- Bank E-Wallet
Many banks now offer e-wallets that allow customers to make payments in one click, using their mobile phones.
An e-wallet is a type of electronic card, which is used for transactions made online through a computer or a smartphone.
Its utility is the same as a credit or debit card.
An e-wallet needs to be linked with the individual’s bank account to make payments
It is a safe and convenient mode of making payments to service providers and also for transferring money to your contacts.
E-Wallet stands for electronic wallet.
An e-wallet needs to be linked with the individual’s bank account to make payments.
The main objective of the e-wallet is to make paperless money transaction easier.
Steps to Creating an E-Wallet
To get started, you have to download an e-wallet application from Google Play for Android-based phones or the Apple App Store for IOS-based phones.
Each bank has a different e-wallet application.
Once the application has been downloaded on the phone, it has to be opened and some basic details, such as name, email address, mobile number and date of birth, have to be entered.
Some banks require users to create a user ID and password for accessing the application, while others allow the Internet banking user ID and password to be used for the same.
Set a PIN
The final step of the registration process is the setting of a numeric PIN by the user.
Once the PIN is set, a one-time verification code is sent to the registered mobile number, which has to be entered by the user to complete the registration process.
Once the registration process is complete, you can link your debit and credit cards to the e-wallet by entering necessary card details or by simply scanning the card with your mobile phone.
You can also link your existing online banking account and directly load cash into the wallet.
Once the cards have been linked or cash loaded into the e-wallet, you will be able to make payments to third parties by accessing the e-wallet application and entering your PIN.
Points To Note
Generally, there are no charges levied on the use of e-wallet applications.
Some banks allow only existing account holders to use their e-wallet application, while others allow non-account holders to do so as well.
The mobile number registered for using the e-wallet should be one in regular use.
If the number is changed, the e-wallet application won’t work unless the new number is registered.
Advantages of the E-Wallets
Lower Costs: Employing the use of digital wallets removes the need for intermediaries, in a variety of forms.
Purchases in-store may no longer require a cashier because the purchasing process becomes as simple as a tap or scan of a mobile device.
Applications like Square can replace expensive POS (point of sale) systems that will reduce transaction costs for the business.
Competitive Advantage: Digital wallet applications provide a more convenient transaction processing method for customers, giving businesses that employ this technology a competitive edge in the market.
It redefines the user experience of paying and incorporates a novelty aspect to each purchase.
Modern: Traditional cash-only businesses, such as craft fairs and flea markets, can now accept debit and credit cards.
This opens up an entirely new aspect to payment methods in large markets, introducing many business opportunities and greater potential revenue.