E-wallets are programming-based frameworks that permit clients to finish exchanges with another gathering electronically utilizing a PC or cell phone. The e-wallet solution can store the client’s installment data and passwords for a wide range of installment techniques just as having the option to hold different information like computerized coupons, store reliability card data, and enrollment limits. Some might fuse geo-finding and spring up notices and for certain wallets, you can even connect reports, for example, your driver’s permit or a wellbeing card. To put it plainly, digital wallet applications permit you to purchase things both on the web and in stores simpler, and computerized wallet security is superior to more conventional installment strategies and fundamentally disposes of the requirement for a customary wallet.
The world has started witnessing the paradigm shift from physical payments to digital mode. Before featuring the significance of the eWallet system let’s understand why we need a digital payment system where we already have cash payments.
We are living in the world of digitalization. From shopping for groceries to ordering food, every activity happens online. For payments, there lies no exception as the Fintech fraternity has foreseen the digital exposure. As the Fintech domain has replaced the traditional methods (Old-fashioned) banking, Mobile Wallet is one such digital payment technology that has created a major revolution in the payment industry. The ecosystem of mobile wallets is to allow payment processing, accessing account information, and paying for goods and services digitally by replacing the physical wallet.
The future of payments is moving towards the contactless and seamless transaction. No more carrying cash as everything happens digitally. The evolution of digital wallet solution has made a huge positive impact on the fintech fraternity. To the civilians, it came like a boon to capitalize the resource in a fine manner. According to IndustryARC, the demand for the digital wallet platform is forecasted to approx $255 billion at a CAGR of 15.2% during 2020-2025.
“Chennai-based fintech startup IppoPay is a payments aggregator that enables small businesses, SMEs, freelancers, and homepreneurs in Tier II, III, and rural areas to collect payments with its POS software.”
“Ippo in Tamil means NOW. So IppoPay means Pay Now,” says Mohan K, Co-Founder and CEO of Chennai-based IppoPay.
Mohan explains that the fintech platform lets businesses accept payments via its POS software.