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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
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Published Date:07-03-2017
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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 E-Wallets 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 e-wallet) 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) Topping-up the cash on device at specific top-up 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 point-to-point 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 E-Wallets. 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.  Launched-2010.  Owned by One97 communications.  The company is headquartered in Noida.  Paytm entered India's e-commerce 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, hassel-free 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 e-wallet 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 E-Wallet like Free Charge, Mobikwik, pocket by ICICI and SBI bank.19 After Demonetization Effect on E -Wallet20 After demonetization effect on E-Wallet Top Mobile Payment Apps 80% 70% 60% % (time spent by 50% usermins/month) 40% 30% 20% Top Mobile 10% Payment Apps 0%