An electronic wallet (E-wallet) is a smart card or other electronic media with an embedded chip. It allows you to store electronic money and make various payments. The term can also refer to devices and software that allow replenishment, storage and transfer of electronic money.
An e-wallet can perform all (or part) of the following functions:
- Storage of electronic money
- Availability of other applications
- Making a payment
- Recalculation of available cash value
- Operation history storage
- Replenishment with electronic money
Pros of using e-wallets
The advantages of using e-wallets include:
- Simple registration. It takes place online, in a few steps and with clear instructions.
- Widespread use of electronic payments. Goods and services are available for purchase without leaving home
- Maintenance of electronic wallets is free
- It is possible to make instant payments, transfers and withdrawals
- You can exchange currency at the rate of the payment system
- The validity of the virtual card is limited, but it takes only a few minutes to register a new one
Cons of using e-wallets
The disadvantages of using electronic wallets include:
- Electronic money is easier to spend than real money. Invisible funds go away without regrets, unlike real banknotes that you can touch
- An electronic wallet without being tied to a bank card is available only with the Internet
- If the wallet is not verified, it may be difficult to restore the profile
- Not all stores support electronic payment
