E-wallets, also known as digital wallets, are virtual wallets that allow users to store, manage, and make electronic transactions using their mobile devices or computers. E-wallets can be used to make payments for various goods and services, transfer funds to other users, and even withdraw cash at ATMs.
To use an e-wallet, users need to create an account with a provider, which could be a bank, a financial technology (fintech) company, or a mobile network operator. They then link their e-wallet account to their bank account or credit/debit card, which allows them to fund their e-wallet and make transactions.
E-wallets offer a range of benefits, including convenience, security, and accessibility. Users can make payments at any time and from anywhere using their mobile devices, without the need for physical cash or cards. E-wallets also offer strong security features, such as two-factor authentication, encryption, and biometric authentication (e.g., fingerprint or facial recognition), which help to protect users' funds and personal information.
There are many e-wallet providers available, including popular services like PayPal, Apple Pay, Google Pay, and Venmo. In addition, many countries have their own local e-wallet providers, such as Paytm in India and Alipay in China.