Please enable JavaScript.
Coggle requires JavaScript to display documents.
Payment Solutions (E-Wallets) - Coggle Diagram
Payment Solutions (E-Wallets)
Example of E- Wallets
PayPal
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
Electronic wallet
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.
Type of
password protected
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
Software
stores your personal information as well as provides security and encryption of data
Information
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
switch
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.
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
security
. Is it 100% secured?
Important factors on E- Wallet
Efficiency
User-friendly
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