The internet has grown from being used only as a point of information. It has now become a social platform and a shopping place supporting even commercial transactions. Online purchases need payments through bank account transfers and use of credit cards. However, with the introduction of e-wallets or digital wallets, the payment has just gotten easier and convenient. The e-wallet payment system uses a technology which allows shoppers or users to stack money into the wallet and use without the need to use their credit or debit cards. The money is channeled into the wallets from the credit and debit for use as desired.
The e-wallet payment system can be for general use or for specific web vendor use. The wallet is also accessible and usable using smartphones. The e-wallet also referred to as a digital wallet applies to different programs which allow customers to transfer money to the accounts electronically so that they can pay for services and goods that they are interested in. It was initialized to provide safe electronic cash transactions and to make online shopping much more efficient. This system has secured online space as far as payment information is concerned and can be used at any given time and from any place for that matter. There are two kinds of e-wallets.
- 1. Consumer Owned E-Wallets
The user or consumer owned e-wallet allows users to enter payment information manually. This includes banking routing data and credit card information to personalize their accounts. It is a system that is secured with authentication challenges and passwords to keep the users safe. Once the account is active, it can be used across different websites for payments. There are now lots of websites which support the e-wallet system. The stored information is validated to make deposits, debits and purchases swift for the users every time. Personal wallets programs that are popular include Moneybookers, Neteller and PayPal among others. Layers of encryption are used to help in protecting the programs thus preventing unintended sharing of personal information.
- 2. Seller Owned E-Wallets
It is the simplest form of a digital wallet and it is now used by many websites. Websites offer to store payment information accessible through passwords through setting up of e-wallets. The e-wallet serves the website user or Masa Gift visitor every time he or she is visiting the site in need of a purchase. By entering identification information, he is able to make payments with only a single click. They are basically wallets which make it possible for the customers to buy goods from particular sites making the e-wallet facility possible. These kinds of e-wallets are strictly for use on those particular websites for desired purchases. On clicking to pay, the customer automatically pays for the goods without even having to go all the way to the e-wallet. This is because every important detail is saved by the seller on the site.
The e-wallet payment system is one of the most convenient and is gaining popularity fast. You stand to enjoy convenience and speed with every purchase using this wallet.