Electronic wallets or E-wallets facilitate a direct link to funds such as prepaid cards, bank accounts and other type of card products. E-wallets allow for safe payment by being granted immediate authorisation to the customer’s funding source and then submitting it through a highly secure method of executing online transactions.
An E-wallet solution procures consumers the ability to pay bills anywhere at any time of the day without having to recall or continually submit various payment methods, as it enables them to use and save a variety of payment sources loaded to the wallet. It also permits any company to issue bills and invoices to the consumers thus providing an easy, secure and safe way of receiving funds with immediate authorisation.
E-wallets have the added advantage of being able to authenticate a consumer’s credentials, such as address or age, if so desired.
Mobile wallet or M-wallet is the same as an E-wallet with the only difference being that the system is mobile ready and enabled. This type of technology allows the consumer/client/user to pay using any mobile device at any location set up to process such payments.