![]() The e-wallet simply contains the information necessary to transfer money from that account to other accounts.įurthermore, the e-wallet is located on digital devices such as phones, chips, or computers. That money is held in a security account held with a bank. The e-wallet in Vietnam does not itself contain the money. This definition is similar to the concept provided by Investopedia. The cards themselves do not contain the money, but they give digital access to the bank accounts which do contain the money and, thus, can transfer that money pursuant to the agreement (bill, receipt) between the account holder and the provider of goods or services.Īccording to Vietnamese law, an e-wallet service is one providing for customers an electronic account of identifications from organisations providing intermediary payment services established via messengers (like electronic chips, mobile phone SIM cards, and computers) that allow the preservation of the value of currency, as secured by the equivalent value of money that is transferred from payment accounts of the customers at banks as a security account of the service provider, in a 1:1 ratio between the amount spent and the amount in the security account. It is like carrying around a wallet full of credit cards. That is probably the predominating idea of the concept – that it is not a place for money itself to be held, but for the passwords and other information to make transfers from other accounts for the purposes of making or receiving payments. A digital wallet can also be used to store loyalty card information and digital coupons. The definition adds that digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. They can also create stronger passwords without worrying about whether they will be able to remember them later.” By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. Website states that “a digital wallet (or e-wallet) is a software-based system that securely stores users’ payment information and passwords for numerous payment methods and websites. It is becoming a major subsector within the banking industry and deserves to be better understood.īut what exactly is an e-wallet? There are various understandings of the concept floating around. At present, there are around 30 e-wallet providers active in Vietnam that enjoy increasing popularityįrom Moca and MoMo to Payoo and others, there are over 30 e-wallet service providers in Vietnam.
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