An eWallet is a pre-paid account in which a user can freeze their money for any future online purchase. Its service is the same as a like credit card and debit card. An E-wallet is secured with a password. With the use of an E-wallet, one can perform payments for online purchases on the eCommerce platform.Summary: Are you wondering why the CHECKOUT PROCESS is so important in the e-commerce industry? This is the step at which the money changes its location, i.e., from the customer’s account to the online business account. An eWallet (or Electronic Wallet) makes the checkout process more secure and faster. Cart abandonment is a type of activity where a consumer abruptly exits the checkout process from its last step. This undoubtedly occurs when a potential customer is nearly completed with the checkout procedure. Such desertion occurs due to an unanticipated increase in shipping prices, uncertainty about the security of payment handling, and an unsatisfactory return policy. The only problem that e-commerce businesses have now is determining how to cope with this. An eWallet is an award-winning solution. It would be best to highlight it as an UNBEATABLE E-COMMERCE trend because it has increased the efficiency of the checkout process. It has also lowered cart abandonment rates globally, with functionalities such as the range of payments offered, faster payment solutions, one-page checkouts and the option of saving the vital details of your debit or credit card. As a result, an eWallet equipped with accuracy and security in payments has enabled companies to advance in the E-commerce industry through greater scalability of their services, security while reciprocating the same, and efficiency in attracting more and more devoted consumers.
Features of e-wallet
- Protect Merchant from fraud: The eWallet function for eCommerce websites protects merchants against fraud. E-wallet transactions ensure that the consumer is legitimate and that payment is made at the time of purchase, preventing payment complications in the event of last-minute cancellations, deception damage, or return claims.
- Quick Payment: Along with checkout, the procedure is a complete blight for every consumer; they must pick a means of payment each time they purchase, and it makes the experience worse if the internet connection is bad. Customers have never had a problem with payment failure. The business owners will see no abandoned carts.
- A Rewarding Shopping Experience: The simple payment option, which requires no effort, provides clients with a pleasant purchasing experience on your website. They want to come back to your site for online purchasing more frequently, which leads to client retention.
- Increase in Revenue: As the checkout procedure will be shorter, people will purchase items on sale or discounted for a limited time. It will result in a rise in revenue as well as long-term benefits.
- Easy Returns and Refunds: Returns and cancellations are an inherent element of every commercial transaction. We cannot force customers to cancel or return things if they do not like them. However, you can make this a good experience for consumers by giving them a quick and painless reimbursement in their pocketbooks.
- Compatible Platform: eCommerce companies either have their virtual wallet function or work with eCommerce companies, such as Paypal, Stripe, and others. You can purchase and integrate extensions, plugins for your ecommerce store regardless of the technological platform you own for your ecommerce business, such as Magento, WordPress, Shopify, or a custom-designed platform.
How eWallet Works?
Customers can use the eWallet System module to make an online payment using their e-wallet system. eWallet Cash can use throughout the checkout process, and it will deduct money from the customer’s eWallet Cash. They can add money to their e-wallet with ease. The amount can be added to or deducted from the customer’s eWallet by the administrator. The administrator can also create credit rules for payback to consumers. They can also refund the consumer for the bought order to the customer’s eWallet. Isn’t it simple?·
Why Elsner?
Elsner has extensive experience in eCommerce app development, and our professional technical analysts help select the best solution to meet the client’s business needs. We have a team of skilled developers who can create a scalable eWallet module for any technology. Moreover, Elsner can handle digital wallets and transactions. Contact our technical analyst
right away if you want to add an eWallet capability to your eCommerce store.
EndNote
eWallet, as the name indicates, eWallet or Digital Wallet is a mechanism through which customers can carry out transactions as storing money for future purchases. It automatically subtracted the amount from customers’ eWallet each time they perform a purchase. As an end, it directly impacts the number of regular customers in your eCommerce store. And with numerous available extensions/plugins, you can seamlessly incorporate this element into your online store.
