What is an E-wallet?
E-wallet, or digital wallet, is an application that supports mobile payments on smart devices, including sending and receiving funds, purchasing goods and services, bill payments and mobile top up. An E-wallet is protected with a password. E-wallet has mainly two components: software stores personal information and provides security; information is a database of details provided by the user which includes their name, amount to be paid, credit or debit card details, etc.
Key Features of an E-wallet
Instant payment means money transfer transactions between digital wallets happen within seconds, instead of within hours or business days. That feature provides great benefits, such as allowing payments anytime and anywhere, making funds immediately available, and increasing the control of personal and business funds. Furthermore, digital wallets allow a seamless money transfer to any bank account.
Management of Card Operations & Bill Payments
Mobile wallets are secured with plenty of robust technologies, such as passwords, security questions, and one-time password (OTP) via SMS. Mobile wallets are safer than carrying all your credit or loyalty cards with you because it doesn’t store card numbers.
Easy and Fast Self-Registration
Mobile wallets are all about saving people’s time. Self-registration should be absolutely easy and fast to accomplish; it has these steps:
- Download the app and run it;
- Sign up by providing the required details (name, e-mail, phone, ID cards, etc.);
- Confirm registration;
- Set up password and log in;
- Link debit/credit card if necessary;
- Add money and start using the wallet
Cash In/ Out at ATM
Holders of mobile wallets can make an ATM cash withdrawal without using a physical credit card. They can also choose to withdraw cash from an agent/branch bank.
Analytical Dashboards and Diagrams
An analytical dashboard allows digital wallet holders to view and analyze their personal financial operations through reports, figures, and diagrams.
Budgeting and Planning
A modern mobile wallet empowers your customers to spot spending habits, track expenses, and save more. A mobile wallet can be as a financial planner, providing options like setting savings goals, sending reminders when the bills are due or sending reminders when users are close to exceeding their budget.
A backup facility is a vital feature which allows users to restore wallet data. Backup is often automatically embedded within wallet apps for user data safety. The best option is to provide several different methods to protect user data, such as: built-in email wallet backup feature, sync data via a local Wi-Fi connection, etc.