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In reality, we all have at least one wallet used to store money or banknotes. In the world of a cashless society, e-Wallets are like one wallet, but in the application form.
Usually, we accept cash from other people or withdraw money from an ATM and put it in our wallets. If you want to give money to someone or buy a product, you take out the cash in your wallet or pay the amount you want. But e-Wallets use smartphones as electronic wallets to receive money, transfer money, and pay for goods and services through installed applications.
We have to transfer money to e-wallets first to be able to make a financial transaction, which has an ID code or number that is used to reference in receiving money. In other words, that number is like a bank account number. For example, the Paotang G-Wallet application is very popular and we believe that many people have heard of it and have used it for some time. It can be seen that we need to top up the G-Wallet first, so it can be used to pay for various goods and services.
Money is stored in an e-Wallet in the form of e-Money, or electronic money, which is the value of money that is recorded in electronic form. (For example, a computer chip in a cash card or plastic card, telephone network, and internet network). Users have paid or topped up in advance or directly debited through a bank account (pre-paid) to the e-Money service provider, which can then be used to pay for goods or services at a shop that accepts payment.
This is to create security for the user or the owner of the e-Wallet account to prevent other people from impersonating their identity. Users can access their preferred financial services at the appropriate level of verification. Identity verification, it can be done in many forms, from identifying by filling in information such as name and surname, email, or ID card number. Verify (authentication), such as entering the OTP sent to the mobile phone to verify the mobile number. Checking to verify identity, such as whether the face matches the ID card or not, by using the staff or biometric technologies such as face scanning. which is currently used by leading e-Wallet providers. Verifying the identity with the appropriate methods and technology provides confidence and convenience in using the service. It also helps protect the user’s account and usage data as well.
Many people are uneasy about having to enter sensitive information to verify their identity or complete the process. But e-Wallet users can be sure that their sensitive information is highly encrypted to maintain data security by international standards and with the regulations required by law.
For transactions in the e-Wallet, the user is always required to log-in for access. In this part, the e-Wallet requires the input of a password, pin, and OTP and includes biometric data such as face and fingerprint. In addition to the login process, the transaction process is also secure.
There will be a risk control system, a risk system, and authentication, such as asking users to enter a pin code or OTP before transferring money, etc. Users can also check transaction history instantly from the app. However, if users receive a strange warning message via e-mail or SMS, or receive an OTP from any channel, we should not rush to accept or inform them about the OTP that has been received. If users do not transact as prompted, it is possible that someone has obtained users’ personal data and is trying to access users’ accounts.
The service provider is aware of the importance of privacy and the importance of protecting users’ personal information. The service provider will store and use the information as necessary with the consent of the service user or as required by law.
The e-Wallet service provider has a team of experts and staff experienced in IT security, data storage, risk management, and fraud prevention and investigation. Additionally, it has coordinated with external organizations such as financial institutions or state regulators to plan and design a comprehensive and robust system with teams to monitor and detect irregularities. It includes a call center that is ready to answer inquiries and coordinate to help solve problems 24 hours a day.
