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E-WalletsYour Logo Here

Jennifer HartJennifer Hart

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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?

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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.

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Choose Your Wallet

There are many different companies offering E-Wallets. Although each one is a little different, they all perform the same basic tasks.

The following companies offer software:GatoreWalletQpassBuyWiz

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Positive

The easier your site is for customers to purchase items, the more they will buy

Buyers don’t have to type in repetitive information.

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Negative

Some eWallets only work with certain browsers.

What happens if your disk crashes? Some say this service rarely works

And what about security???????

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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.

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Questions

What is an electronic wallet?

Name a company that offers this service?

What is one advantage to having an e-wallet?

What is one disadvantage?

What kind of security is offered for this service?