E-wallet can also be called a digital wallet, to create e-wallet for payment is very necessary, most expecialy when you at home and don’t want to go to the bank or ATM, or when you want to make an urgent payment to someone, it helps make it faster for you.
The e-wallet payment method is a system that stores user’s payment information and passwords, this method allows users to send money to individuals around the country via their cellphone.
E-wallet is an electronic card used for transactions made online through a pc or a smartphone.
Types of digital wallets
- Online wallet: This can be operated online vai computer, smartphone, laptop and other mobile devices.
- Paper wallet: It is one of the secure way to store cryptocurrency, making a transaction, you need to complete the keys.
- Mobile wallet: It also help to store your loyalty cards, tickets, coupons, etc.
Methods to create a bank e-wallet
Most banks now offer e-wallets that allow customers to make payments, via their mobile phones. This is also a safe and convenient method of making payments to service providers and also for transferring money to your contacts. To create e-wallet for payment, there process you must under go which is,
- Download application
- Set a Pin
- Link Card
- Make Payment
Advantage And Disadvantage
But also payment through e-wallet has many advantages, which also have some disadvantages to be considered too. Firstly, the online retailer must also open an account with the e-wallet provider they would like to offer to their customers as a payment method. That means that the online retailer must take some time to create an account and maintain it.
Then the disadvantage is that the usage of an e-wallet provider can be expensive compared to other payment methods. So therefore, you should take the time to consider how sensible this option is for your shop also.
The payment process of an eWallet is totally different to that of card payments, he/she then has access to the full features and functions of the eWallet account. This account may include currency conversions, top-ups, and access to other payment service providers. Shoppers may also have the option to create an unverified e-Wallet account during the payments process.
There is a risk that some shoppers may find diffucult, we strongly recommend that you, think carefully about your shopper base before you launch an e-Wallet service.
Security & Risk Involve
Data/information is normally stored securely. Usernames/passwords and email/mobile phone verification are sometimes used when systems create an e-Wallet account. Photo IDs and of resident address are usually produced and stored for reference during the procedure. Some payment service providers use transaction limits to monitor the transaction in a shoppers e-Wallet account. Due to their feature rich content, APMs and particularly e-Wallets are open to fraud in different way from Credit/Debit Cards and MUST NOT be sold as Cards.
- You can receive money from any bank user.
- You need a cellphone to receive the money, and the receiver doent neccessary need to bank with any bank
- No registration is required.
- Sending money is a very simple process
The cell number used in registering for e-wallet should be used always, if a number is changed, the application wouldn’t work unless a new number is registered. The E-wallet payment method make life easier for the receiver as they don’t have to travel far to collect money.
With the information given bellow, one create e-wallet for payment, without any stress and also one can know the risk involve, and the types of digital wallets we have and payment process. If you have any question to ask you can make use of the comment box, we are here for you anytime.