Online wallet

An online wallet is a program or web service that allows users to store and control their online shopping information, like logins, passwords, shipping address and credit card details, in one central place. It also provides a convenient and technologically quick method for consumers to purchase products from any person or store across the globe.[1]

Generally, the payment process is:

First payment:

Subsequent payments:

Requesting a PIN is known to lower the success rate (conversion) for payments. These systems can be integrated with directly or can be combined with operator and credit card payments through a unified mobile web payment platform.

History

English entrepreneur Michael Aldrich invented online shopping in 1979. His system connected a modified domestic TV to a real-time transaction processing computer via a domestic telephone line. He believed that videotex, the modified domestic TV technology with a simple menu-driven human–computer interface, was a 'new, universally applicable, participative communication medium — the first since the invention of the telephone.' This enabled 'closed' corporate information systems to be opened to 'outside' correspondents not just for transaction processing but also for e-messaging and information retrieval and dissemination, later known as e-business.[2] His definition of the new mass communications medium as 'participative' [interactive, many-to-many] was fundamentally different from the traditional definitions of mass communication and mass media and a precursor to the social networking on the Internet 25 years later.

In March 1980 he went on to launch Redifon's Office Revolution, which allowed consumers, customers, agents, distributors, suppliers and service companies to be connected on-line to the corporate systems and allow business transactions to be completed electronically in real-time.[3]

During the 1980s[4] he designed, manufactured, sold, installed, maintained and supported many online shopping systems, using videotex technology.[5] These systems which also provided voice response and handprint processing pre-date the Internet and the World Wide Web, the IBM PC, and Microsoft MS-DOS, and were installed mainly in the UK by large corporations.

The first World Wide Web server and browser, created by Tim Berners-Lee in 1990, opened for commercial use in 1991.[6] Thereafter, subsequent technological innovations emerged in 1994: online banking, the opening of an online pizza shop by Pizza Hut,[6] Netscape's SSL v2 encryption standard for secure data transfer, and Intershop's first online shopping system. Immediately after, Amazon.com launched its online shopping site in 1995 and eBay was also introduced in 1995.[6]

Acceptance as a Form of Payment

Due to slow adoption and high competition, there is currently no one standard online wallet that is universally accepted.[7] The acceptance of the online wallet as a form of payment varies based on both individual store policy and the type of online wallet being used. For example, Google Wallet can be used at MasterCard Paypass locations within the United States.[8] Conversely, Bitcoin, while accepted internationally, is much less frequently accepted, due in part to its connection to illegal websites like Silk Road (marketplace).[9] It is predicted that in the near future, as the use of online wallets increases, consumer attraction to specific technologies will reduce the number of specific online wallets.[7]

Security

Tips and Concerns

Protect yourself from fraudulent web sites. Many sites will use similar names or web addresses in an attempt to gain private information. Also, be sure to protect your privacy. Usually sites that include the green lock on the left side of the search bar are secured sites. Before making any transactions online, make sure that you are able to locate somewhere on the website a sort of reassuring security attribute. Many sites and online stores will track your browsing habits to promote deals and products to you. Check with your online bank to see if they follow your browsing history. Your web browser also may have settings to block outside groups from seeing this. Finally, try to keep your transactions secure. Before making any transactions online, make sure that you are able to locate somewhere on the website a sort of reassuring security attribute. Paypal for example is a great program to make secure transactions online and not only enable you to make secure transactions but to monitor your transactions; receiving emails after every transaction for your convenience.[10]

Payment Process

Step 1

Step 2

Step 3

Step 4

Step 5

Step 6

Step 7

Bitcoin

Securing Your Wallet

PayPal

Yandex.Money

Google Wallet

Refunds

It is feasible to agree that some customers may not be fully satisfied with products purchased using their Online Wallet. In this case, another transaction is required between the consumer and the supplier, in order for the consumer to receive a refund. Accordingly, the unsatisfied customer contacts the supplier (either by email or phone) and agrees to essentially a trade back, in which the consumer sends back the products in return for the monetary value spent on the product. As online wallet purchases are usually transferred to the supplier by a credit (not physical money) that retracts compensation form the account connected to the online wallet, online wallet refund requests - after the agreement of the returning of the product to the supplier - are transferred from the supplier by a credit, which is restored back into the account of the online wallet. The Terms of Service contains specific details about policies and offers a thorough breakdown of how exchanges are handled with the online wallet (for example, Gift Cards, Google Wallet Card, etc.).[20]

Examples

Web services

Programs

See also

References

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