E-Wallet: A New Payment Channel Boosting Business Credibility
E-Wallet is a digital wallet that allows users to store funds, scan and pay via QR Payment, and receive money without needing cash or a physical bank card.
E-Wallet, or electronic wallet, has become an alternative that helps reduce reliance on cash in the current era. It can be conveniently used to pay for goods, transfer money, or receive payments via smartphones, from shopping to person-to-person transfers. This makes it a widely popular channel and an important tool that helps businesses quickly and securely receive money from customers.
What is an E-Wallet? And how can we leverage the E-Wallet system for business benefits? Let's find the answers together in this article.
Table of Contents
• What is an E-Wallet and How Does It Benefit Businesses?
• How Do E-Wallet and Digital Wallet Differ?
• 5 Reasons E-Wallet Suits Digital-Era Merchants
• What Are the E-Wallets? Both Thai and International You Should Know
• How to Add E-Wallet as a Payment Channel
• KGP: Easy Shopping Without Cards or Cash, Just Pay via E-Wallet
• E-Wallet: A Useful Tool for Businesses
What is an E-Wallet and How Does It Benefit Businesses?
An E-Wallet is a digital wallet that allows users to store money, make payments by scanning QR Codes or using other methods supported by merchants, and receive money via smartphones, without needing cash or a physical bank card directly. Additionally, the e-wallet system includes features for topping up funds, withdrawing money, transferring money between accounts, and linking credit cards or bank accounts to make transactions more convenient. Thus, E-Wallet has become an important payment channel, both for offline physical stores and online businesses, as it streamlines the payment process and provides customers with a faster, smoother buying and selling experience.
Furthermore, having a payment acceptance channel through the e-wallet system not only opens up opportunities for your business to easily access online payment systems but also enables businesses to instantly create promotions, discounts, or loyalty points through the app. This leads to a significant leap in your online sales growth.
If you are interested in using a secure and reliable payment acceptance service, find more information at QR Payment
How Do E-Wallet and Digital Wallet Differ?
Many people today are still confused about what E-Wallet and Digital Wallet are and how they differ. Let's compare them in the table below:
|
Feature |
E-Wallet |
Digital Wallet |
|
Definition |
An app or service that stores "online money" as a balance, ready for direct spending, transferring, topping up, or withdrawing via mobile. |
A wallet that integrates various features, including storing credit cards, membership cards, and gift cards, all in one app. |
|
Primary Purpose |
Paying for goods and services, transferring money between users, topping up mobile credit, and conveniently withdrawing money to a bank account. |
Managing various cards (credit cards, loyalty cards). |
|
Usage Model |
Prepaid or linked to a bank account/credit card for direct payment. |
Links various types of cards and wallets in one place, displays barcode/QR Code for payment. |
|
Key Features |
Transfer/receive money, scan to pay, top-up/withdraw funds, and cashback promotions. |
Display credit/debit cards, membership cards, coupons, and scan to pay. |
|
Scope of Use |
Primarily focuses on everyday financial transactions (P2P, P2M). |
Covers both payments and managing various cards in one app, enhancing data convenience. |
|
Platform Examples |
TrueMoney Wallet, Rabbit LINE Pay, ShopeePay |
Apple Wallet, Google Wallet, Samsung Wallet |
|
Account Linking |
Linked to bank accounts/credit cards or topped up via various channels. |
Links various types of cards, including syncing with email or multiple devices. |
5 Reasons E-Wallet Suits Digital-Era Merchants
Whether it's businesses or general consumers, everyone fully benefits from the convenience of this technology. The prominent advantages of E-Wallet are as follows:
1. Fast and Convenient Payment Acceptance
Merchants can quickly generate QR codes or connect to E-Wallet-compatible POS systems. There's no need to prepare change or recalculate prices for every payment received. For example, a small coffee shop with a steady stream of customers can accept payments within seconds, greatly enhancing customer service efficiency.
2. Easy, Contactless Customer Payments
With screen-based scanning and payment via mobile or Mobile Banking, customers don't need to use cash or physical cards, reducing the risk of germ transmission during epidemics and creating more convenient contactless transactions.
3. Comprehensive Financial Management and Data Viewing
By accepting payments via E-Wallet, merchants can always view financial data through a dashboard or report features, showing inbound and outbound funds. This helps sellers check sales records, categorize by date or product, and efficiently analyze sales and manage finances.
4. Reduces Business Costs, Increases Profit
Using E-Wallet instead of handling cash significantly reduces various management costs for businesses. It also creates opportunities for sales promotion campaigns in collaboration with various service providers, such as cashback promotions or coupons, to boost sales and increase repeat purchase rates simultaneously.
5. Secure and Reliable for All Usage
With encryption technology and identity verification such as OTP or Biometrics, E-Wallet helps businesses reduce the risk of accepting fake banknotes. Furthermore, every inbound and outbound transaction can be tracked, allowing merchants to detect and address potential errors promptly.
What Are the E-Wallets? Both Thai and International You Should Know
There are many E-Wallets from both domestic and international service providers, each platform having distinct features. Let's look at some popular E-Wallet providers that are suitable for your business:
• E-Wallets in Thailand: TrueMoney Wallet, Rabbit LINE Pay, ShopeePay, K PLUS (E-Wallet feature)
• International E-Wallets: PayPal, Apple Pay, Google Pay, Samsung Pay, Alipay, WeChat Pay
How to Add E-Wallet as a Payment Channel
For merchants interested in expanding their payment acceptance channels to be more comprehensive and modern, you can add one of the Payment Gateway Thailand options, such as E-Wallet, by following these steps:
1. Analyze customer groups and payment behavior: Study which bank wallets or service providers your customers commonly use.
2. Apply and register as a Merchant: Contact your chosen service provider, apply for a "Merchant Account," and submit necessary documents such as ID card, business registration, and corporate certificate.
3. Obtain Merchant ID and Credentials: After approval, the service provider will provide your unique Merchant ID, API Key, or QR Code. Check your E-Wallet number and keep it secure.
4. Install and connect the payment system
• In-store (Offline): Print the QR Code and place it in a frame on the counter or a nice sign.
• Online (Online): If you have a website or app, connect the payment API to your backend system to automatically update stock and sales.
5. Test payment: Perform test transactions including top-up, transfer, and refund to ensure all steps work correctly and no errors occur.
KGP: Easy Shopping Without Cards or Cash, Just Pay via E-Wallet
KGP, or Kasikorn Global Payment, offers payment acceptance services via TrueMoney Wallet, allowing merchants to receive payments from customers without credit cards or cash. Simply scan and pay via the app, which enhances convenience for customers and boosts your business's credibility.
This system caters to the behavior of digital-era consumers by supporting convenient and fast payment acceptance, whether on websites or applications, as well as offline store payments. With international security standards, both merchants and customers can be confident in every step of the transaction.
E-Wallet: A Useful Tool for Businesses
If your business is looking for an efficient payment channel that meets the needs of digital-era consumers, choosing an E-Wallet payment acceptance system is an excellent option. Besides enhancing payment security and trustworthiness, it also enables your business to create various promotions to boost sales and attract more customers.
KGP provides secure and reliable E-Wallet payment acceptance services that facilitate transactions for customers. It also allows you to connect to various platforms and stores to expand your business opportunities.
KGP, Payment. Make It Smooth.
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