E-wallets

Definition of 'E-wallet'

Definition:- E-wallet is a type of electronic card, which
is used for online transactions made via computer or
smartphone. Its utility is similar to a credit or debit
card. The E-wallet must be linked to the person's bank
account to make payments.

Description:- E-wallet is a type of pre-paid account in
which the user can deposit his money for any future online
transactions. An E-wallet is password protected. With the
help of e-wallet, payment can be made for groceries, online
shopping and flight tickets.

An E-wallet mainly consists of two components, software, and
information. The software component stores personal information
and provides data security and encryption. The information
component is a database of details provided by the user including
their name, shipping address, payment method, amount to be paid,
credit or debit card details, etc.

To set up an E-wallet account, the user must install the software
on their device and enter the relevant information required. After
making an online purchase, the e-wallet automatically fills user
information on the payment form. To activate the E-wallet, the user
must enter their password. Once an online payment is made, the
consumer is not required to fill out an order form on another
website as the information is stored in the database and
automatically updated.