Description of the E-wallet

In 1997, the origin of digital payment was from a Coca- Cola company which they
launched a few vending machine to let customers to purchase a can by texting
message. Although it was very different from E-wallet transaction, this is believed as
the origin of digital payment.

By 2003, people were possible to buy flight ticket, hotel booking and ordering foods
by using mobile devices.

Soon, Google and Apple became the first company that launched the mobile wallet in
2011. Consumers could redeem vouchers, earn points with NFC technology which is
known as ‘near field communications’. The near field communications can make your
day easier. With a transmitter, it allows short range interact between compatible
device. It also can be separate into two users which is passive or active. Both of the
users are able to send, receive data and communicate to each other as well. The NFC
works on the principle of sending information just like Bluetooth, WiFi, and all other
wireless signals. For example, NFC can enable Bluetooth to connect with other phone
to send large amount of data in a certain distance.

By the year of 2012, Apple Company created Apple Passbook. It is an application that
focused on boarding passes, tickets, and vouchers. After a few years, Apple
introduced the Apple pay in US, and rapidly spread through China and UK.

Nowadays, E-wallets like Lazada pay, Paypal, Touch n’ go, and Boost are very handy
to use in Malaysia.

It is a well-known fact that E-wallet is very convenient in our lifestyle. E-wallet is

also known as "digital wallet". The E-wallet is an electronic wallet (e-wallet) that
holds electronic money (e-money). From another perspective, E-wallet is a prepaid
account which a user can store his or her money to use in the future transaction.
Therefore, In the future there is no need to carry large amount of money nor a bag of
coins. Instead everything will be registered in an application or a card that is
connected to our bank account. With this equipment it can safely assure you that your
burden will be lifted. There will be no miscalculation with the transaction nor missing
money. Instead it will be kept in an app or card. We do not even have to use wallets.
Our hand phones we can easily say that our future wallet is our phones. So when we
go out our bags will be lighter or even we can just carry our cellphone around without
a bag. Furthermore, we can use E-wallet to purchase items online or pay for your
utilities and postpaid bill with just a smartphone by using Touch ‘n Go E-wallet
application.

On the other hand, E-wallet also provides services such as reloads, fund transfer, via
your smartphone anywhere and anytime within Malaysia. E-wallet has a lot of
attractive and secure features that make our life more convenient. For example, e-
transfer money to another user, reload mobile prepaid, directly purchase movie and
flight tickets, pay tolls with RFID feature or Touch ‘n Go and scan QR code for
payment.
Sometimes we find queues annoying or even long waits. Not to say patience is
necessary but time is precious. We can’t afford to stand in wait for a meal for thirty
minutes or even wait for cars to pass the toll. However e-wallet with a tap or a swap
your transactions is done within seconds. This conclude there will be no waiting or
queues. There is no need to think about whether you are going to be late to an
appointment or rush to work. Everything will move in a fast and passive pace.

An E-wallet is also protected by a password. In the future, there will be no problem

with thieves, robberies or counterfeiting problems, because to do a transaction we
have to pass through a security check of codes, pins or even password. This will
disallow indecent act to happen. We can also conclude that your money won’t be
worn or torn because it is kept in the bank. Everything will secured just the way you
left it there.

As can be seen, the functions of E-wallet are very similar to a physical wallet and
bank account. It has also developed into a service that can provide us with a
convenient way to store and online shopping. The item proposed in this chapter will
give detailed description of how the E-wallet influence in Malaysia.