Short for electronic wallets, e-wallets have superseded cash as the go-to option for consumers to make payments. Cash has become old hat and e-wallets are deemed to be a more reliable and swifter way to make purchases, as they can be stored on any mobile device.
But what purpose do e-wallets serve and what are the key features associated with them? Both of these questions and more will be tackled in this in-depth guide, so read on to find out more.
Technological innovations and how to download
While e-wallets may seem like newly fangled concepts, their origins can be traced as far back as 1997, and it was Coca-Cola who were responsible for creating a payment system that enabled people to make transactions via text message.
In many respects, this paved the way for the innovations of e-wallets as we know them now, and this included innovations such as Near Field Communication (NFC), a technology that allows contactless communication between devices via electromagnetic signals.
All mobile devices will have a wallet feature, and below we have outlined the steps required to set up a payment card on iOS devices:
- Go to your iPhone dock and look for the wallet app. You will need to tap the + button to add a card.
- Tap continue and then follow the on-screen steps to add a new card.
- You will need to verify your information with your card issuer who may require further details before approving the card for use on Apple Pay.
- Once the card has been approved, you can pair this with other iOS devices, such as a Mac or Apple Watch.
Types of wallets and key features
As mentioned, there are a plethora of e-wallets circulating, such as Apple Pay, Google Wallet, and PayPal, and they all serve a variety of purposes. However, they will all be well endowed with several key features that will ensure safe transactions made while on the move.
For example, biometric authentication is key to using e-wallets. This will be incorporated to verify a user’s identity through various behavioural traits, and it is best to think of this as FaceID or TouchID. With e-wallets you can place your face in front of the device, and your data will be instantly recognised.
Meanwhile, QR codes have also become embedded in e-wallets as well. Short for quick response codes, they are like a series of barcodes and this will help instigate payment.
Or there will be other encryption features, such as magnetic secure transmission (MST) which relies on the same technology generated for cards that have a magnetic strip. Mobile devices will therefore establish the point of sale which will be ready by digital payment machines.
Revolutionising industries
As e-wallets have become the way of life, it wouldn’t be unfair to assert that they have revolutionised the way industries operate. Retail outlets, for example, have been one of the biggest beneficiaries of this, as customers can simply tap their mobile devices on the screen and it is a swift form of payment.
Clothes shops, for example, won’t have to fill the tills with cash, and for consumers, some stores won’t even give you a physical receipt as it will either be emailed or customers can view their most recent transactions through their wallet. The same logic for e-wallets applies to travel, whereby not only can you pay for flights via an e-wallet, but you can also store boarding passes there, again saving the need to print paper.
While a lack of signal or Wi-Fi could render problems for those wishing to make e-wallet payments, the security is extremely robust, and people won’t have their financial data exposed or leaked while using them on the go.
E-wallets have become increasingly trusted across all strands of society, and some industries, such as the gambling sector have tried to stay ahead of the curve by being more flexible and offering more payment methods for bettors. For those who may not have been digitally savvy originally, there are still plenty of casinos that accept credit cards, such as NonStop Casino and Mr.Sloty Casino which offer VISA and Mastercard. More pertinently, you can sync your credit card to your e-wallet and playing account to make things easier.
Conclusion
E-wallets have become crucial instruments for making payments, and although there may be some new technological terms to get your head around, ultimately, they are extremely secure and more practical than taking cash out of an ATM and paying for goods that way.
If you are not used to e-wallets, then you should use this guide as a reference point, as it will help you approach said forms of payment with more confidence.
