Friday 24 January 2014

E - Wallet : The Retailers view

In this post we will discuss the about E-wallet. It also known as Digital wallet, or cash basket. E-Wallet is kind of money account of customer dedicated for your website. Customer can transfer or deposit money into your website E-wallet. They can see the balance in the account after the transfer.  Customer can use the amount in the account for any purchase on your website.  Linking your credit card with your website also considered as one type of E-wallet.

Consider an example, Bob transferred 1000$ to your website’s E-wallet’s account.  Now onwards, whatever he wants to buy from your website, in the payment option he selects E-wallet and money is directly debited from the E-wallet account.  Say he purchased 100$ mobile phone from his E-wallet account, then the remaining balance will be 900$. Let’s see the pros and cons of allowing E-wallet facility.


  • It promotes the compulsive purchase.  They can buy very easily, they need not go throw lengthy process of Payment gateways for money transfer (in case storing credit card is not allowed)
  • If people are not comfortable about sharing their credit card,  at least they can transfer some money to E-wallet account and keep it. It will help both the customer and company
  • You (the merchant) get the interest free money
  • The number of payment gateway transfers are reduced, ( instead of 10 times transferring 100$,  customer is transferring 1000$ in one stretch)
  • As they customer already transferred some money, sooner or later he will buy something from your website, he will stick to it (unless money withdrawal option is not available)
  • You can link this account with store credit. So in case of customer returns, refunds – you can directly transfer the money to the E-wallet.  Please do read our previous post on store credit concept.


  • You need to provide the security and safety of E-wallet accounts, almost equal to bank accounts. In case of any hacking of the data, the customers will sue you. You need to have continuous back up of account balances as well.
  • There can be legal issues specific to the region to create E-wallet account or ability to provide the withdrawal




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