What is Digital Wallet or E Wallet? - Tutorials & Guide | For Software, Android and Web Development

What is Digital Wallet or E Wallet?

Do you know What is Digital Wallet or E Wallet? 

Digital Wallet has made a big difference in the payment service. Now consumers can easily get the price of their shopping with the help of these digital wallets or e-Wallet. When our Prime Minister Shri Narendra Modi ji declared the demonetization (novation), then the new rupees were not available at all, because such a declaration in such a large country is very difficult to act, therefore, at the time, Digital Payment was given the highest importance. Some companies like PayTm, Mobiwik came out to help people.

E-Wallet is a great way to make online payments. It is very easy to use. After demotion, we have used all these things. This helped to a great extent to overcome their everyday problems. It is not at all that the use of Electronic Wallet has come into play only after Demonetization. India already has e-wallet currency. After Demonetization, its trend increased. So let's know about the full details of the electronic wallet.

So now the point is that what is the digital wallets or e-wallets and how it is making our lives easier. This digital wallet is nothing but an electronic version of physical or traditional wallet, with the help of which we can easily make our payments. 

When this is the digital wallet we use in our smartphone, it is called mobile wallet. People have a lot of talent about the use of these digital wallets, so today I thought why not give people full information about what happens to them as digital wallet or e-wallet so that you also have a good knowledge about it. Then let's start delaying the matter.

What is e-wallet?

We can link our e-wallet to our bank account. Or recharge by debit card and credit card. Then using this e-Wallet, we use them in online payment, bill payment, shopping etc. It is quite easy to use. It is very easy to make payments.

The full form of e-Wallet is Electronic Wallet (electronic wallet) which represents a wallet that is not physical just a digital entity that can only be viewed online. This is a type of electronic card which is used only for the online transaction through computer or smartphone. 

The usefulness of this e-wallet is the same as credit or debit card, which I have already said about. To take advantage of this type of facility or to pay, e-wallet is required to link to the person's bank account. The main purpose of e-Wallet (E-wallet in hindi) is to make paperless (cashless) money transfer easier.

What are the types of e-wallet?

E-Wallets are mainly of three types.
  1.     Closed E-Wallet
  2.     Semi Closed E-Wallet
  3.     Banking E-Wallet
Closed E-Wallet is often used in the e-commerce website where the customer can easily shop for his or her needs.

We can use Semo Closed E-Wallet to fill payment in every platform. A fixed amount can be kept in it, but we can not take out any kind of cash from it.

Banking E-Wallet is a very special e-wallet where the e-wallet of the customer's bank account is given gross. This allows the customer to use his account at the expense of a wallet.

How to use e-Wallet?

To use e-Wallet, follow the steps below: -
  1. To use e-Wallet on Smartphone, download Mobile Wallet or e-Wallet.
  2. To use e-Wallet on the computer, go to the official site of the relevant Wallet.
  3. Register and make new Wallet by providing information.
  4.  Fund your Wallet using IMPS Fund Transfer, credit card or debit card from your bank account.
  5.  Make a payment using e-Wallet.

How Digital Wallet Works?

All the details of the user are saved in the card of a digital wallet, so that the customer can easily make online purchases. E-wallet or mobile wallet mainly has two parts, software and other information. Personal information is stored in the software section and provides data and security and encryption. The information section contains a database of the details provided by the user in which their name, mailing address, payment method, payment amount, credited or Details of debit card are etc.

What can be bought by online payments?

When used to pay for goods and services through e-wallet registration, it takes only a short amount of time compared to other credit or debit card payments. We use digital wallets for utility bills, DTH plans, and mobile bills or recharge. You can use digital wallets to buy in e-commerce sites. Because most e-commerce sites are tie-ups with other digital wallet companies, customers can easily make payments with this help.

How do we use Digital Wallet in E-commerce Site?

  1.      First log in to your e-commerce site.
  2.      After that, add the respective product to your cart
  3.      Then, in the payment mode, select 'Wallet'
  4.      Choose your respective wallet there
  5.      Then make your payment

What are the benefits of digital wallets?

Here, I'm going to tell you about the different fayes of Digital Wallets. Then let's know.
  1. We can use digital wallets for online shopping from e-commerce websites.
  2. Many utility bills can also be used to fill billions such as electricity, prepaid recharge, booking movie tickets, telephone bills etc.
  3. We do not need to give ATM or Credit Card details such as Card number, CVV etc. again and again during payment.
  4. To match with us online.
  5. To bookings of travel
  6. If for some reason the transaction fails, we will get the money back soon.
  7. Online fund transfer via digital wallet
  8. To buy lots of financial products such as mutual funds and insurance.

 Risks and drawbacks of using e-Wallet?

  1.  You can not withdraw Wallet's money back to you by using this money to buy items.
  2.  If you lose your mobile, you will lose your Wallet too.
  3.  You can use Wallet as long as your mobile has Battery.
  4.  It is possible that you want to spend more than the money in the Wallet, then the use of Wallet will end.
Just as the bank gives us the money to spend through debit card, some payment services facilitate payment by mobile app or computer.

This feature is provided through the e-wallet, a fixed amount can be placed in the wallet, through which payment can be made on the basis of need, so that you do not need to keep a purse or wallet.

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