What is an E-Wallet

Specialized software that enables individuals to store highly sensitive and private information with regards to online shopping is referred to as an electronic wallet. An e-wallet is a highly popular acquisition for online shoppers as they are able easily access their private information at the ease of a click.

The Scope of E-Wallets

An e-wallet, often referred to as a digital or online wallet, is unique software that allows individuals to store information online. They offer enhanced security to protect the information stored in the form of passwords and encryption. It is highly advised to keep this information in a safe place as access to your password would enable unscrupulous individuals to view and exploit your credit card and contact details.

The following are examples of the information can be stored in an e-wallet:

  • Credit and debit card numbers
  • Pin code
  • Billing address
  • Contact details
  • Bank details

In order to prevent unauthorized access of the e-wallet, users can employ add-on security measures as well as limiting the number of password failed attempts. This technology provides users with an easy to use and accessible method of making online transactions.

A number of browsers, including Internet Explorer, offer individuals to use their built-in e-wallet. This type of e-wallet is mass customized as it has been developed to cater to a large number of individuals. Browser e-wallets offer the basic e-wallet features and in order to benefit from specialized e-wallets, users need to download or buy the correct software.

In addition to the storing and safety features of an e-wallet, there are other benefits such as auto-fill of information when shopping online. Users do not have to provide the contact details, billing, shipping and card details for every transaction they make as the e-wallet will automatically fill out the form.