eWallet (2024)

FAQs

What does an eWallet do? ›

Definition: E-wallet is a type of electronic card which is used for transactions made online through a computer or a smartphone. Its utility is same as a credit or debit card. An E-wallet needs to be linked with the individual's bank account to make payments.

Paypal can be used to pay by bank transfer, credit card or direct debit. Some 246 million shoppers worldwide use the e-Wallet – in over 200 markets and 25 currencies.

Security: e-wallets use advanced security measures to protect your money and personal information. This reduces the risk of fraud and theft compared to carrying physical cash or cards.

What are the advantages of e-wallets? E-wallets offer convenience, security, and speed. They eliminate the need to carry physical cash or cards, provide secure transactions with encryption, and enable quick payments both online and in-store.

Risk of Fraud: Fraudsters may attempt to gain access to a user's digital wallet account and use their payment information for unauthorized transactions. Users must be vigilant and immediately report any suspicious activity to their digital wallet provider.

eWallet is the easiest way to send money to anyone even if they don't have a bank account. All you need is their cellphone number.

At this time funds can be withdrawn from an eWallet account to your verified bank account. To add a bank account to your eWallet follow these steps: Log in to your eWallet. Click My Account > Bank Accounts.

If the recipient does not activate the eWallet within 14 (Fourteen) days of you sending the money to the eWallet, we will cancel the eWallet Send Money instruction, and return the funds to the Sender's Account.

Examples of Digital Wallets

PayPal's mobile wallet app can also be operated on a desktop, laptop, or tablet. 2. Apple Pay. The Apple Pay digital app is streamlined and available exclusively for users of iPhones, iPads, and Apple watches. It allows users to make transactions for both online and in-store purchases.

E-wallet is a special application, using which user can quickly pay for purchases online, receive and send payments, check your balance using a smartphone or computer. The owner of an e-wallet has the ability to deposit money directly to this wallet or link it to a bank account or IBAN accounts.

What is the difference between mobile wallet and e-wallet? ›

Though digital wallets and mobile wallets are very similar, they aren't the same. Digital wallets are typically meant for online transactions, whereas mobile wallets are tied to a smartphone or wearable device. Both connect to bank accounts and credit cards for purchasing on the go.

Anyone who wants to secure passwords and store information in a secure environment to easily access across devices will benefit from eWallet. eWallet offers a one-time fee pricing structure backed up by helpful features including syncing across devices and a password generator.

Ways to Withdraw Money from eWallet

On the ATM, select “eWallet” services and enter your phone number and PIN, then a withdrawal amount. At a retail store, dial *120*277*4#, then hit 1 twice to get a PIN. Make a purchase at the store, then select “Withdraw cash” at checkout.

You may do a Full or Partial Reversal, however, the Reversal Amount may not exceed the Available Funds in the Wallet. Note: This field is mandatory.

Ways to Withdraw Money from eWallet

On the ATM, select “eWallet” services and enter your phone number and PIN, then a withdrawal amount. At a retail store, dial *120*277*4#, then hit 1 twice to get a PIN. Make a purchase at the store, then select “Withdraw cash” at checkout.

The Verdict. Digital wallets provide a number of advantages, including convenience, security, accessibility, and rewards. However, they also have some drawbacks, such as limited acceptance, technical difficulties, security concerns, and dependency on technology.

An e-wallet doesn't actually allow you to make purchases. It is used to store money. When a virtual card is linked to an e-wallet, the e-wallet will load the card with the desired amount in real time, and the card will be used to pay.