digital wallets, electronic wallet, e wallet in india
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IntroductionDigital wallets allow making payments using a financial product in a simple, secure and convenient manner.
To safely transfer the transaction value from a customer to the vendor/merchant, all data are encrypted.
Functions of digital wallets:
Easy registration of customersand storage of credentials.1
Secure customers’ payment info,shipping addresses, identity etc.2
Integration with sources like bankaccounts,credit/debitcards, digital currencies.
3
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Categories of Digital Wallets
Server-side digital wallets
No software required.
Directly supplied to merchants asa financial service.
Client-side digital walletsUsed to store the customers’ information on their owncomputers and mobile devices.
Customers and merchants needto download software/applications.
Automatically populates customer dataon forms.
Used to store the customers’ information with merchantsusing a remote server.
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Problems addressed by Digital WalletsWhen compared to the regular physical wallets, the digital wallets help overcome the most common problems such as:
The need to carry heavy and bulky wallets
The chances of losing wallets and its contents
The difficulty in finding right items duringrush hours
The possibility of theft of cash/cards insidea physical wallet
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Digital Wallets - AdvantagesIntegrates with ecommerce portals to make online shopping easier. E.g. Paypal was built as a dedicated e-wallet for EBay.
Saves time and effort by automatically populating data, minimisingthe need to provide manual inputs every time.
Gives a competitive edge to merchants by being able to serve a larger baseof modern customers.
Reduces the cost of transactions by eliminating intermediaries at variouslevels and lowering charges at POS.
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Digital Wallets - DisadvantagesInitial investments on digital wallets can be high.
The technology behind digital wallets (the right hardware and software) cannot be compromised.E.g. Phone readers need corresponding hardware.
Connectivity issues in remote areas.
Lack of adaptability of digital wallets due to security concerns.
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The Latest Development - India
The Government of India and RBI hasannounced that from now on, all thedigital wallet providers too will needto maintain the KYC for each of theircustomers.
Failing this, the transfer of fundsbetween wallets using UPI will not beallowed.
The last date to update the KYC hasbeen fixed as December 31, 2017.
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ConclusionConsidering the initiatives like ‘Digital India’ by Indian government, there will be a rise in digital banking.
Electronic wallets will soon become a personalised portal for individuals wherein they would:
Shop online viamobile devices
Pay bills
Redeem loyaltyrewards
Transfer funds
Compare prices beforepurchase
And do lots more.
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