E-Commerce Development Digitizing Our Wallets

E-Commerce or very simply put, Electronic Commerce needs no introduction. When it came in vogue with the stability and affordability of the internet, e-commerce web development heralded a whole new revolution of sorts, disrupting the way people conducted business. New terminologies were coined for the all new methods of engagement between entities across the business models.

B2B, B2C are all a second skin to most of us today. E-commerce development typically requires electronic fund transfers online transaction processing systems, automated data collections & processing, electronic data interchange and more to be seamlessly integrated into its work flows. It relies heavily on contemporary mobile technologies, Big Data & Analytics, the Cloud and of course the internet itself. A very niche technique that evolves as an auxiliary service to the e-Commerce are the highly secure and private Digital Wallets, promising the freedom from boundaries of the nation and the currency exchanges.

We reach a stage where we are already talking about the New –Commerce, a mix of e-Commerce, Mobile –Commerce and M-Commerce.

Digital Wallet- An All Important Part of the E-Commerce Development

A digital wallet is quite simply put is a placeholder for online currency for individuals and enterprises, generally linked to bank accounts or credit cards. The wallet keeps the information on the credit cards and the bank details discrete during transactions, but they are used only while transferring money to and fro the wallet to the accounts. This ensures that the private details of the buyers and sellers are screened from each other and of course the malicious hackers to prevent any intrusions or malpractices rampant in the online world today.

E-Commerce Development

Digital wallets are seamlessly accessed through devices of choice right from the desktops, laptops, smartphones or even the smart watches through a number of applications or web based software meant to facilitate e-commerce.

They are also used to store points, coupons or any other loyalty related information for quick integration while purchasing.

The Advantages of a Digital Wallet Integrated with E-Commerce Development

Assured Safety & Privacy

Safe and secure

Using the traditional methods of payment like feeding in credit care or debit card details or using net banking credentials to make payments, the details related are visible and can be misused too.


A Digital wallet is like a real life wallet in the sense that whatever is inside the wallet is the only thing that is at stake. The linked account or card used to put in money is never shared. Similarly money coming in for a seller can safely be transferred into the bank account linked, again with discretion.

These wallets use security layers generally in form of a password or even voice or any other biometric data now a days. If the wallet is ever breached, the resources in the primary account and the details of the account remain safe.

Simple & Convenient to Use


On line banking in most countries put in extra verifications in the form of one time passwords or OTP for each transaction, making it time consuming and trying at times. Digital wallets circumvent this situation and time wasted is reduced.


Discounts and Loyalty Offers in one Place

Digital wallets store and integrate details related to discounts, offers, loyalty points and schemes. This is a relief to the user, who will not have to separately keep track of the codes and can link the coupon codes by the click or a tap rather than fumbling for the codes elsewhere ensuring the maximum benefits from a purchase.

Payments – Easy Set Up, Limited Sharing

Limited Information Sharing

The digital wallets at the client side are set up quite smoothly by entering the relevant information as guided through the forms. These wallets adhere to the native countries tax norms and laws and are recognized by government entities and are integrated during e-Commerce development.

Once set up, this information is private and the wallet can be accessed through email ids or any other identity linked to the wallet, keeping the credit card and bank details screened.

Driven by the Contemporary Electronic Commerce Modeling Language for e-Commerce Web Development


Digital wallets are complemented by the very contemporary ECML or the Electronic Commerce Modeling Language, a protocol that standardizes checkout forms for online retailers and vendors.


This assures accuracy of the e-Commerce transactions made through wallets and security of the data transfers through the forms; making the complete process comprehensive and reliable.

The Thin Line Between a Digital Wallet & a Mobile Wallet

Digital and mobile wallets

Apple Pay goes one step ahead with mobile wallets. By embedding the wallet into the iPhone hardware Apple ensures that the next generation wallet will not be a software application, rather it will be dependent on the hardware and will be as good as a physical wallet itself, without the hassles of a physical wallet and with of course the safety and security of an electronic one.

The Pioneers in Digital Wallets



Founded in December 1998 by the name Confinity to conceptualize borderless currencies, PayPal today needs no introduction around the globe. With its association with eBay, PayPal recorded 1 million users in a little more than a year. Today Paypal has 184 million users at the end of the first quarter of 2016.



Paytm founded by one97 communication in 2010 as a prepaid mobile recharge website actually means Pay Through Mobile.


It is India’s most popular app for prepaid recharges and shopping. The Android and iOS apps rank high in the popularity charts with approximately 10 million app downloads and about 25 million users. PayTm is patronized by the likes of Mr Ratan Tata and the Chinese e-Commerce giant Alibaba.



Based in the UK, ecopayz saw its beginnings in the year 2000 as ecoCard and was recognized by the EU. Aftr launching their iPhone app in 2009, ecoPayz saw a definite jump in the number of users.

Today ecoPayz offers multilingual support to facilitate transactions amongst patrons from different nations.

The ecoPayz Business Account solution was launched in 2011 to provide a quick and effective means of paying salaries and expenses to workforce and associates.

In a Nutshell

As the requirements of the modern day change, enterprises are quick to adopt reliable solutions offered by vendors. Niche software based solutions drive the e-Commerce model and Digital Wallets form a major part of this ecosystem. E-commerce development shows maturity to cater to the various requirements of the new ways of living and working.

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