History of E-Wallet: A Journey from E-Commerce to E-Wallet

Abstract

Over the path of history, there have been different forms of payment systems. In the beginning barter was quite common. Eventually, various forms of money were introduced which includes metal coins, leather money, paper money, gold, charge cards, credit cards, mobile payments etc. In the e-commerce world, in most cases the customer does not actually view the actual product at the time of transaction, and the method of payment is performed electronically. The electronic wallet (E-wallet) makes available all of the functions of today’s wallet on one convenient smart card eliminating the need for several cards. The purpose of this paper is to examine the history, categories and uses of e-wallet. Using this e-Wallet the transaction procedure can be as simple as: the customer goes to the point of sale (POS), does the purchasing and when it comes to the payment, the customer submits his e-Wallet to vender who connects it to his terminal (PC).