Definition of 'E-wallets'

Definition:

E-wallet is a type of electronic card used for transactions made online through a computer or smartphone. Its utility is similar to a credit or debit card. To pay, an e-wallet must be added to the person's bank account.

Descriptions:

E-wallet is a type of pre-paid account in which a user can store their money in the future for online transactions. An e-wallet is password protected. With the help of e-wallet, anyone can pay for groceries, online purchases and flight tickets.

E-wallet consists mainly of two components, software and information. The software component stores personal information and provides data protection and encryption. The information component is a database of the 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, a user needs to install software on their device, and enter the necessary relevant information. After online shopping, e-wallet is automatically filled with user information on the payment form. In order to activate e-wallet, the user must enter his password. Once the online payment is made, the consumer does not need to fill the order form on any other website because the information is stored in the database and automatically updates.

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