What Is E Wallet And How Does It Work
The e wallet has become very popular around the world and is one of the payment systems that securely store payment information and passwords for its users in order to be used as a payment method.
What is e wallet and how does it work. The e wallet can also be used to store loyalty card information and digital coupons. The money is debited from the user s account into their ewallet accounts in the form of digital representation. Many digital wallet services work through apps on your smartphone.
The first step of the transaction is for the user to load money into their accounts. The letter e in e wallet stands for electronic. In general an e wallet is a prepaid account that is used to store money and make online and mobile payment transactions quickly and securely.
It allows you to make payments simply by creating a free account and entering your email address. E wallet or digital wallet is a type of card or an online account with the help of which you can make online transaction using your mobile phone or computer. A digital wallet sometimes called an e wallet is a service that allows you to pay for things usually through a mobile phone app.
In general though a digital wallet also sometimes called an e wallet is a transformation in the way you pay for things. Let us here discuss the e wallet payment system. Being a fast mode of transaction ewallet works by allowing a user to send and receive money through their electronic gadgets.
At the supermarket for instance you might simply tap your phone to a compatible check out register to pay instantly. 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 money is debited from the user s account into their ewallet accounts in the form of digital representation.
But how does that work. The first step of the transaction is for the user to load money into their accounts. When you add your personal information into a digital wallet that data is then converted into a unique code via encryption that can only be accessed by authorized entities.
Before it can be activated the user must input all of their account information which is then stored and used when the time comes to make payments. An e wallet is an electronic means of accessing and spending your money. To use e wallet you need to link your debit or credit card to your e wallet.
That basically means that one uses an e wallet to send and receive money over the internet or other similar information communication systems such as electromagnetic radiation waves in mobile telephony.
