Digital wallets provide convenient payment services to individual consumers and can also track company credentials – for instance by recording health receipts.
Hardware and operating system configurations offer secure environments for key management functions. Wallets exchange credentials between devices, their owner and people using specialized messages.
What is an E-Wallet Agent?
E-Wallet Agents are payment service providers that provide users with digital wallet functionality. E-Wallet agents are an integral part of any m-wallet solution, as they ensure security and functionality that users expect from mobile payments.
Most people utilize personal agents and wallets installed on their devices – phones, laptops or even other personal electronic devices like Amazon Alexa may include. These personal agents will communicate through device secure enclaves which enable them to exchange verifiable credentials between each other.
Larger businesses will typically employ enterprise agents that connect to various enterprise systems like CRM, ERP and IAM. In addition, these agents will connect to wallets associated with individual employees, departments and business processes – more sophisticated than personal wallets that need the capability of delegating authority and permission actions.
How does an E-Wallet Agent Work?
When sending money to another user, an e wallet agent stores a payment transfer record in their database and uses software apps that encrypt transaction details as a measure to protect customer identity and ensure their funds arrive safely at their destinations. This centralized system helps millions of people like Abdul in Douala, Cameroon quickly send funds across borders to loved ones.
Digital wallets and agents are tailored for different user groups and purposes, such as managing health receipts for an individual user or monitoring the usage of company credentials by an enterprise agent. Both cases perform key management (generation, storage, rotation, deletion), connection maintenance, credential exchange and verification through secure execution environments with trusted execution environments provided by hardware/operating systems enclaves for key storage. Specialized messages perform identity related activities which connect digital wallets/agents users to global interoperable services networks.
How do E-Wallet Agents Protect Your Information?
Agents use cutting-edge security to safeguard your information against hackers. For instance, they employ tokenization technology to restrict credit card numbers to specific transactions; biometric authentication systems like fingerprint or facial recognition software prevent unauthorised entry.
Business operations often rely on more advanced enterprise agents than those found in personal wallets, for instance ones designed to monitor all activities performed with company credentials by employees and log any authentication or signing actions taken against those credentials.
How do E-Wallet Agents Make Payments?
Digital wallets are an indispensable resource that can transform our world for the better. They allow people to securely shop online, send money to friends and make payments for public transit easily and safely.
Digital wallets and payment agents collaborate in order to undertake all the above-listed activities effectively. A digital wallet is a software application which handles cryptographic keys securely stored on an individual’s device in a safe enclave.
A wallet serves many other key management functions, including the storage and display of virtual coins (VCs) as well as exchanging verifiable credentials. Furthermore, digital wallets can store and communicate with other devices.
BetInAsia provides a secure platform that enables digital wallets and payment agents to connect with customers globally. Our solution is technology agnostic and supports all payment modes ranging from modern NFC payments to USSD and SMS channels.
