Know about E- wallet & digital wallet
We are in the era of digital world, where digital technology is in the spotlight. With the advancement in technology and changing customer behavior, e wallets or you can say digital wallets have emerged as an alternate payment option to cash. And now FINTECH companies have all the plans to remove the prefix alternate and increase their market share substantially.
Its very easy to understand the E-wallet or digital wallet, it is a transformation in the way you pay for things. E wallets are online prepaid account which are used to store money and transact online and offline through an electronic device. Unlike Bank accounts and other mode of payments, e-wallets are considered to be a fast mode of digital transaction.
E-wallets have captured the market so well, due to its features and versatility now most of the firms are going for it.
Advantages of e wallets-
• The modern advantage of e wallet is that it gives you new aspect to payment methods in large markets, introducing many business opportunities and greater potential revenue.
• Bring all your payment details together in one place for quick and easy payments.
• It redefines the user experience of paying and incorporates a novelty aspect to each purchase.
• It provides you host of benefits like online shopping, exclusive offers, quick money transfer in any currency to anywhere, anytime
• It also contains more than one currency wallets for transactions
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The benefits of e wallets doesn't ends here, there are various kinds of wallets which are currently in demand in the market, they are as follows:
1. Closed wallet
2. Semi-closed wallet
3. Open wallet
A little description about the different types of e-wallets:
Closed wallet-
Closed wallets are online accounts where money gets credited in case of a refund due to cancellation or return of a product or service. Companies like Flipkart.com, Makemytrip.com, Bookmyshow.com etc
Semi-closed wallets-
These wallets can be used to transact online and offline payments where its buying goods and services, financial services, payment of fees, premiums, etc.through/to merchants which have a specific contract with the issuer to accept the payment instruments. Wallets like Paytm Wallet, Freecharge Wallet, Citrus, Oxygen, etc
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Open wallet-
Open Wallets can only be issued by banks or in partnerships with banks. These wallets can be used to perform all the transactions of a semi-closed wallets plus withdraw cash at ATMs or banks and transfer funds. Like any Banking app.
E-wallets is surely giving tough competition to the market but there’s one step that can be (and has been) eliminated – loading money to the wallets. Many new apps has been introduced in the market now which let users transact and move there money using their bank account balance directly. Hence, to stay in the market for long, has to keep innovating and changing business model. Payments banks have already emerged in the market and will lead e-wallets soon. Legal Case Management System
For that purpose you need a IT partner which could understand your need and come up with the best ideas to lead in the changing market. GSL e-wallet solution is one of such kind, with new and interesting features , please feel free to contact us and drop us an email about your query.
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