E-wallet is a type of electronic card which is used for transactions made online through a computer or a smartphone. E-Wallet is a feature exclusively for customers who have registered and established a My Account profile. E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment, and eliminate the need to enter in account information when making your payment. [1] Once you have registered and created E-Wallet profiles, you can make payments faster and with less typing.

E-Wallet provides the ability to store multiple credit cards, debit cards and back account information for making faster payments. You can create up to ten separate profiles for both credit and debit cards, and up to ten separate profiles for checking and savings accounts. You can edit and delete these profiles as needed. When making a payment after logging in to My Account, you will save time by having your credit or bank account information filled in automatically. The figure 1 shows the e-wallet.

Anyone can setup an E-Wallet. To create an E-Wallet profile, simply click "E-Wallet" from the My Account Dashboard tab. Then follow the simple process to enter credit card and back account information to complete the set-up.

E-wallet is a type of pre-paid account in which a user can store his/her money for any future online transaction. An E-wallet is protected with a password. [2] With the help of an E-wallet, one can make payments for groceries, online purchases, and flight tickets, among others.

Figure 1: The E-Wallet

E-wallet has mainly two components, software and information. The software component stores personal information and provides security and encryption of the data. The information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc.

E-Wallet saves you time because you don't have to look for your credit card or bank account information every time you make a payment. The payment information from your Primary account is conveniently pre-filled during the payment process, and [3] you can quickly select another payment account if you have more than one set up.

E-Wallet can only be accessed with your My Account login and password. Credit card, debit card, bank account information will be masked when displayed. No one will ever see the full account numbers. ACI Payments, Inc. does not share confidential information with anyone other than the card or bank processors. In no event is your credit, debit card or bank account information ever shared with anyone including the entity receiving your payment. Please see our Privacy Policy for more information.

With E-Wallet you designate one card and one bank account to be the default, or "primary" that will be pre-filled in the payment information section when making a payment. Although the primary card or bank account will display first, you can change by selecting any of your other E-Wallet card or bank account profiles during the payment process.

E-Wallet provides the ability to change your card or bank account information, such as your account number, expiration date, etc. Simply click on the "Edit" link in the row of the card or bank account you wish to change and you will be presented with the ability to modify the profile. When done click the "Confirm" button, check your information and click "Finish". Your E-Wallet profile for that card or bank account will be saved.

E-Wallet provides the ability to change your card or bank account profile. Click on the "Delete" link in the row of the card or bank account you wish to remove and you will be presented with a warning that you are about to delete the profile. Click the "Delete" button and then the "Finish" button. Your E-Wallet profile for that card or bank account will be deleted.

E-Wallet stores all of the basic information for credit card, debit card and electronic check processing. For credit and debit cards, this includes the card type, account number and expiration date. For electronic check, this includes the account type, bank routing number and checking or savings account number.

References:

1. https://www.officialpayments.com/hp_faq_acct_ewallet.jsp#topquestionslist
2. https://economictimes.indiatimes.com/definition/e-wallets
3. https://vikaspedia.in/e-governance/digital-payment/e-wallet

Cite this article:

Vinotha D (2021), The Process of E-Wallet, AnaTechmaz, pp. 8