What does E-Wallet refer to in relation to electronic transactions?

E-Wallet, in the context of electronic transactions, refers to an electronic wallet that securely stores users' payment information and passwords for numerous payment methods and websites. It acts as a digital alternative to carrying physical wallets by allowing users to make transactions online or in person using their mobile devices.

Having an electronic wallet facilitates various types of transactions, making payments seamless and quick without the need for physical cash or cards. Users can link their bank accounts, credit, and debit cards to their e-wallets, enabling them to make purchases, transfer funds, and track spending easily. The convenience and security provided by e-wallets are key reasons for their popularity in the digital payment landscape.

While digital currency represents a specific form of virtual currency and an electronic payment system encompasses a broader range of solutions for processing payments, e-wallets are specifically designed for managing and facilitating individual transactions. A credit card substitute may refer to options like virtual credit cards but doesn't capture the full functionality and range of services that an e-wallet offers. Hence, the designation of e-wallet as an electronic wallet is the most accurate representation of its purpose within electronic transactions.