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Simply an electronic version of a wallet, used to
store money, personal information and other data for use in online
transactions. Such a wallet typically lives in a secure area on a user's
hard disk and is used to identify individuals and handle financial
transactions on retail or business websites. One of the great
advantages of e-wallets over other payment schemes is that users need to
only once; When they visit a website equipped with the appropriate software,
their details can then be transferred when a request for payment is made.
Various attempts have been made to establish e-wallets by software companies
and banks anxious to help customers protect their funds, but a lack of
standards and enduring concerns about security and privacy have prevented
their use from becoming widespread. |
