Electronic Wallets:

Electronic wallets is also known as Digital wallets, It is an electronic device that allows an individual to make electronic commerce transactions. This can include purchasing items on-line with a computer or using a Smartphone to purchase something at a store. They also integrated into a variety of devices, such as cell phones and PDAs. Increasingly, electronic wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials.

For example, a digital-wallet could potentially verify the age of the buyer to the store while purchasing alcohol

Why the need of E-wallet Arises :

Because of the fact that finding information in physical purse is time consuming and this also increases the chances of theft, E-Wallet carries Shoppers information and that also enable user to save’s time, that is the key to carry E-wallet as well.

Following are the key components of E-wallets:

Components of E-Wallet:

An electronic wallet has a software and information component The software provides security and encryption for the personal information

and for the actual transactions Normally, it is stored on the client side and that is why it is easy to self

maintained and fully compatibles with most e-commerce websites A server side digital wallet also known as thin wallet

Some of the advantages and disadvantages of that E-wallet (Digital wallet)

Advantages of Electronic wallets:

Electronic wallets largely eliminate the need to carry a physical wallet. Electronic wallets are a potential boon to companies that collect consumer

data. Other utmost advantages of Electronic wallets is that the more companies

know about their customers' purchasing habits, the more effectively they can market to them.

The digital wallet works effectively by giving users the option to transfer their information securely and accurately.

completing transactions results in better usability and ultimately more utility for the customer.

Electronic wallets can also be used to store loyalty card information and digital coupons.

Electronic wallets can be used in conjunction with mobile payment systems Withdraw or deposit value by telephone. Pay the exact amount, no fiddling for change. No authorisation or signature. Immediate payment. In the future, access points may include mobile phones.

Disadvantages of E-wallet:

Some e-wallets only works with certain browsers Ease of duplication No memory to hold the current balance Lifetime of electronic wallet is limited Limited Acceptance

E-cash:

E cash (electronic cash) is an anonymous electronic cash system, which is equivalent to cash or printed bank notes, except that it is transferred through networks with bits of information. E-cash is used over the Internet, email, or personal computer to make transfers to other workstations in the form of secured payments of cash that is almost untraceable to the user.

E-cash is the same thing as digital money.

How it is used:

E-cash is used over the Internet, email, or personal computer to other workstations in the form of secured payments of "cash" that is virtually untraceable to the user. It is backed by real currency from real banks.

The way e-cash works is similar to that of electronic fund transfers done between banks. The user first must have an e-cash software program and an e-cash bank account from which e-cash can be withdrawn or deposited. The user withdraws the e-cash from the account onto her computer and spends it in the Internet without being traced or having personal information available to other parties that are involved in the process. The recipients of the e-cash send the money to their bank account as with depositing "real" cash.

Primary function:

The primary function of e-cash is to facilitate transactions on the Internet

Cybercash:

The Cyber-Cash Secure Payment System is a complete system for conducting financial transactions on the Internet. It accepts both credit card payments and cash/coin transactions. The CyberCash system is a great solution for any Web site that wants to accept electronic payment for goods or services.

CyberCash's CashRegister software offers three methods for authorizing consumer purchases and actually billing the consumer's credit card: online capturing, post-authorization capturing, and batch capturing. The processing method a merchant uses is dictated by how products are delivered to consumers. Merchants selling products or services that are being delivered online or that are guaranteed to ship the same day will use online capturing. On the other hand, because of mail order laws, merchants selling products that are shipped after the order is taken may choose post-authorization capturing or batch capturing.

Primary functions:

CyberCash has been servicing credit card transactions over the Internet

CyberCash is recognized as the world's leading provider of Secure Electronic E-Commerce Payment Systems.

Supported Platforms:

e-wallet is supported on the following platforms: Windows®PC running Windows 7,Vista, or XP.

Apple®iphone®ipadtm and ipod®tpuch3.0 and higher RIM®BlackBerry®4.2 and higher.

Windows Mobile® and Windows Mobile 6.1 and 6.5 Classic, Standard(non-touch) and Professional(touch).Windows Mobile 6.5 devices also known as windows phones.

Muhammad sheraz Uddin Khan

16471

MBA(R)-2year

E-Commerce Assignment

E-wallet

Submitted to:

Sir Khalid Bin Muhammad

Dated:

25 March, 2014