With the development of e-commerce, electronic wallets have become a popular and affordable means of making payments.
An electronic or digital wallet is an online service, electronic device, software, or mobile application that allows you to make non-cash payments using a desktop computer, laptop, or mobile device.
By the type of access, the virtual wallet can be
According to the location mode, electronic wallets are divided into
A virtual wallet stores two types of data: about the user and his assets. The user data includes:
Asset information is data about funds that are available to the user:
The user visits the website, selects and downloads the mobile wallet app. Then he creates a personal account and enters the data required for registration, and also links up the card or bank account from which the payment will be made.
The payment process is as follows:
If the wallet is connected to the loyalty program, the user also receives information about the accrued points or cash back.
Brands looking to offer their customers their own payment systems can take advantage of Wallet Factory’s white label offer and get a turnkey solution with their own logo.
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Disclaimer: The information provided on the website is only for informational purposes and is not intended to, constitute legal advice, instead of all information, content, and other available materials.