e-wallet

Introduction

A Digital Wallet also known as e-wallet allows users to make electronic transactions quickly and
securely. A Digital Wallet functions much like a physical wallet. The digital wallet is a method
of storing various forms of electronic money (e-cash), the digital wallet has also evolved into a
service that provides internet users with a convenient way to store and use online shopping
information.
Abstract:

Using the basic concepts of Embedded Systems, an idea for changing the future of Cards
(Banking, Petro, Health, Televoice, etc.) is proposed in this paper. Requirement of a special card
reader, limited lifetime, acceptance being the main disadvantages of today's traditional cards, led
to the design of e-Wallet. The main objective of e-Wallet is to make paperless money transaction
easier.

The main idea behind this paper is to bring in a cheaper, more versatile and much more easily
usable kind of a card. Using this e-Wallet the transaction procedure can be as simple as: the
customer goes to the point of sale (POS), does the purchasing and when it comes to the payment,
the customer submits his e-Wallet to vender who connects it to his terminal (PC).

The vender displays the billing information to the customer who finalizes it. The amount in the
e-Wallet is updated accordingly. Later at periodic intervals, the vender intimates the bank (in
case of credit cards) which transfers the amount from the customer'(s) account to his. The
advantages of e-Wallet are its ease of use (doesn't require a separate card reader), ease of
maintenance, flexibility, safety, being the primary ones.

The designing of the card is similar to any other embedded card. The designing cost of the card
(e-Wallet) being as low as the price of a pizza. There are ample enhancements to this application
from credit cards to televoice cards. Unlike traditional cards which are application oriented, all
the applications' software can be embedded into this e-Wallet which provides multi-
functionality.
What Is an eWallet?

Once you have been online for a few weeks or months, you will have an online identity. You
may need and use quite a few online passwords and pins, along with personalized billing and
shipping information. Not only do you need to enter your personal and financial data at each site,
but you also have to remember and secure that information. An e-wallet is a convenient, secure
place to store data related to your online identities. Once you start using one, you will wonder
how you ever managed without it.

Misconceptions

Many popular browsers, including Internet Explorer and Firefox have some basic built-in e-
wallet functions. However, storing your information in a browser is not as secure as using a
separate program that is specifically designed for this task. In addition, if you change browsers,
you may not have access to your data. Browsers also store your passwords in a separate location
from your form data. In some cases, you need an add-on to store personal data that you need for
completing forms. With few exceptions, these days, you will have a separate email program
where you store email addresses for your contacts.

Function

E-wallets can store your passwords, credit card numbers, email contacts and vital data like your
driver's license or social security numbers. You may have your personal data recorded in several
disparate locations, including your browser, spreadsheets, a PDA and on paper. Not only is it
inconvenient to manage your online experience this way, but it can also be risky. Paper can get
lost or waterlogged. Trying to remember and update your email contacts and credit card
information can be overwhelming. An e-wallet allows you to unify and store the information that
you need. You will only need to remember one password to unlock your encrypted data.
Features

A consumer e-wallet is a standalone software application that you can download and install on
your computer, PDA or Smartphone. Some of the most popular e-wallet software programs also
allow you to store photos and maps. You can often customize the software's data entry options to
fit your needs. Many retailers also provide credit card data e-wallets to their customers. These
have limited features. They mainly store billing and shipping information.

Security

A good e-wallet uses strong encryption for stored data. The user also needs to enter a password
to open the stored files. Some e-wallets employ additional password security features such as a
limit on failed password attempts. Once this limit is reached, the user will be locked out.

Considerations

Syncing and backup options are important. Keeping a file separate gives you peace of mind and
recovery options when you lose access to the original files, or the device stops working. The
option to use your e-wallet on multiple electronic devices makes the software more useful. To
simplify your life, you should choose ane-wallet that you can run from a USB flash drive, along
with your Smartphone and a desktop or laptop.

How to use an e-wallet

The sites where e-wallet services are available generally have the following few easy steps to get
started.

What are the benefits?

The sites where e-wallet services are available generally have the following few easy steps to get
started.
Ease of use without having to enter your debit/credit card details for every online transaction.
For some sites there is no minimum amount and you can deposit an amount as low as Rs 10.
You can pass on the benefits of your e-wallet to your friends and family as well.
There is no chance of a decline of payment since e-wallet is a prepaid account.

What are the risks?

Revealed passwords can lead to theft.

There is no facility of refund; the amount is only redeemable against a purchase.

Where can you use E-Wallets?

Online Grocery Stores

Big Basket.com, a Bangalorebased online food and grocery store, offers an e-wallet facility for a
simple payment option. The e-wallet on this site can be filled up with any sum of money, starting
from as low as Rs 10. The maximum money that can be stored on Big Basket's e-wallet is Rs
10,000.

Utility Payments

Paying the electricity bill, phone bill, mobile bill and even booking a seat at the theatre can now
be done with OxiCash. Your OxiCash e-wallet can be filled and recharged using net banking,
debit cards and credit cards or even cash payments at OxiCash retail outlets.

Fly prepaid

If you are planning a vacation and fear spending the saved money elsewhere you can save up
with, Lusso Trip's e-wallet facility. Customers generally keep a Rs 10,000 balance on their e-
wallet and save up as much as Rs 1 lakh to book tickets when they want to.

E-wallet on mobile

Airtel Money transforms the mobile phone into a convenient wallet. The digitised money can be
used on several shopping sites like ebay.in, Home Shop 18, Myntra and Book My Show. All one
needs to have is an Airtel connection.

Buying Online

E-commerce major Flipkart was one among the first few to start am e-wallet service in 2011.
Flipkart introduced e-wallet service to its customers, in addition to their cash-on-delivery option.
Consumers can create an e-wallet and fill it up to Rs 10,000 at a time.

Recharging Mobile Phones

At Munkey.in, an e-wallet service, a mobile recharge can be done automatically on an auto

disconnect missed call to their number. A customer can also go for scheduled recharge option
where a filled e-wallet can recharge a number or DTH connection on set times of the month.