Payment Solutions (E-Wallets) - Coggle Diagram
Payment Solutions (E-Wallets)
Example of E- Wallets
Was introduced back in the 1990s and is one of the biggest e-commerce that launched electronic payments and transfers.
In 2010, AT&T, Verizon, and T-mobile launched their ‘softcard’
(a mobile payment platform)
but it disappear in time.
Definition of Softcard
Definition of E- Wallets
which has the ability to make transactions online through a computer, or via a smartphone.
Has the same functionality as a credit/debit card and
must be linked with your bank account
to make payments.
of pre-paid account in which you can store your funds for online transactions.
Allow users to store
multiple credit card and bank account numbers in a secure environment
2 Primary component of E- Wallets
stores your personal information as well as provides security and encryption of data
is a database of details provided by the user, including
names, shipping addresses, payment methods, amount to be paid, and debit/credit card details.
e.g. financial information
Why do we need E-wallets?
Convenience & Transparent
don’t need to look
for your debit/credit card or bank information every time you want to make a purchase
Easy & Secured
make two payments using two separate cards, you can
between both at your leisure if they are both kept in your e-wallet.
Fast & Efficient
a common feature in e-wallets is the use of
QR codes allow for the quick completion of transactions since all users have to do with one is scan the code.
Today's issue on E- Wallets
can only be accessed through your
account and password logins.
come with their own encryption algorithms to help secure your information. However, you will need to
enter a password or other verification details
any time you wish to change any account information, particularly in the case whereby the users forgot their username/passwords
Strong levels of
. Is it 100% secured?
Important factors on E- Wallet
interfaces into a harmonious ecosystem ( for example iOS) which its primary concerns are
privacy, merchant adoption, consumer adoption, the potential of data analytics (iBeacon: live feeds on discounts), industry economics
Definition of iBeacon