The term e-wallet refers to an electronic wallet, which is used to conduct
online transactions on smartphones or laptop computers. It functions
similarly to a credit or debit card.To make online payments, an e-wallet
must be linked to a bank account.These wallets can be used for online and
in-store shopping, ATM transactions, and payment for goods and services.
There are primarily two components to an e-wallet
1. A software component stores all personal information, which is
protected using data encryption techniques.
2. Information component is a collection of details provided by users
such as name, address, credit/debit card details, amount, and so on.
How does an E-Wallet function?
Mobile wallets operate by utilising Near-field Communications (NFC) or QR
code technology. For security reasons, payment-related information in
digital stores is encoded. Your transactions may be stored in a variety of
ways, and this varies from wallet to wallet. A mobile wallet may also contain
other information such as store coupons, loyalty programmes, and identity-
related information.
The Benefits of Using E-Wallets:
Cashless transactions with a single tap: Customers can go cashless
and cardless with the help of e-wallets. There is no need to keep cash in
your wallet or look for change. This also makes the transaction much more
convenient for you.
Secure and safe: Carrying a lot of money is not always a good idea
because there is a chance you will lose it. Using mobile wallets eliminates
the need to carry debit/credit cards or cash. Money and credit cards can be
stolen and used fraudulently, but digital wallets are secure because they
use encrypted data.
Multiple accounts: One of the main benefits of this app is that you can
store information from multiple cards and bank accounts in a single app
and use whatever payment mechanisms you want.
Why should you go with Omninos?
Omninos Solutions is an extremely successful website and smartphone
app (android/iOS) marketing firm with over 500 projects done. At each
stage of the mobile app development lifecycle, high-quality mobile apps are
built, improved, tested, and installed. Our main goal is to create digital
services that encourage interaction and success. In order to create
business-centric B2B and B2C mobile apps that help businesses stay
ahead of the competition, the mobile app development team possesses
extensive practical knowledge as well as in-depth technical expertise. We
provide superior services as well as long-term customer support.
