E-wallet: What it is and how does it work?

E-wallet

E-wallet: the digital wallet to pay with your smartphone at any time and in total safety.

The future of payments is in Digital Payment. And wallet and mobile payment are the latest trend in virtual payments. Real electronic wallets able to guarantee secure transactions from mobile devices at any time.

What is an e-wallet? A virtual wallet that allows users to make payments – online or in physical stores – using electronic devices. In other words, the e-wallet is a secure tool that can store credit card, debit, prepaid or bank account numbers to make payments quickly and easily.

The virtual wallet is the safest solution for digital payments: it allows you to make payments simply by creating a free account and entering your email address. Following the creation of the account, the user can enable payments without sharing their personal data. To authenticate the transaction, in fact, the consumer will have to insert only the email connected to his wallet and the relative password. In this way there will be no need to share sensitive data or information, avoiding the risk of fraud or theft. All your personal information is stored in special protected environments outside the online pages, making payment particularly secure.

In the current context, more and more projected towards telephone and mobile payments, the most widely used version of e-wallets is undoubtedly the mobile version. What are mobile-wallets? Electronic wallets for smartphones, App able to manage the transfer of money exclusively from your mobile phone. Like traditional and wallets, mobile-wallet applications also allow you to finalize payments – near or remotely – simply by entering a password.

E-wallet: The difference between in-store payment and online payment

There are two types of electronic wallets …

1) Device-based – in-store payments

These and wallets are perfect for in-store payments: they work through the use of electronic devices, such as smartphones. Operation is simple: the devices support NFC (Near Field Communication) technology and the transaction takes place by bringing the smartphone closer to a contactless reader. In the absence of a contactless POS payment terminal in the store where you wish to make the payment, there are many wallets with magnetic strip functionality. In other words, some apps are able to turn the phone into a real magnetic stripe credit card. Just slide your smartphone on the payment device to finalize the transaction.

2) Internet-based – online payments

The Internet-based wallets are undoubtedly the most widespread: they are virtual wallets linked to an account to which payment instruments (credit cards, debit cards, etc.) are associated. These-wallets are the ideal solution for ecommerce purchases: they allow online payments to be made without entering sensitive data, but simply by indicating the email and password associated with the account and wallet.

E-wallet: How does it work? How to create an account?

The first step in being able to use an e-wallet is to open an account. Let’s find out what are the three steps to start paying with your digital wallet …

1) Registration

Registration takes place by sharing your personal data (name, surname, email, address, telephone number, etc.). Later you need to wait for the validation of the registration by email. The assistance team usually takes about 48 hours to validate the personal data of each user. Confirmation of registration is communicated via email with the essential access credentials (username and password). At this point, just enter your credentials in the login area to access the digital wallet. After making the first login it will not be possible to carry out any transaction: it is necessary to send your identity documents to certify the truthfulness of the data communicated. In fact, a few hours after registration,

2) Sending documents

In order to use your digital wallet it is necessary to send by fax or email some documents that can certify the real identity of each user. After sending the material, the user will have to wait 2 to 15 days to verify the documents sent. What are the documents required to authenticate the registration?

  • Identity card or passport;
  • Driver’s license;
  • Coordinates of the bank account;
  • Telephone or light bill.

3) Insertion of the payment instrument

Following the registration and account approval phase, you must enter your payment instrument. Payment instruments that can be loaded into a wallet vary from wallet to wallet. Usually almost all wallets accept bank accounts, credit cards, debit cards and prepaid cards. Once you have indicated your payment method, you can start using e-wallet. Whenever you make an online purchase, simply enter your email and password to complete the transaction. In the event of an in-store purchase, it will be sufficient to bring your device closer to the POS to authenticate the payment.

E-wallet: What’s the use? What actions can you take?

Here are the actions that each user can perform using their account and wallet …

1) Sending payments

Any e-wallet allows the user to make payments close to or remotely. To pay nearby you will need to bring your device closer to a POS enabled payment terminal. To make payments online, simply enter your email and password within the specific payment pages. Virtual wallets also allow you to send money to your contacts simply by entering the recipient’s email.

2) Store documents, tickets for travel and loyalty cards in virtual form

This way you will not need to carry bulky cards and papers. The virtual wallet proves to be able to replace the physical one in all its features.

3) Monitor your transactions in real time and at any time

Each digital wallet has a main dashboard in which the current available balance appears and all payment transactions are summarized. These features allow the user to monitor their financial availability quickly and easily.

4) Transfer money to other users participating in your circuit and wallet

By entering the recipient’s email address, any user can send money to their contacts for free (provided they are part of their circuit and wallet).

5) Receive payments

All users and wallets have the possibility to receive payments arranged by their contacts in a totally free way.

6) Make purchases in any currency

The digital wallet allows purchases to be made in any currency. The digital payment is, in fact, much more practical and modern than the cash one. Using a e-wallet abroad can be the ideal solution to avoid the traditional problems of currency exchange.

7) Upload or withdraw money through payment instruments

By storing their payment tools within the digital wallet, each user can upload or withdraw money simply by using their mobile device. Transferring money via and wallet is simple, convenient and secure.

E-wallet: What are the advantages?

The use of e-wallet and mobile-wallet has advantages for consumers and merchants …

Greater security

Electronic wallets allow, especially in the e-commerce sector, to make particularly secure payments. The ability to pay online without entering personal data and private payment information is a significant benefit to the consumer. The use of digital wallets in their e-commerce can also be advantageous for merchants: the user who perceives security concludes the purchase more easily.

Better shopping experience

The e-wallets allow you to make payments online or in-store quickly and easily. Users particularly appreciate the speed of payment procedures and are consequently more involved and more inclined to purchase. Paying with the smartphone in the store makes the shopping experience particularly fast and intuitive. Paying with an online-wallet involves the use of email and passwords as the only payment information and therefore allows the user to finalize the transaction quickly. The improvement of the customer experience is a fundamental plus: the activities equipped with digital payment with and wallets find, in fact, particularly positive results.

Lower payment transfer speed

Payment by and wallet allows the transfer of money in less time than traditional payment methods. For eCommerce activities, speed in receiving payment is an essential advantage.

Wallet at your smartphone

The virtual wallet is not exclusively a payment instrument. In your account and wallet you can insert, in addition to credit and debit cards, also identity documents, loyalty cards and travel tickets. The e-wallet is a real wallet within reach of a smartphone that can speed up and simplify the user experience.

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