What is E Wallet and How Does it Work [Case Study Included]

Sophie Zoria
Swag Soft
Published in
9 min readOct 20, 2020

--

Since the popularization of the Internet, consumers have been steadily moving their purchases online. Today, with the abundance of digital stores and payment systems, traditional payment methods look almost archaic.

Nevertheless, while an average user will likely know how e wallet works, for developers it may still be a challenging task — simply because of how many boxes they tick in the “requirements” section. To help you out with the development of a perfect wallet app, here is a comprehensive guide from Swag Softs’ team.

What is E Wallet and How Does it Work?

A digital wallet app, also referred to as an e-wallet, is an app that allows making digital payments from your phone. With the rise of mobile banking and m-commerce, the demand for a convenient way of managing funds and paying online has given a massive boost to the emergence of this niche in app development. Nowadays, there are several varieties of mobile wallets, each with its own set of features and approach to processing transactions. The most common ones are:

  1. Apps provided by payment services or banks that handle their own funds
  2. Apps that manage payments from credit cards of other payment services
  3. Apps that improve the shopping experience by informing about discounts and loyalty programs

In other words, the answer to “What is a mobile wallet?” will be different depending on what is the wallet app you are using. However, as electronic payment apps become more advanced and feature-rich, these distinctions are getting increasingly blurry, so on a user level there may be no noticeable differences between different types of mobile wallets.

Benefits of E Wallet

Mobile wallets offer a range of benefits to its users. Some stem from the capabilities of digital devices and infrastructure like cloud technologies to increase performance, others capitalize on connectivity to provide timely updates. Below are some of the most noteworthy e wallet advantages.

--

--

Sophie Zoria
Swag Soft

Sophie Zoria is a passioned author covered tech trends, mobile apps, and design.