The E-wallet is an electronic device or online service that enables a user to perform electronic transactions. The consumer’s bank account, debit card or credit card can be linked directly to the digital wallet, making payment instant and frictionless. Aside from performing payments, some E-wallets can also store important functions such as bus and subway passes, coupons, theater tickets, IDs and gift cards.
E-wallets offer several advantages such as immediate payment transfer, enhanced security, ease of use, and savings for both retailers and consumers. Among the most widely used digital wallets are PayPal, Samsung Pay, Venmo, Apple Pay, and Google Wallet.
A relatively new type of digital wallet is the Crypto E-wallet. An EMI-licensed E-wallet provider can issue credit cards of major issuers and even create an independent card payment system. By utilizing a widely used credit card, customers can pay even at locations where cryptocurrency is not accepted.