Current generation is witnessing smart innovations and life practices in most of the areas they face in day to day life. Contactless payments and transactions are one among them. In the past blogs we had discussed about fintech apps and the features fintech apps possess. Today, we’ll be dealing with eWallets. For those who have no idea or vague idea on fintech apps, go through our previous blogs on fintech apps. We have got some interesting discussions on eWallet being the leading eWallet app development company.
When the entire world is behind contactless payment options, the tech world gave various names to them such as mobile banking, micro atm services, eMoney, digital money, etc. While eWallet is a commonly used term nowadays, people often get confused with eWallet and payment gateways. So what exactly is an eWallet app? What is the purpose of a wallet? It stores money. Right? So eWallet or the digital wallet is a secure software program or an online service that helps you transfer money from your bank to another bank or account digitally. An eWallet can also store money so that, on requirement, you can transfer the digital money. It offers a virtual account for you to execute transactions. PayPal is an eWallet. Gobooq is an eWallet application developed by us. Now that we know what an eWallet is, let’s find out more about eWallets.
Types of eWallet
The various types of eWallet are;
- Open eWallets
- Semi-closed eWallets
- Closed eWallets
1. Open eWallets
Open eWallets are those associated with the bank. Withdrawal of the cash can be carried out via bank accounts when it comes to open eWallets. Withdrawal of money from banking correspondence or ATMs are done with open eWallets. Eg: PayPal, GPay2. Semi-closed eWallets
Transactions happening with semi-closed eWallets are in such a way where only the listed merchants gets the opportunity to participate in. Speaking more precisely, with the semi-closed eWallets, services from the merchants listed by the wallet issuer can only be considered. Eg: AmazonPay3. Closed eWallets
In simple words, the advantages or the properties held by the earlier mentioned open and semi-closed eWallets won’t be available for closed eWallets. The payments can be performed only to the wallet issuer. Eg: Uber Cash
Demystifying Digital Wallet v/s eWallet
Mobile payment is a vast and elaborate field to explore. The terms mentioned within it might be confused. Is digital wallet and eWallet the same? If they are different, what makes them unique? Let’s crack each of these questions.
Digital wallets generally store the account details and let the transactions by pulling out money from the linked bank account. The highlight of digital wallets is, you can rule out the physical cash exchange payment practice and go for cashless payment. The amount will be directly debited from your linked account. Also, these digital wallets cannot store money within the app. When it comes to eWallet, so as to carry out transactions, the application keeps cash balance. Amount from the bank account can be transferred to the eWallet making the transaction even smoother.
How does eWallet work?
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Payment transaction can be described as an encrypted conversation in-between two banks: consumer and merchant. Electronic wallet payments are beneficial to both buyers and sellers because they have higher security protocols and merchants will never know the customer's credit card information as they did before using magnetic stripe cards. The transaction is fast and reliable. The funds are withdrawn from the customer's e-wallet or bank balance and sent to the seller within a few seconds.
When the process ends, both parties will get what they expect; the buyer receives the product or service, and the seller receives fair payment for the goods he bought. The merchant's merchant service provider and the buyer's e-wallet sponsor keep complete records. If any problems or disputes arise, they will be held accountable.
Advantages of eWallet
- Instant delivery
- Quick transfer of funds
- Easy checkout procedure
- Fast processing
- Simple and user-friendly
By now you guys might have understood what eWallet is and the technicalities related to eWallet. The entire process of eWallet has helped make the banking procedures smooth for people. But when it comes to the development side, it requires much experience and a professional team. We at Pixbit Solutions offer the best eWallet app development services. We are renowned for providing top-notch fintech app development services. Our skilled and experienced team of app developers help your business to perform way better.