What Is an eWallet?
Once you have been online for a few weeks or months, you will have an online identity. You may need and use quite a few online passwords and pins, along with personalized billing and shipping information. Not only do you need to enter your personal and financial data at each site, but you also have to remember and secure that information. An e-wallet is a convenient, secure place to store data related to your online identities. Once you start using one, you will wonder how you ever managed without it.
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Misconceptions
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Many popular browsers, including Internet Explorer and Firefox have some basic built-in e-wallet functions. However, storing your information in a browser is not as secure as using a separate program that is specifically designed for this task. In addition, if you change browsers, you may not have access to your data. Browsers also store your passwords in a separate location from your form data. In some cases, you need an add-on to store personal data that you need for completing forms. With few exceptions, these days, you will have a separate email program where you store email addresses for your contacts.
Function
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E-wallets can store your passwords, credit card numbers, email contacts and vital data like your driver's license or social security numbers. You may have your personal data recorded in several disparate locations, including your browser, spreadsheets, a PDA and on paper. Not only is it inconvenient to manage your online experience this way, but it can also be risky. Paper can get lost or waterlogged. Trying to remember and update your email contacts and credit card information can be overwhelming. An e-wallet allows you to unify and store the information that you need. You will only need to remember one password to unlock your encrypted data.
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Features
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A consumer e-wallet is a standalone software application that you can download and install on your computer, PDA or Smartphone. Some of the most popular e-wallet software programs also allow you to store photos and maps. You can often customize the software's data entry options to fit your needs. Many retailers also provide credit card data e-wallets to their customers. These have limited features. They mainly store billing and shipping information.
Security
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A good e-wallet uses strong encryption for stored data. The user also needs to enter a password to open the stored files. Some e-wallets employ additional password security features such as a limit on failed password attempts. Once this limit is reached, the user will be locked out.
Considerations
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Syncing and backup options are important. Keeping a file separate gives you peace of mind and recovery options when you lose access to the original files, or the device stops working. The option to use your e-wallet on multiple electronic devices makes the software more useful. To simplify your life, you should choose an e-wallet that you can run from a USB flash drive, along with your Smartphone and a desktop or laptop.
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