What is E-wallet?
E-wallet refers to the online service that enables people to carry out electronic transactions online. It stores information related to e-money such as e-pin etc. Thus, e-wallets eliminate the necessity to go through user information every time an online financial transaction using e-money is conducted.
E-money or e-currency is the monetary unit that does not exist in substantial form but only exists electronically in the online banking system. The information stored in e-wallet is encrypted for security and protection against fraud.
E-wallets offer increased safety in online transactions because card details are not passed but a unique transaction identifier is used.
Types of E-wallets
Online – These wallets are run on the cloud and can be accessed from any device and location. Though they are comparatively more convenient to retrieve and manage, they stand the risk of vulnerability to hacking attacks. This is because private keys are stored online in these e-wallets and operated by a third party.
Desktop – As the name suggests, these e-wallets are installed and run on a desktop computer or laptop. The limitation to desktop e-wallets is that they are accessible from only one location, i.e., the computer in which they are installed.
Mobile – Mobile e-wallets are similar to desktop wallets except that they are installed and run on mobile devices. They are also smaller and simpler than desktop wallets and have the advantage of accessibility from any location.
Hardware – These e-wallets totally differ from the above three that are basically software wallets. In hardware e-wallets, the user’s private keys are stored on a hardware device like a pen drive. The main advantage of hardware e-wallets is increased security because they store user information offline.
Paper – This is a more straightforward type of e-wallet where the user information is stored as a paper printout. As is obvious, this is an unsafe and obsolete type of e-wallet.
The following are the top ten most popular e-wallets in use in India, based on number of transactions, total amount of transactions and number of installs.
- Citrus Pay
- State Bank Buddy by State Bank of India
- Citi MasterPass by Citibank and Master Card
- ICICI Pockets
- HDFC Chillr
- LIME by Axis Bank
Some of the lesser popular e-wallets in India are;
- Google Pay
- PhonePe by Flipkart
- Airtel Money
- JioMoney by Reliance Industries
What is E-wallet Module in MLM Software?
Much like any other e-commerce platform, MLM software also involves the use of e-money. The e-wallet module in our MLM software ensures secure and risk-free e-money transactions.
The e-wallet module allows companies to send payments directly to affiliates anywhere in the world.
Additionally, the e-wallet module enables companies to operate and manage all cash-in cash-out transaction information of users. Activities like generating e-pins, viewing transfer history and integrating bank accounts and credit cards are all made possible with the e-wallet module.
Without an e-wallet module, it is literally impractical to carry out prompt and efficient transactions involved in an MLM business.
Every compensation plan in MLM software will have a Ewallet in their dashboard.
What are The Main Features of the E-wallet?
The following are some of the main features of the e-wallet module in Lead MLM Software.
- Virtual Money Storage
- Security & Trustworthiness
- Execution of Cash-In Processes
- Execution of Cash-Out Processes
- Fund Transfer
- Purchase of E-Pins
- Adjustment of bonuses
- Registration of new members
- Upgradation of existing members
- E-Money withdrawal requests
What You Can Do with E-wallet?
E-wallets enable users to carry out numerous frequent functions involved in the multi-level marketing business effortlessly and efficiently.
A few of the major operations that can be independently performed using the e-wallet module are given below.
- Users can transfer funds from their e-wallets to other members, directly to their e-wallets.
- Registration of new members can be carried out using the e-wallet balance.
- Ordering or purchasing of products can be done with the amount in e-wallet.
- The amount deducted in re-purchase from pay-outs can be transferred directly to the respective e-wallet.
- E-pins can be purchased using the amount in e-wallet.
Customizable E-wallet MLM Software Module
Customize your E-wallet module in MLM software. Request for customizable E-wallet module in MLM software, Fill out the form and enter your query and requirement, we will send respond you within 1 hour.