What is an E-Wallet? And How Do They Work?

What is an E-Wallet? And How Do They Work?

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It used to be said that “dk8win.com.” Then everything moved to contactless.

And now the third wave of monetary revolution has arrived with the advent of online e-wallets, negating the need for a physical wallet at all!

The major selling point is speed. Whether it’s storing money, transferring it between accounts or using it for transactions both on the high street and online, e-wallets can be quick and easy and are rapidly becoming commonplace.

This has been boosted by the fact that there are estimated to be over two billion smartphone users around the world, and keeping track of their money in the most convenient way possible is a top priority for them.

Lightning Fast; Super Secure

The e-wallets themselves aren’t the only things that are quick, as setting one up can take as little as a couple of minutes. Gone are the days of meetings with bank managers, poring over personal details and which account is right for you.

Just download the app, sign up and start depositing, transferring, and spending.

There are two main parts to an e-wallet.

The first is the software, that encrypts the information about the wallet itself, holding it safe and secure.

The second is the data the user provides, such as the user’s name, address, card details, and contacts they wish to pay or transfer money to.

It’s much more difficult to steal an e-wallet. Unlike real wallets, thieves can’t exactly reach into your back pocket and pull out banknotes. And even if they had access to it, passwords and biometric security such as fingerprints mean that accessing your hard-earned cash is almost impossible

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