We are moving towards a cashless society and the age-old leather wallet is slowly going out of fashion. Although there are many people who pay for their purchases in cash, the number has surely declined over the years. People prefer to use plastic money or should we say their credit and debit cards for every purchase. The introduction of E-wallets has given it an impetus further.
The electronic wallet or digital wallet is an upgrade from the traditional leather wallet. It helps simplify your finances and beefs up security when it comes to keeping your cash and personal information from getting into the wrong hands. It is a virtual account via which you can transfer money in many different ways. You can transfer money to a prepaid debit card, a credit card or a bank account.
An E-Wallet is a file stored on your device’s hard drive. It contains personal information such as your name, credit card number and billing address relevant to an online purchase. Within the wallet you can also store confidential information such as website passwords, credit card PINs and email passwords. Personal and confidential information is stored on digital cards inside the E-Wallet. It is as good as storing credit cards in your leather wallet. You can create multiple cards for multiple purposes; one for your email, another for your credit card and medical information. You can choose the exact amount of information and details that you would like stored on the cards.
In order to complete an online transaction, you have to fill an order form. An E-Wallet makes sure that this information is filled in automatically. You are saved the trouble of retyping residential addresses and credit card numbers every time you make a purchase. The only condition is that the fields in the order purchase form should be the same as the fields in your E-Wallet. If not you will have to fill in the form manually, defeating the very purpose of an E-Wallet.
Setting up an E-Wallet
It is easy to set up an E-Wallet. Slide out your keyboard and go to the search engine of your choice. Type the words “E-Wallet” in the search bar. You will get at least a dozen entries for this key phrase. Choose the provider you would like to work with and download the software for use. Repute, reliability, ease of use and good support should be your watchwords when you choose a provider. You can a choose service that is popular and has received good feedback from people.
After you have downloaded it, you should install and configure the application as instructed by the vendor. The steps will vary from vendor to vendor. You will be prompted to fill in your personal information for your E-Wallet. This includes your name, your contact number, billing address and shipping address. This is the information your digital wallet will use to complete online transactions. Hence, make sure you fill all the fields with accurate information.