{"id":4412,"date":"2023-06-14T06:00:00","date_gmt":"2023-06-14T00:30:00","guid":{"rendered":"https:\/\/vpurshan.wpcomstaging.com\/?post_type=glossary&#038;p=4412"},"modified":"2023-06-14T11:40:28","modified_gmt":"2023-06-14T06:10:28","slug":"e-wallet","status":"publish","type":"glossary","link":"https:\/\/vpurshan.wpcomstaging.com\/glossary\/e-wallet\/","title":{"rendered":"E-Wallet"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">An e-wallet is the same as a digital wallet. It is a virtual payment method, that is, a financial transaction via an electronic wallet in place of a physical one. It allows users to make payments without having to carry cash or credit cards.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">E-wallets or <a href=\"https:\/\/www.cashfree.com\/blog\/ppi-interoperability\/\" target=\"_blank\" rel=\"noreferrer noopener\">digital wallets<\/a> are also called mobile wallets as they function via mobile apps.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Features and Benefits:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is secure and employs additional security measures. They have password protection, encryption, biometric authentication and two-factor authentication for advanced security<\/li>\n\n\n\n<li>Customers can add money to their wallets from their bank accounts through cards and net banking. They can also store data like card details and bank account details in the e-wallet app. So there is no need to fill in the same information each time<\/li>\n\n\n\n<li>You can add money into the wallet anytime you want, at any place and any amount you desire to add<\/li>\n\n\n\n<li>One can do quick transactions easily and simply. It saves time and effort once people set up a wallet by creating an account on its app<\/li>\n\n\n\n<li>Having an e-wallet does not require one to carry cash and so there is no fear of losing it. Customers can report any online fraud or failed payment. E-wallets record all payments and provide their unique transaction numbers<\/li>\n\n\n\n<li>E-wallets do not have any joining or account setting fee, nor any transaction charges. This attracts more customers and before UPI, e-wallet transfers were one of the fastest and most flexible payment options available<\/li>\n\n\n\n<li>Mobile\/digital\/e-wallet companies often award their customers with loyalty points, coupons, cashback and several offers<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Uses:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.cashfree.com\/blog\/benefits-of-white-label-digital-wallets-for-d2c-brands\/\" target=\"_blank\" rel=\"noreferrer noopener\">Digital wallets<\/a> enable customers to make electronic payments, for instance, paying from their e-wallets to a merchant\u2019s e-wallet or bank account. So, here\u2019s how they can use it:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Customers can pay at online e-commerce stores, offline shops, in-app, etc.<\/li>\n\n\n\n<li>They can recharge their mobile, buy railway\/bus\/flight tickets, book movies\/ events\/shows, do reservations for hotels\/restaurants\/bars, etc.<\/li>\n\n\n\n<li>They can pay their bills like credit card bills, utilities like electricity, water, landline, gas pipeline and many more<\/li>\n\n\n\n<li>They can pay for <a href=\"https:\/\/www.cashfree.com\/recurring-payment\/\" target=\"_blank\" rel=\"noreferrer noopener\">subscriptions<\/a> by enabling recurring payments. Most digital wallets allow customers to link bank accounts and enable auto-debit<\/li>\n\n\n\n<li>Most wallets also enable paying the rent, loan EMIs, SIPs or other such monthly payments<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Digitalisation and internet penetration have aided in making digital wallets popular. It is also because the payments ecosystem is going through a shift from traditional to digital modes of payment. There is growing awareness and adoption of the same.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is an e-wallet? Are they same as digital wallets or mobile wallets? Read to know its features and benefits.<\/p>\n","protected":false},"author":204397853,"featured_media":4414,"menu_order":0,"template":"","meta":{"footnotes":""},"class_list":["post-4412","glossary","type-glossary","status-publish","has-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.7 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>E-Wallet - Glossary by Cashfree Payments<\/title>\n<meta name=\"description\" content=\"What is an e-wallet? Are they the same as digital wallets or mobile wallets? 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