What is an E-wallet online payment generation

Online payment services has been the primary factor for the growth of the global market over the past decade. All traditional business operations that had been carried about over face to face cash/check transactions has now evolved into online cashless transactions. While credit cards and net banking had been the beginning of these online payment systems, the current e-wallets or digital wallets have become the trend of the day as these transactions can be done using a simple ID or even just a phone number. When at a restaurant for a dinner date and your short on cash, your pre-configured e-wallet can come to your rescue and save an embarrassing moment of your life.

An e-wallet is primarily linked to an individual’s bank account and these wallets just appear as applications on their smart phones. The e-wallet accounts are linked using an individual’s health card, driver’s licenses or any form of government proof in order to encrypt security into the individual’s transactions so as to not fall prey to the online phishing scams. While people are adapting to a cashless world, technology is ever-evolving and the need for information security as an individual’s bank information and identity becomes easily vulnerable on the internet. Hence, instead of merchants picking up levels of security systems to safe guard their customers, corporations have built up these dedicated e-wallet platforms for the users to make all transactions without any fear of loss of confidential banking data.

E-wallets are not just for purchase transaction but also used widely for authenticating an individual’s identity in the course of these transactions. The corporations that have introduced the e-wallet systems have also paired up with network service providers and smart phone manufactures to make their application interface user friendly as well as security tight. While certain card transactions or net banking facilities have restrictions on their usage, the e-wallet providers break all barriers and allow for world wide transactions.

Its not just the applications that are user friendly, even the mode of signing up for these services is easy. The first time sign up required your basic information, ID proof, and bank details, which after processing gives you a customized encryption page to ensure that only the individual who created the account can access it any given point of time. E- wallets are not just payment modes for shopping but can be used at varied places ranging from business transactions to cash transfer to your friends and family. The world of e-wallets has taken a front seat in today’s modern world due to the minimum risk of security threats.

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