eWallet - What is eWallet, Benefits, Working Process - Informative World

What is eWallet -

A eWallet, sometimes called a digital wallet, is a secure place that contains one or more currency purses. Your shoppers can fund a eWallet in several different  ways. 

Once funded, shopper can use eWallets online to buy goods or services.

A shopper must register with the provider and may have to complete a full KYC (Know Your Customer) process before they're allowed to use a eWallet.

Verified shoppers normally have a higher spending limit.

Benefits of eWallet -

• Using a mobile wallet for day to day transactions is really simple to begin with. Downloading the app and creating a user ID password is all you need to do here. It is as simple as logging in to your Gmail or Facebook account from your smart phone.

• You can easily add money to your wallet via net banking, credit card or debit card. Because you can save these details, you save time with no need of entering  each time you create a transaction.

• Electronic wallet usually store credit and debit cards. However, it can be used for a variety of cards if it is compatible with the wallet used by the provider. This means that reward cards, loyalty cards, and even coupons can be stored in a digital wallet, so you can enjoy a paperless lifestyle.

• Electronic wallets have become widely accepted in the last few years. In most places that accept cards as a payment option, you can pay with an electronic wallet.

• An electronic wallet acts like a debit card when starting a transaction. You must enter a PIN to allow payment. For devices with biometric authentication, fingerprint authentication is required for payment. This further enhances security against financial risks associated with fraudulent purchases and theft of identity.

• Money wallets make money transfer and remittance quick and easy. In addition, there are currently no transaction fee imposed to transfer money anywhere, anytime. Therefore, it is a more preferred option.

How does eWallet work -

E-Wallet provides the ability to store multiple credit cards, debit cards and bank accounts information for making faster payments. You can create up to sperate profiles for both credit and debit cards, and up to ten separate profiles for checking and saving accounts.

You can edit and delete these profiles as needed. When making a payment after logging in to My Account, you will save time by having your credit or bank account information filled in automatically.

Payment Process - 

The payment process of a eWallet is significantly different to that of card payments; during the payment process the shopper is authenticated, he/she has access to the full features and functions of the eWallet account.

This account may include currency conversions, top-ups and access to other payment service providers. Shoppers may also have the option to create an unvarified eWallet account during the payment process. 

There is a risk here that some shoppers may get lost, so we strongly recommend that you, the merchant, think carefully about your shopper base before you launch a eWallet service.

Security & Risk : Shopper's data/information is normally encrypted and stored securely. Usernames/passwords and email/mobile phone verification are sometimes used when systems create a eWallet account.

Photo IDs and proof of address are normally produced and stored for reference during the KYC procedure. Some payment service providers use transaction limits and velocity checks to monitor the transaction in a shopper eWallet account.

Various eWallet payment gateway - 

Paytm : Paytm is by far THE MOST popular e-Wallet in india. Reserve Bank of India approved and authorized, this is one of the most versatile mobile wallet present in India.

 Paytm is today a $4 billion company and offers its very own ecommerce platform too.

It not only allows online payment but has come up with offline payment options also where there is no need for an active internet connection to transfer money.

It can be done simply by scanning a QR code or also by using an OTP which is generated right within the app.

Paytm grown so much that RBI has actually given Paytm a license to set up a payments bank.

MobiKwik : This e-Wallet has been another major player in the e-Wallet ecosystem. It also offers a host of payment options and has partnered with many popular and well-known brands in market such as Domino's Pizza, Big Bazar, Pizza Hut, eBay, Jabong, Shopclues, Naaptol, MakeMyTrip, Pepperfry, BookMyShow and more.

This e-Wallet too has Reserve Bank of India authorization and license, making it one of the most trusted mobile wallets present Indian market.

Oxigen Wallet : Claiming to have over 20 million user base, this mobile wallet is one of the most popular mobile wallets operational in India. 

Just like MobiKwik and Paytm, Oxigen Wallet is also RBI approved and it actually claims to be the first non-bank wallet wich has managed to tie up with the National Payment Corporation of India or NCPI to allow instant money transfer.

This means money transfer is one of the strongest features of the wallet. One thing you should know about its money transfer feature is that it has tied up with NCPI to allow instant money transfer.

The maximum allowed money transfer in a single transaction is limited to only INR 5,000 and in a month, no more than INR 10,000 can be transferred.

Cirtus Wallet : It is a popular payment gateway. Movies, dinners and drinks, bill payments, money transfers - everything with only a few taps, Citrus Wallet has managed to receive license from Reserve Bank of India. 

Boasting a network of 21 million user base, Citrus Wallet is feature rich and it even allows splitting bills with friends.

ItzCash : Authorized by Reseve Bank of India, ItzCash is a mobile wallet which is operated by Itz Cash Card Ltd. Part of Essel Group, which is conglomerate of 2.4 billion dollars' business, ItzCash offers a holistic payments solution with secured money transfer option to bank accounts.

It allows a host of digital transactions like balance transfer, prepaid mobile recharge, movie tickets purchase, railway ticket booking etc.

ICICI Pockets : Created and run by ICICI Bank, Pockets is another highly popular digital wallet. This digital wallet is powered by VISA. 

It is not limited to just users of a single bank, i.e. ICICI Bank. Actually, user of any bank can use this wallet and carry up to 20,000 balances in the account. 

It comes with a unique feature of applying for a Saving account with ICICI Bank. This savings bank account will allow you to maintain balance, earn interest on the same and even withdraw cash using the account.

This savings accounts is known as Pockets Savings Account. A pocket has 60,000 merchants onboard.

SBI Buddy : State Bank of India offers a complete e-Wallet app for those who love to use digital wallets. Available in 13 languages, this wallet allows sending money, asking for money, recharging mobiles and DTH services, paying utility bills, booking cinema tickets, hotels and flights etc. 

One of the best parts of SBI Buddy is that you can actually supercharge your Buddy account by enabling internet banking. Once internet banking is enabled, you can actually maintain a balance of 50,000 rupees in your wallet; carry out transaction of up to 50,000 rupees a month.

However, you need to be an SBI customer to have such high limits.

HDFC PayZapp : If we look at the app itself, we mean, how well the app has been built, it is pretty solid and fewer bugs compared to some other apps in market. 

However, when we come to the services offered, HDFC PayZapp is not that great. It being a mobile wallet actually allows basic things like bill payments, mobile recharges, DTH recharge, etc. 

It allows shopping as well from ecommerce sites and it actually allows you to browse products from ecommerce companies directly from its own interface.