The evolution in digital payments has resulted in the emergence of e-wallets. E-wallet permits the users to store multiple credit cards and bank account numbers in a secure environment and reduce the need to enter the account information during money transactions.
FREMONT, CA: E-wallets have put real-world pressure on most of the retail outlets to accept E-wallet payments. Unlike the e-banking, e-wallets permit consumers to put a specified amount of cash directly into their phone to spend both online and in-store.
Common misconceptions about the mobile wallet security and viability as a service have caused most of the retailers as well as consumers to become wary of using e-wallet payment services.
In the past few decades, there has seen a dramatic shift in how consumers use their smartphones. They are the life-blood for customers' everyday activities. To prevent access, smartphones employ a wide variety of mobile security measures. These comprise the complex alphanumeric passwords as well as biometric protocols, like the fingerprint access and voice activation.
E-wallets employ a similar method. Along with this, consumers can add extra password protection to their E-wallet account. Integrating that with the advanced encryption methods further protects a consumer's data from hackers and other third parties.
E-wallets permit a quick and efficient transaction compared to the bank accounts and credit cards that have to pass through extra and additional databases and processing systems before the transaction completes. It takes up to three working days before a credit card, or debit transaction appears on a consumer's bank account, confusing available balances.
Most of their success will add on whether or not big players like Google and Apple can combine a secure E-wallet into their most popular products.
Until priorities aligned between the credit card companies, banks, and consumers, adoption of the E-wallets into everyday use will continue to meet the resistance as retailers and finance companies try to corner the market.