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What is an E-wallet?

Features & updates - 11 Feb, 2024

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Making things easy for your customers is key to success in online shopping. Any hurdle at checkout can lead to lost sales. The smoother and more secure you make the payment process, the happier your customers will be and the fewer abandoned carts you’ll see.

That’s where e-wallets come in! Let’s explore how they work and how they can benefit both your customers and your business:

What is e-wallet?

An E-wallet, also called a digital wallet or mobile wallet, is like a digital version of your physical wallet. Instead of carrying cash and cards, you can store your payment information and money on your phone or other device. This lets you make payments quickly and securely without taking out your wallet every time.

Here’s a breakdown of how it works:

Think of it like a digital container: Instead of physical bills and cards, you store payment information like credit cards, debit cards, or bank account details in the e-wallet app.
Making payments is a breeze: Forget swiping! In stores and online, you can now pay with a simple tap of your phone or device, thanks to e-wallets. This convenient option keeps your payment information secure and makes checkout a breeze.
Security is critical: E-wallets use secure technologies to keep your information safe, so you don’t have to worry about unauthorized access.

E-wallets offer a convenient and secure way to pay for things, making your life slightly more accessible.

How does an E-Wallet work?

E-Wallets are often used with mobile phones, making them a convenient and safe payment method. They can also be used for online shopping, eliminating the need to enter your card details constantly.

Store your information: Add your credit cards, debit cards, loyalty cards, coupons, boarding passes and driver’s licenses to your E-Wallet.
Pay quickly: When you want to pay online or in a store, open your E-Wallet and choose the card you wish to use—no need to fumble for your cards or remember passwords.
Security: E-Wallets use unique technology to keep your information safe. They don’t store your actual card numbers on your phone but instead use secure codes to process payments.

Think of it as a convenient and safe way to carry all your essential cards and information on your phone.

How are E-Wallets different from regular digital wallets?

E-Wallets can sometimes process the transaction directly, while digital wallets communicate with your bank account to complete the payment. But for most users, the experience is similar: a quick and easy way to pay without carrying around a bulky wallet.

What types of e-wallets are available?

In India, you have different options for using e-wallets, just like other shops have other things! Here’s a breakdown of the three main types:

Open Wallets:

Think of these like all-purpose wallets. You can use them for almost anything, like online shopping, bill payments, sending money to friends, and even in-store payments at many places.
Examples: Paytm, PhonePe, Google Pay

Closed Wallets:

These wallets are specific to a particular company or platform. You can only use them for purchases within that ecosystem, like buying movie tickets on BookMyShow or groceries on Amazon.
Examples: ClearTrip, MakeMyTrip, Amazon Pay

Semi-Closed Wallets:

These are a mix of both open and closed wallets. You can use them for transactions at partnered merchants, but only in some places.They might also transfer money to other accounts or sometimes withdraw cash.
Examples: Payzapp, JioMoney

Choosing the right e-wallet depends on your needs. If you want flexibility for all payments, go for an open wallet. A closed wallet offers benefits if you shop at specific stores. And if you need a mix of both, a semi-closed wallet could be a good fit.

E-wallet providers

E-wallet providers in India are like digital piggy banks on your phone. They let you store money electronically and use it for various things, like:

Making payments: Pay for online shopping, bills, recharges, and even in stores that accept e-wallets.
Sending and receiving money: Easily transfer money to friends and family or receive it from them.

Here are some of the most popular e-wallet providers in India:

Paytm: One of the most prominent players with features like mobile recharge, bill payments, and online shopping.
Google Pay: A fast and secure option using UPI for payments and money transfers.
PhonePe: Offers cashback rewards, in-app purchases, and even investment options.
Amazon Pay: Primarily for Amazon shopping, but also allows recharges and bill payments.
Mobikwik: Provides mobile recharge, bill payments, and even travel bookings.

These are just a few examples, and many other e-wallet providers are available in India. Choosing the right one depends on your specific needs and preferences.

How E-wallet makes things easier and safer for customers

Fast and convenient: No more carrying a bulky wallet or searching for your card. Just tap your phone and pay in seconds, online or in stores.
Secure: E-wallets use advanced security features to protect your information, so you can worry less about losing your card or falling victim to fraud.
Easy access: As long as you have your phone, you can pay for anything, anywhere—no need to remember card numbers or wait in line for cash.

Think of it like having a super-powered wallet that’s always with you, keeping your money safe and making payments a breeze!

Why accepting E-Wallets is suitable for your business

Happier customers, happier you!

Faster checkouts: E-Wallets let customers pay quickly and easily without needing cash or cards. This means shorter lines and a smoother shopping experience for everyone.
More sales: When paying is easy, people are more likely to complete their purchases. E-Wallets can help reduce abandoned carts and boost your sales.
Stronger brand image: Offering convenient payment options shows you care about customers’ experience. This can build trust and loyalty towards your brand.
Higher value purchases: E-wallets often allow larger in-store payments without needing a PIN than contactless cards. This can be helpful for more significant purchases.

Bonus: E-wallets can also help you understand your customers better. Collecting data on their spending habits can tailor your marketing and offerings to their needs.

In short, accepting E-Wallets is a win-win for you and your customers. It makes things easier, faster, and more convenient for everyone.

We can help!

Taking payments online can be tricky. Traditionally, businesses have used payment gateways to collect customer information securely. But Easebuzz offers a more straightforward way!
Easebuzz lets your customers pay directly from their e-wallets or bank accounts. It’s easy to use, affordable and works for one-time and regular payments.
Want to learn more about e-wallets and how Easebuzz can streamline your payments? Just contact our experts, and they’ll be happy to help!

Easebuzz lets your customers pay directly with ease. Sign up today and see how it can streamline your online payments!

FAQ’s

E-wallet meaning?

An e-wallet, a digital wallet, is like a virtual version of your physical wallet. It stores your payment information like credit cards, debit cards, and sometimes even loyalty programs, allowing you to make secure online and in-store transactions without carrying your physical cards.

dxn e-wallet?

DXN might offer its e-wallet system specifically for their products or services. It’s best to check with DXN for details on their e-wallet system and how it works.

dxn e-wallet system?

More information makes explaining the specifics of DXN’s e-wallet system easier. It allows you to store funds, make purchases within the DXN ecosystem, and potentially manage transactions related to their products or services.

What is a digital wallet in e-commerce?

In e-commerce, a digital wallet lets you securely store your payment information and quickly checkout online without re-entering your card details each time. It offers convenience and simplifies the online shopping experience.