A Presentation On Electronic Wallet

Presented By:- Pratik JoshiAmardeep Palwade

Objectives

What E-Wallets Are Why We “Need” E-Wallets Definition Types of electronic wallet Security Advantages and Disadvantages Yahoo wallet Examples The ECML Standard

What E-Wallets Are

An Electronic Wallet is any device or software which allows a user to store, manipulate, and pay with various types of payment instruments such as electronic cash and credit cards. They make it unnecessary to retype credit card numbers and addresses each time a purchase is made.

Most E-Wallets are software programs that run on a user’s personal computer.

Soon they will be integrated into a variety of devices, such as cell phones and PDAs.

Why We “Need” E-Wallets

For frequent online shoppers, it becomes a hassle to fill out order forms with the same information on them for every item you purchase. Wouldn’t it be nice if this information could be handled automatically for you?

Definition

Hold credit card numbers, electronic cash, owner identification, and contact information.

Give consumers the benefit of entering their information just once.

Make shopping more efficient. There is no paper work so its expenditure is almost eliminated

A digital wallet (also known as an e-wallet) allows users to make electronic commerce transactions quickly and securely.

Types Of Electronic Wallet

Client Side electronic wallet

Electronic wallet

Server Side electronic wallet

Types Of Electronic Wallet

Server Side Electronic Wallet A server side electronic wallet stores a customer

information on the remote server belonging to a particular merchant or wallet publisher

Client Side Electronic Wallet A client side electronic wallet stores customer

information on his/her own computer. Many of the early electronic wallet were client side wallet

that require users to download the wallet software.

Security

Your information is protected with a password that you choose. Then when you shop at an Internet store the site will prompt you to select a payment method from your wallet and to authorize it by typing your password.

Many newly released E-Wallets will use a new standard called the Electronics Commerce Modeling Language (ECML) that will work with any web security software.

Advantages and Disadvantages

Advantages The e-wallet makes online shopping easier because it

fills in the fields in an online order form automatically, saving you the trouble of doing it yourself.

This is also a great advantage for online merchants, because customers sometimes abandon online purchases if they feel that the order form is too confusing or frustrating.

The e-wallet can overcome this phenomenon by automating the completion process.

Advantages and Disadvantages

Disadvantages If you try to use the e-wallet with an online order form

whose blank fields are in a different order from those in your e-wallet, or if the form has fields that the e-wallet does not recognize, the form may be left incomplete or be completed incorrectly.

This would force you to erase all the fields and enter your personal information manually, defeating the purpose of the e-wallet.

Yahoo wallet

Server side electronic wallet offered by Yahoo!

Lets users store information about several major credit and charge cards

Many industry observers and privacy rights activist groups are concerned about electronic wallets

The ECML Standard

Electronic Commerce Modeling Language is a protocol that dictates how online retailers structure and setup their checkout forms

Proposed alternative standard that would replace electronic wallet standards with a single standard

Android Pay Apple Pay Bitcoin#Wallets ecoPayz Digital currency Google Wallet Lemon Wallet MasterPass Mondex nTrust Paypal Samsung Pay Paytm Freechagre

Examples

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