An eWallet is a pre-paid account in which a user can freeze their money for any future online purchase. Its service is the same as a like credit card and debit card. An E-wallet is secured with a password. With the use of an E-wallet, one can perform payments for online purchases on the eCommerce platform.
Are you wondering why the CHECKOUT PROCESS is so important in the e-commerce industry? This is the step at which the money changes its location, i.e., from the customer’s account to the online business account. An eWallet (or Electronic Wallet) makes the checkout process more secure and faster.
Cart abandonment is a type of activity where a consumer abruptly exits the checkout process from its last step. This undoubtedly occurs when a potential customer is nearly completed with the checkout procedure. Such desertion occurs due to an unanticipated increase in shipping prices, uncertainty about the security of payment handling, and an unsatisfactory return policy.
The only problem that e-commerce businesses have now is determining how to cope with this. An eWallet is an award-winning solution. It would be best to highlight it as an UNBEATABLE E-COMMERCE trend because it has increased the efficiency of the checkout process. It has also lowered cart abandonment rates globally, with functionalities such as the range of payments offered, faster payment solutions, one-page checkouts and the option of saving the vital details of your debit or credit card.
As a result, an eWallet equipped with accuracy and security in payments has enabled companies to advance in the E-commerce industry through greater scalability of their services, security while reciprocating the same, and efficiency in attracting more and more devoted consumers.
Customers can use the eWallet System module to make an online payment using their e-wallet system. eWallet Cash can use throughout the checkout process, and it will deduct money from the customer’s eWallet Cash. They can add money to their e-wallet with ease. The amount can be added to or deducted from the customer’s eWallet by the administrator. The administrator can also create credit rules for payback to consumers. They can also refund the consumer for the bought order to the customer’s eWallet. Isn’t it simple?·
Elsner has extensive experience in eCommerce app development, and our professional technical analysts help select the best solution to meet the client’s business needs. We have a team of skilled developers who can create a scalable eWallet module for any technology. Moreover, Elsner can handle digital wallets and transactions. Contact our technical analyst right away if you want to add an eWallet capability to your eCommerce store.
eWallet, as the name indicates, eWallet or Digital Wallet is a mechanism through which customers can carry out transactions as storing money for future purchases. It automatically subtracted the amount from customers’ eWallet each time they perform a purchase. As an end, it directly impacts the number of regular customers in your eCommerce store. And with numerous available extensions/plugins, you can seamlessly incorporate this element into your online store.