We have been told and informed about online shopping from many sources and near and dear ones. Although the anxious moment arises when we are about to put in our card/bank details to complete a given transaction. In this article we will be taking you through a detailed note on Wallet system, its uses, its importance and things to be taken care while creating one such application.

A wallet system, as the name suggests is a virtual space which stores our value based token/coins/credits etc. The wallet is so accommodated that it collects, records and performs some quick calculations which helps us in our transactions on a day to day experiences. In famous portals like Amazon, Flipkart, Shopclues, MakemyTrip etc. we will find the utility of an advanced wallet system.

The functionality of wallet system differs from one portal to another based on the industry and type of operations the site performs. For example during a purchase, the customer has the flexibility to use the debit cards, credit cards, net banking or the website wallet system to complete the payment process. However with the extensive usage and importance of a wallet system being widely spread many companies have jumped into the arena in providing attractive rewards and cashbacks on their wallets. The prominent Examples are the Oxy wallet, Google pay, Ola wallet, Phone Pay, Paytm etc.

The concept of a wallet system primarily lies in its comfort and usage. Now gone are the days when we had to keep in note of our debit/credit card numbers or net banking usernames and passwords. Now through a single click enabled linking process, our wallets can be connected via mobile no. and a convenient transaction can be brought about at a very less time. However keeping the wallet updated and recharged with the required amount is the customers responsibility. With the latest introduction of verifying KYC forms and documents submission the government has ensured that the wallets are safer than ever before.

With the introduction and usage of wallets worldwide, various Ecommerce. Travel, Educational, Job, Matrimonial portals etc. have taken up the idea to have their own wallet system running. The biggest advantage of having your own wallet system in a portal is that it gives you the exposure and the viability to attract more customers by means of their mode of payments. If the users can maintain their wallets, then they can purchase and pay their dues through the same. Additionally various portals also runs schemes and offers luring their customers to make maximum purchases on their portals by offering them huge discounts via promocode and gift vouchers. These discounts directly gets credited to their wallets. Hence the customers are convinced to visit again to the site to make use of those wallet points. This results in a tremendous growth in sales and progress.

With an active and an attractive wallet system incorporated in a dynamic portal, one can expect a steep rise in sales and profit.

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