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E-Wallet: Empower Your Finances with Secure Digital Transactions

An e-wallet, or electronic wallet, is a digital application or service that allows users to store, manage, and transact financial assets securely using mobile devices or computers. In academia, e-wallets are studied within the fields of financial technology, cybersecurity, and consumer behavior. Researchers investigate e-wallet adoption trends, including mobile payment usage, digital wallet preferences, and factors influencing user acceptance, to understand the dynamics of digital payment ecosystems and consumer payment behaviors. E-wallets provide convenience, speed, and contactless payment options for users, enabling them to make purchases, send money, and manage financial transactions anytime, anywhere. By addressing privacy and security concerns, organizations can build trust and confidence among e-wallet users and promote widespread adoption of digital payment solutions. Academic studies on e-wallets also explore their interoperability, regulatory compliance, and emerging technologies, such as tokenization, biometric authentication, and blockchain integration to enhance security, usability, and innovation in digital finance.

In addition, EDI stands for electronic data interchange, which is the intercompany communication of business documents in a standard format. It is a standard electronic format that replaces paper-based documents such as purchase orders or invoices. Learn more about EDI.

Explore other related terms only on Rubick.ai.

How does an eWallet work?

An e-wallet is a secure money management app or online platform that allows you to make purchases with retailers on-site, transfer or send money and track rewards programs. You can link the e-wallet to your bank account or pay as you go with a prepay option.

What is the difference between UPI and e-wallet?

e-Rupee is a digital currency that acts as a legal tender for digital transactions. It allows people to make digital payments and purchases securely whereas UPI is a platform that enables digital transactions to take place.

What are the risks of mobile wallets?

  • Device theft or loss: Digital wallets linked to mobile devices pose a risk. Lost or stolen devices or even stolen cards grant unauthorised wallet access. Without security measures, thieves could initiate transactions, causing financial loss. Biometric vulnerabilities: 
  • Biometric authentication isn’t immune to fraudsters.

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