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.
Descriptions: 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. With the help of an E-wallet, one can make payments for groceries, online purchases, and flight tickets, among others.
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.
For setting up an E-wallet account, the user needs to install the software on his/her device, and enter the relevant information required. After shopping online, the E-wallet automatically fills in the user’s information on the payment form. To activate the E-wallet, the user needs to enter his password. Once the online payment is made, the consumer is not required to fill the order form on any other website as the information gets stored in the database and is updated automatically.
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A digital currency exchanger (DCE) is a market maker who exchanges legal tender for electronic currency, or who exchanges one electronic currency for another. Most exchanges happen online rather than at physical locations. A DCE charges a commission for this type of transaction. This commission can be in the form of a set fee or percentage taking the bid/ask spread. Exchangers may also accept payment by credit card, cryptocurrency, wire transfers, money orders and other payment methods. DCEs are also known as crypto or cryptocurrency exchanges.