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How the E-Wallets works? And what are the advantages of E-Wallets

An Electronic Wallet is any device or software which allows a user to store, manipulate. ewallet how does it work | Download free pdf
E Wallet2 What is E Wallet • An Electronic Wallet is any device or software which allows a user to store, manipulate, and pay with various types of payment instruments such as electronic cash and credit cards. They make it unnecessary to retype credit card numbers and addresses each time a purchase is made. • Most EWallets are software programs that run on a user’s personal computer. • Soon they will be integrated into a variety of devices, such as cell phones and PDAs.Definition of E Wallet  Hold credit card numbers, electronic cash, owner identification, and contact information.  Give consumers the benefit of entering their information just once.  Make shopping more efficient.  A Digital Wallet (also known as an ewallet) allows users to make electronic commerce transactions quickly and securely.4 Why Need Comes ▸ Thick, bulky, unmanageable physical wallet. ▸ Finding particular items is time consuming. ▸ Evocating a lost wallet is extremely hard. ▸ Managing multiple monetary and identification implements is not easy. ▸ Monetary implements include cash, debit and credit cards, and stored value cards while identification includes national or state identification cards and driver’s licenses. ▸ Reducing the chance of theft by having only one item to manage.5 Types of Electronic Wallet Electronic Wallet Server side Client side electronic electronic wallet walletTypes of Electronic Wallet Server Side Electronic Wallet A server side electronic wallet stores a customer information on the remote server belonging to a particular merchant or wallet publisher Client Side Electronic Wallet A client side electronic wallet stores customer information on his/her own computer. Many of the early electronic wallet were client side wallet that require users to download the wallet software.7 How it works ▹ Sender Mobile sends request to Transfer Money. ▹ System checks available balance in Sender’s A/C from that particular Bank. ▹ It transfers money from senders A/C to receivers A/C. ▹ After a successful money transfer it sends a confirmation notification (SMS/Email) to receiver. ▹ Money can be send and/or receive from PayPoints.8 Example For Transaction9 HOW TO SUPPORT CASH TRANSFER ▸ Place cash in the digital wallet either by : a) Toppingup the cash on device at specific topup machines which are integrated with existing automated teller machines b) Online by logging into bank’s online portal and transferring cash into phone. ▸ Transferring that cash to a retailer or another digital wallet by using NFC (Near Field Communication) .10 Payment Method11 Technology Secure Communication Medium • New NFC (Near Field Communication) chipsare already appearing in smart phones which provide very close range, low power, easy to setup up pointtopoint communication. • NFC acts as the communication medium for exchanging monetary and identification information, such as credit card numbers and receipts, with other devices.Technology Fast Secure Authentication and Secure Tamper Proof Storage • Secure programmable chips in cell phones will allow the cell phone to securely store both “digital cash” and the phone owner’s monetary and identification implements. • This assumes that the cell phone owner secures his digital wallet with a good password. This chip will ensure that thieves are unable to access the digital wallet embedded in the stolen phone. Biometric scanners could also be integrated into cell phones and used for quick and easy authentication.13 How it is Being Used Right Now in India After Demonetization of Money  There are many different companies offering EWallets. Although each one is a little different, they all perform the same basic tasks. Some of them are: PayTM SBI Buddy Mobikwik Wallet Free charge14 Paytm  Paytm is a Payment Gateway to facilitate Indian e commerce platform.  Launched2010.  Owned by One97 communications.  The company is headquartered in Noida.  Paytm entered India's ecommerce market in 2014.  Focuses on mobile and DTH recharge.  It gradually provided recharging and bill payment of various portals including electricity bills, gas bills, as well as telephone bills.15 Mobikwik Wallet  Mobikwik is India’s most convenient mobile wallet online payment system for shopping, mobile recharge, DTH recharge, money transfer bill payment.  Bipin Preet Singh, Upasana Taku is founder of Mobikwik.  launched in 2009.  25 million users across country already bestow their trust on us.  Company’s Head Quarter in Gurgaon.  Parent one Mobikwik system private limited.  Use Mobikwik for cashless, hasselfree experience while Shopping, Dining, Travelling a lot more16 SBI Buddy  ‘STATE BANK BUDDY’ shall means mobile wallet service of bank and include the service over the applications.  SBI Buddy launched by sh. Arun Jaitely honorable Union Minister Of Finance.  In the presence of sh. Jaynta sinha (minister of state for finance).  State Bank Buddy – Mobile Wallet.  Available in 13 language.  launched on 18 August, 2015.  Provide freedom to send money to Anyone, pay bills, recharge mobile DTH, flight bus tickets.17 Free Charge  Free Charge is a e commerce web site.  Launched on August 2010.  Founder kunal shah  Head Quarter in Mumbai.  Present owner Snapdeal  It provides online facility to recharge any prepaid mobile phone in India.  The amount paid by the user for recharge is returned in form of shopping coupons of some of the top retailers in India, thereby making the recharge virtually free.18 After Demonetization Effect on E Wallet  After demonetization of money on 8 nov,2016 in India there is a big change in ewallet marketing.  Huge number of people use e wallet marketing in that day.  Due to that reason ERP of e wallet marketing is increase.  A lot of shopkeepers, Shoemakers, Tea stall, Xerox shops used paytm and others EWallet like Free Charge, Mobikwik, pocket by ICICI and SBI bank.19 After Demonetization Effect on E Wallet20 After demonetization effect on EWallet Top Mobile Payment Apps 80 70 60 (time spent by 50 usermins/month) 40 30 20 Top Mobile 10 Payment Apps 021 Another Example of E Wallet • Android Pay • Paypal •Paytm • Freechagre • Apple Pay • BitcoinWallets • ecoPayz • Digital currency • Google Wallet • Lemon Wallet • MasterPass • Mondex • nTrust • Samsung Pay22 Salient feature  More than 40 years of data retention  Firewall encrypted security logic  Compatible with many supporting hardware.  No separate card reader is required to access our card Polarity reversal indicator is prebuilt in our card.  Reusability of our card is unlimited.  Multiple card features are incorporated in the same card.  External complexities are less.23 Advantages Ease of use:  Safety and control: • Withdraw or deposit value by telephone. • Spend only what you • Pay the exact amount, no have. fiddling for change. • Read your balance. • No signature required. Accessibility and • Immediate payment . • Load value at home. convenience: • Lock your card or wallet. • Cash machines and  Flexibility: • Keep track of what you telephones give more • Transfer value by telephone. have spent and where. access points to funds in • Pay person to person. bank account. • Customer is traceable if • For low or high values. • Available 24 hours / 365 a lost card is found. • Multicurrency days. capability. • No age limit, so suitable • Cash machines and for all the family. telephones cannot run out of electronic cash.24 Disadvantages ▸ System outages: information foe E wallets are stores on the cloud of business server, therefore the risk of system malfunction or shut down is always present. ▸ Security: companies must ensure that their customers information is encrypted and well protected. ▸ Investment: The initial investment for building a functional E wallet application is quite large as it requires the development of the soft ware as well as continual maintenance.25 Applications  ECommerce adoption and transaction completion rate.  Easy money transfer between accounts and people.  Security with payment gateways that authorize credit card or direct payments processing.  Gathering and using demographic data. Premarketing product launches.  Foreign money exchange, business to business transactions, online marketplaces26 Challenges  Mass Market Appeal Ensuring a mass market appeal for the digital wallet is important to leverage scale economies and the network externality effect. One way to increase the mass market appeal is to make the digital wallet usable for all daytoday transactions.  Stake Holder Dynamics Satisfying the business and strategic goals of multiple stake holderssuch as banks, retailers, regulatory bodies, is difficult.  Compelling user experience A userfriendly wallet interface, easy to use and intuitive is difficult to produce.27 THANKS Any questions You can find us at queriesthesisscientist.com
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