Wallets in e-commerce, refers to digital wallets or eWallets. They store data such as customer card information, shipping information, loyalty cards details and coupons. The data is used to process transactions over the internet.
There are many types of digital wallets, but we can categorise them in two broad categories:
- Container Wallets are digital wallets that do not process payments. They provide Payment Service Providers (PSP) or merchants with the information to process payments through standard card acquirers. This is done using payment schemes like Visa or Mastercard. Sometimes it may be required for a merchant to have a separate agreement on top of existing contracts that they already have with their current acquirers.
- Payment Wallets are digital wallets that can process payments. This allows a quick and easy check-out process. Each wallet acts as its own payment scheme. This means that it requires a merchant to have a separate acquiring agreement to process payments through these payment wallets.
Please find the range of available eWallets that are available thanks to your ePDQ integration: