A digital wallet or e-wallet is a payment system that securely stores users’ payment information and passwords and makes payments easy and fast (even mobile). The most common payment methods used to top up a wallet account are credit cards, direct debit and bank transfer. A digital wallet system can also store customer card information if appropriate PCI security standards are in place. A wallet is also required for cryptocurrencies: Anyone wishing to purchase Bitcoin or other crypto-currencies first needs a suitable wallet. The wallet works similarly to a real wallet, but the contents are purely digital. So if you want to buy something with Bitcoin, you pay from your digital wallet.
Common challenges in e-wallet operations
- Additional expertise required for KYC/KYB and AML-related processes.
- Back office workflows are often not yet streamlined or optimized enough to increase efficiency.
- Labor intensive compliance and transaction monitoring.
- Front-end and back-office processes (including risk management) are not streamlined.
- Lack of 24/7 manpower to support customer inquiries.
- Providing technical solutions to load your e-wallet.
How Payreto Supports E-Wallet Operators
We offer a wide range of solutions and services to help you scale your e-wallet operations with the help of our technology partners.
MERCHANT DUE DILIGENCE
We help you implement additional reviews to protect your business.
KNOW YOUR CUSTOMER
We perform due diligence on your behalf.
We assist you to identify suspicious activities.
Optimize your technical support by focusing only on difficult questions and let us take over the routinary support activities.
RISK MANAGEMENT SUPPORT
Monitor potential risks and fraudulent activities.
REPORTING AND RECONCILIATION
Manual report generation and reconciliation tasks which cannot be automated.
Reliable support with your day-to-day management of funds/treasury.
CONSUMER RISK SERVICES
Manage consumer risks associated with your e-wallet.
Get rid of your standard customer or technical tasks thanks to our 24/7 Contact Center like modern Payment Service Providers (PSPs) have implemented it.
We are here to help
With Payreto at your side, we can take over the communication-intense interaction with eWallet account holders because we are familiar with compliance-related, as well as front-end and back-office duties in the payment industry space. Also, we are very adaptive in dealing with new service requirements and offer a variety of billing and service models.
We’re strategically located in the Philippines, by working with Payreto you’ll have access to world-class talents while achieving reduced operational costs. Detailed reporting about the daily/monthly work accomplished improves transparency in your own back-office operations.