks. And, Huffington Post reported that Americans alone wrote about 14 billion checks in 2009. To make life easier by conveniently making purchases, maybe it’s time for a wallet upgrade. As such, you may run with the digital wave and go for an electronic wallet.

An electronic wallet, e-wallet, or digital wallet refers to a software or web service that enables individuals to carry out their online transactions with ease and comfort. Just like the traditional wallet, an electronic wallet has information about its owner, so you can easily use it for making online payments. User information, for example, personal details, digital certificates, address, credit card numbers, phone numbers, are all usually encrypted in the digital wallet.

How it works

Generally, here is a description of the main process for using electronic wallet when making online payments:

First payment:

The user registers by providing personal details and other required information. The provider then sends them an SMS or mail having a PIN.
The user enters the received PIN. And, this verifies the number.
The user then adds their preferred payment method or credit card details to finalize the transaction. Adding the payment method may not be essential if the information was already provided earlier.
The payment is then authenticated and validated.
For subsequent payments:

The user re-enters their PIN or any valid means of identification.
The payment is then consequently authenticated and validated.
How to get an e-wallet

Electronic wallets are usually available to consumers at no cost. More so, they are very easy to obtain. For instance, if you log on to any merchant site using electronic wallet as an alternative payment option, you can start enjoying its benefits immediately.

Even though consumers are not charged for having digital wallets, merchants incur some fees of running the payment system. The amount they pay depends on the arrangement they’ve made with the wallet vendors.

Benefits of an e-wallet

It comes with all the convenience of online shopping. An e-wallet will ensure you complete the payment for your order much faster and with great ease. This will save all the hassles of having to do it by yourself.
It gives you universal access to your money. So, you can make payments anytime, anywhere.
Electronic wallet is arguably the most secure method of making online payments. They are usually highly encrypted to protect them from unauthorized access. E-wallets are much safer than sending emails or manually completing online payment forms.
They are flexible and easy to use. You can make various online payments using an e-wallet and it will save you time and much effort.
Where to use e-wallets

There are several number of places you can use e-wallets for completing the payment of your purchased items.

Here are some of them:

Online grocery stores
Utility payments
Prepaid flights
Recharging mobile phones
Online shopping sites
Tips on using e-wallets

 Avoid fraudulent websites. If a site is looking suspicious, do not attempt to make payments on it.

 Remember to protect your privacy. Websites having the green lock on the left side of the search bar are considered to be most secure.

 Always keep your passwords and other important identification information in a secure place.

 Before clicking the ‘pay’ button, ensure you can confirm somewhere on the site a form of reassuring security attribute.

 Remember to keep accurate records of all purchases. Always check your email for confirmation of every transaction made.

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