E-Wallets can be considered as electronic purses as they are one of the numerous dematerialized payment systems. They can be very helpful as you do not need to have banknotes and coins with you for paying your purchase and their use are generally well secured.
E-Wallets payment management with Limonetik
With its platform of cross-channel payment including E-Wallets, Limonetik is to help electronic commerce merchants expand their portfolios with the alternative payment methods required by surfers. Limonetik limits time of means of payment connection for e- commerce merchants sometimes in collaboration with the PSP. Furthermore, Limonetik allows marketplace bills automation along with paperless refunds. Limonetik’s specialty is creation and deployment of e- means of payment in order to improve the payment experience and to ease the entire customer relation.
E-Wallets, a new way to pay online purchases
In recent years new technology has begun to transform the way we shop. Online retail has gone from being a minority activity to a mainstream business and cards have overtaken cash as the most popular form of payment. Mobile payment applications have also appeared and now E-Wallets have also arrived. These EWallets are proving to have the ability to fundamentally change the way we pay for our goods both in regular shops and at online stores. In fact, some observers feel that E-Wallets will eventually replace physical wallets as being the most common way to pay for goods, much in the same way that card payments are now more popular than cash.
How E-Wallets are used
E-Wallets are an excellent way to speed up the payment process and make it more secure. In the physical store, the customer only has to select his desired account and swipe his smartphone near the checkout in order to pay for his goods. Clearly, this is much faster than the traditional methods of paying by cash or card. As the customer does not need to use the terminal, there is also less opportunity for the pin number to be copied.
Using EWallets online
The rise of E-Wallets also has implications for online retailers. Here, the user no longer has to type in his credit card details, therefore increasing security and allowing the checkout process to be faster. This can combat one of the major causes of abandoned carts and is therefore of great benefit to the online retailer. Such retailers are therefore keen to have EWallets enabled on their websites but the technical difficulty and financial investment required to do so may prevent him from doing so. Thankfully, Limonetik has solved this problem with their innovative and multi-channel payment platform.
Using E-Wallets on the Limonetik platform
The Limonetik platform is designed to allow the retailer to accept a wide variety of payment types. These can include credit and debit cards but also vouchers, gift cards and loyalty points. It also allows the use of mobile payments and E-Wallets. The use of EWallets means that the customer can pay for his goods far quicker and easier, which boosts sales and is therefore of great interest to the online retailer. The Limonetik further benefits both the customer and the retailer by allowing the use of multiple payment types to complete a single purchase, while also enabling a variety of payment processes, such as deposits and installments.