The art of electronic wallets

Electronic wallets as an art

What payment system should I choose as my main? What are the peculiarities, rules and advantages of each payment system?

An electronic wallet is an application or an online service where users can store virtual money and with which they can make payments not only in online stores but even in some brick and mortar stores too. Electronic wallets can make life significantly easier because they allow people to make payments and purchases from home. It is a huge time-saving opportunity since owners of electronic wallets don't have to drive anywhere or stand in lines.

Electronic wallets exist within electronic payment systems. Each system has its upsides and downsides, this is why it is recommended that those willing to create e-wallets do some research on the features of at least the most widely used payment systems.

Top 5 electronic payment systems

1) Payment system OKPAY caters to the needs of both private individuals and businesses. The company was officially registered in 2009 and since then has managed to become one of the most popular payment systems in the world. Its main advantage and the reason why it happened, lie in the fact that OKPAY offers a great number of payment options in more than 200 countries around the globe. The system supports 20 currencies, such as EUR, USD, GBP, RUB and other. Internal transfers cost 0.5%, but this amount doesn't exceed 2.99$.




2) The birth year of Yandex.Money is considered to have been 2002. The only supported currency is the Russian ruble, but despite this fact, Yandex.Money is one of the most popular payment systems in Russia and the CIS. Yandex e-mail users can create wallets without any additional registration. The fees vary between 0.5% and 4% depending on the transacted amount.




3) Payment system WebMoney was established in 1998. WebMoney exchangers and terminals are present not only throughout the CIS but pretty much around the world. WebMoney is not just a mutual settlement tool, but a very convenient environment for deal-making, business development, and strategic partnership. The system supports 9 currencies and charges a transfer fee of 0.8%.




4) QIWI was created in July 2007 but became a truly full-fledged payment system only at the end of 2012. The secret behind its success and popularity lies in its ease of use. Qiwi wallets are linked to phone numbers which one wouldn't have to memorize. Transactions are confirmed via SMS which means higher security. Today with Qiwi, you can pay for 1200 services. The fees vary between 0% and 3% depending on the amount.




5) The famous American payment system, PayPal, came into existence in 1998, and in 2002 was purchased by online auction eBay. It has received more than 10 prestigious awards in the fields of technological advancements, electronic commerce, and internet technologies. What gives PayPal even more weight is the fact that PayPal has an official bank status. PayPal payments are accepted by 90% of all online merchants and stores. Availability of PayPal services depends on the user's country of residence. The fees vary between 0.4% and 4%.




Electronic wallets in any of the above-mentioned payment systems allow for geographically-unlimited worldwide payments.

Creation and replenishment of e-wallets

All payment systems operate in their own ways, but it all comes down to this: a user goes to their website, creates an account with them, creates an electronic wallet (or two, or more), replenishes the balance, and starts using it.

Virtual wallets, just like regular wallets, need replenishment too. Funds enter e-wallets in two ways:

1) Funds come in from outside sources as a reward for work or as donations, etc.

2) Funds are transferred from a bank terminal or a virtual card.

Posté sur
12 septembre 2016