Digital Wallets- Overview and its Usage

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Digital Wallets

• Types Of Wallets In India
• Semi Closed Wallet Closed Loop Wallets Mobile
  Wallets e-Wallets UPI

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Overview Of Digital Wallets

• A digital wallet refers to any electronic device
  or online service.
• Permits to carry out electronic transaction.
• Payments by linking Bank account.
• Mobile wallet are a subcategory of Digital Wallet
• Referred as e-wallet.

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HOW DOES A DIGITAL WALLET WORK?

• It works with the encryption software.
• It replaces the usual calculative monetary
  transactions.
• It is time-saving and safer mode of a
  transaction.
• No risk of theft. 

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TYPES OF DIGITAL WALLETS

• Client Side Wallets maintained and Operated by
  the User itself.
• Server Side Wallets maintained by Company i.e.
  compatible with user Digital Wallets and maintain
  the user e-wallet accounts.
• Merchants Prefer Server Side whereas Client Side
  varies for developers and usage.

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Digital Wallet Usage

• Pay the bill for utility services, phone,
  electricity, water, gas, internet, landline, etc.
• School or college fees
• Book flight, bus or train tickets
• Transfer money to a bank account, e-wallet
• Pay for your purchases

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List OF Top DIGITAL WALLET
Wallet Type In-store eComm / In-app
Alipay Payment Provider Yes (QR code, barcode) Yes
Amazon Pay Merchant / Payment Provider No Yes
Amex Express Checkout Credit card Limited Yes
Android Pay Mobile wallet Yes (NFC) Yes - In-app, mobile web announced
Apple Pay Mobile wallet Yes (NFC) Yes
Capital One Bank Yes No
Chase Pay Bank Yes (QR code) Yes
Coinbase Speciality No Yes
eWallet Speciality No No
Gyft Specialty Yes (barcode) Gift cards only
Keyring Specialty Yes (barcode, ecoupons) Coupons loyalty only
LevelUp Specialty Yes (QR code) Yes (in-app)
MasterPass Credit card announced (HCE) Yes
PayPal Payment provider select POS solutions Yes
Samsung Pay Mobile wallet Yes (NFC,MST) Yes - In-app, mobile web announced
Visa Checkout Credit card No Yes
Walmart Pay Merchant Yes (QR code) No
WeChat wallet Payment Provider / Social Platform es (QR code, barcode) Yes
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