Many wallets today are cluttered with several cards, cash and more. Keeping track of all these items can be difficult. The electronic wallet (eWallet) will provide all of the functions of today’s wallet on one convenient smart card eliminating the need for several cards. The eWallet will also provides numerous security features not available to regular wallet carriers. Identification is required for every credit card transaction and the card is equipped with a disabling device if the card should be tampered with. These increased security measures and the convenience make this a worthwhile project. The items proposed in this chapter will give detailed descriptions of how to design this eWallet system.

What is digital wallet?

A digital wallet is a software component that allows a user to make an electronic payment with a financial instrument and hides the low-level details of executing the payment protocol that is used to make the payment.

A digital wallet allows a user to make an electronic payment with a financial instrument (such as a credit card or diital cash), and hides the low level details of executing the payment protocol that is used to make the payment.

It authenticates the consumer through the use of digital certificates or other encryption methods, stores and transfers value, and secure the payment process from the consumer to the merchant.

How it works?

• Sender mobile sends request to Transfer money.
• System checks available balance.
• It transfers money from senders A/C to receivers A/C
• After a successful money transfer it sends a confirmation notification (SMS/Email) to receiver

Features

• Refillable
• No expiry
• User authentication is provided.
• Pay with single click
• Recharge and pay bills
• Cash back offers

Advantages

• Add/Withdraw money
• Pay the exact amount no fiddling for change
• No signature required.
• Immediate payment
• pay person to person
• Available 24X7 365 days