The Advantages and Disadvantages of an E-Wallet

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The e-wallet can make shopping online easier, but it has some disadvantages as well.
The e-wallet can make shopping online easier, but it has some disadvantages as well. (Image: Comstock Images/Comstock/Getty Images)

The e-wallet can make online shopping easier and faster than ever before. Despite certain disadvantages, the e-wallet is becoming more widely used. In the United States, the e-wallet is used primarily for online gambling, and some smartphone e-wallets are becoming increasingly popular.

The E-Wallet

The e-wallet is used to make online shopping easier. It's a file that you store on your hard drive containing all the personal information relevant to an online purchase, including your credit card number, billing address and expiration date. When you are ready to complete an online order form, you can have your e-wallet do much of the work.

Advantages

The e-wallet makes online shopping easier because it fills in the fields in an online order form automatically, saving you the trouble of doing it yourself. This is also a great advantage for online merchants, because customers sometimes abandon online purchases if they feel that the order form is too confusing or frustrating. The e-wallet can overcome this phenomenon by automating the completion process.

Disadvantages

There are some disadvantages to the e-wallet, as well. If you try to use the e-wallet with an online order form whose blank fields are in a different order from those in your e-wallet, or if the form has fields that the e-wallet does not recognize, the form may be left incomplete or be completed incorrectly. This would force you to erase all the fields and enter your personal information manually, defeating the purpose of the e-wallet.

Use in the United States

The e-wallet is used mainly for online gambling in the United States, though some smartphone e-wallets are becoming increasingly popular. However, online gambling is illegal in the United States, and certain e-wallet companies that cater to online gambling have been prosecuted by the federal government.

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