Business News›Definitions›E-wallets
Categories
- Glossary
- Economy
- Insurance
- Equity
- Transportation
- sports
- Space Technology
- Entertainment
- Astronomy
- Analytics
- Commodity
- Education
- Finance
- Human-Resource
- Mutual Fund
- Mathematics
- Real-Estate
- Marketing
- Security
- Shipping
- Retail
- HR
- Software-Development
- Testing
- Budget
Suggest a new Definition
Proposed definitions will be considered for inclusion in the Economictimes.com
- NEXT DEFINITION
Early Adapters
Read More
Definition: E-wallet is a type of electronic card which is used for transactions made online through a computer or a smartphone. Its utility is same as a credit or debit card. An E-wallet needs to be linked with the individual’s bank account to make payments.
Descriptions: E-wallet is a type of pre-paid account in which a user can store his/her money for any future online transaction. An E-wallet is protected with a password. With the help of an E-wallet, one can make payments for groceries, online purchases, and flight tickets, among others.
E-wallet has mainly two components, software and information. The software component stores personal information and provides security and encryption of the data. The information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc.
For setting up an E-wallet account, the user needs to install the software on his/her device, and enter the relevant information required. After shopping online, the E-wallet automatically fills in the user’s information on the payment form. To activate the E-wallet, the user needs to enter his password. Once the online payment is made, the consumer is not required to fill the order form on any other website as the information gets stored in the database and is updated automatically.
Read More News on
- CREDIT CARDONLINE TRANSACTIONDEBIT CARDONLINE PAYMENT
- E-WALLET
- NEXT DEFINITION
Early Adapters
Read More
Related Definitions
- 360 Degree Feedback360-degree feedback is a feedback process where not just your superior but your peers and direct reports and sometimes even customers evaluate you. You receive an analysis of how you perceive yourself and how others perceive you.Description: Benefits of 360-degree feedback:To the individual:> This helps the person understand his or her own personality from an outsider's perspective > Developm3rd Party Insurance: Motor third-party insurance or third-party liability cover, which is sometimes also referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act.It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any 5 Forces Analysis Of The EnvironmentThe five forces model of analysis was developed by Michael Porter to analyze the competitive environment in which a product or company works.Description: There are five forces that act on any product/ brand/ company:1. The threat of entry: competitors can enter from any industry, channel, function, form or marketing activity. How best can the company take care of the threat of new entrants?25/20 Rule
- 52 Week High Low: Prices of commodities, securities and stocks fluctuate frequently, recording highest and lowest figures at different points of time in the market. A figure recorded as the highest/lowest price of the security, bond or stock over the period of past 52 weeks is generally referred to as its 52-week high/ low.Description: It is an important parameter for investors (as they compare the current trAicteAICTE is an abbreviated form of the All India Council for Technical Education. AICTE is the statutory body and the national-level council for technical education in the country. AICTE was formed in November 1945 with the vision to promote development of the education system in India. Till 1987, it was acting as an advisory body under the Department of Education, Ministry of HRD. In 1987, it was giApi TestingAPI (Application Programming Interface) testing is a type of software testing that aims to determine whether the APIs that are developed meet expectations when it comes to functionality, performance, reliability and security for an application.Description: API (Application Programming Interface) is a set of procedures and functions that allow interaction between two components of a software apAtmfor Automated Teller Machine, ATM has become an increasingly popular banking outlet to withdraw cash, deposit cheques and check the latest transactions and account balance. In 1960, a man named Luther Geroge Simijan invented Bankography, a machine that allowed customers to deposit cash and check the transaction. Then the first ATM was set up in 1967 by Barclays Bank in Enfield. James Goodfellow in
- Abandonment ValueAbandonment value is the equivalent cash value of a project if it is liquidated immediately after reducing all debts which need to be repaid.Description: Abandonment value is also known as liquidation value of an asset. The general rule for deciding to discontinue the product is that if the product’s salvage value is greater than the net present value (NPV) of its expected cash flows, the projAbnormal Rate Of ReturnAbnormal rate of return or ‘alpha’ is the return generated by a given stock or portfolio over a period of time which is higher than the return generated by its benchmark or the expected rate of return. It is a measure of performance on a risk-adjusted basis.Description: The abnormal rate of return on a security or a portfolio is different from the expected rate of return. It is the return gene
Related News
View: It’s time for a single QR code for all the world’s paymentsThe major economies of the Association of Southeast Asian Nations — Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines — are linking their QRs for the 18 million intra-regional tourists who spend around $19 billion annually. Assuming that it is able to capture 15% to 20% of transactions, ASEAN QR would facilitate $4 billion in consumer expenditure and inspire the rest of the world, according to the Boston Consulting Group.- E-wallets for investing in mutual funds should be KYC norms compliant: SebiThe Securities and Exchange Board of India, in its circular dated May 8, 2017, allowed the use of e-wallets for investment in mutual funds within the umbrella limit of Rs 50,000 for investments by investors, especially the young generation -- to purchase these instruments through both e-wallet and/or cash per mutual fund per financial year.
- MFIs to play leading role in India's economic growth: StudyAccording to PwC, the global market size of the MFI industry is expected to grow by USD122.46 billion from 2021 to 2026 at a compound annual growth rate of 11.61 per cent. Moreover, global development agencies and several governments have made concerted efforts to alleviate poverty through micro-credits, it said.
- India witnessing increasing digitisation, shift in consumers' financial behaviour: NITI VC"India is witnessing increasing digitization with people getting greater and easier access to financial services. This has led to a shift in consumers' financial behaviour -- from cash to e-wallets and UPI," Rajiv Kumar said.
- Your friend in distress could be an e-fraudsterFraudsters have managed to steal from hundreds of bank accounts by either impersonating acquaintances of account holders, tricking tipplers desperate to buy liquor online, or deceiving those searching for service providers.
- Your friend in distress could be an e-fraudsterFraudsters have managed to steal from hundreds of bank accounts by either impersonating acquaintances of account holders, tricking tipplers desperate to buy liquor online, or deceiving those searching for service providers.
- Wait for new cryptocurrency offerings as SC lifts banA number of startups are working on various innovative products for consumers.
- Sebi mulls ‘regulatory sandbox’ for AI, BlockchainRegulators in major financial markets have established regulatory ‘sandbox’.
- RBI to regulate payment gateway providers: Digital payments likely to get saferThese gateways can be expected to become more transparent and accountable in their working thereby benefitting common people using them for making digital payments.
- RBI to regulate payment gateway providers: Digital payments likely to get saferThese gateways can be expected to become more transparent and accountable in their working thereby benefitting common people using them for making digital payments.
Load More
Trending DefinitionsRailways Budget 2024Interim Budget 2024Budget 2024 New Tax RegimeIncome Tax in Budget 2024Debt fundsSensexNiftyRepo rateMutual fundGross domestic productData miningAdvertisingProductMonopolyCryptographyDepreciation
