The GlitraBit Digital Wallet

The GlitraBit system’s Fully Functional Digital Wallet is an advanced application which secures your wallet, and monitors your transactions and your account balance. To buy, sell or transact GlitraBits the secure OTP (One Time Password) system has been put in place which provides protection from viruses, trojans and other potentially dangerous programs. The digital wallet enables you to buy, sell, exchange GlitraBits. In course of time you will be able to use GlitraBits to buy and sell anything online. Apart from this you can link your bank account to the digital wallet, store your driver’s license, health-card, loyalty card(s) and other ID documents.

GBit Technology

This digital wallet uses cutting edge software which secures and encrypts the members personal information and conducts the transactions. Our digital wallet, is securely maintained in our servers and has become hugely popular among major retailers. The wallet maintains information of your shipping address, billing address, payment methods (including credit card numbers, expiry dates, and security numbers), and other related information.

General Digital Wallet Features

The Digital wallet systems have facilitated and increased the amount of digital transactions among various retail vendors in the form of mobile payments and digital wallet applications. For example: The M-PESA mobile payments system and micro financing service has widespread use in Kenya, Tanzania and India while the MasterCard PayPass application has been adopted by a number of vendors in the U.S. and worldwide.

Digital wallets have seen a marked increase in usage in Asian countries, in fact one in five consumers in Asia use digital wallets signalling a significant increase from two years ago. A recent survey by Master Card’s mobile shopping survey shows that 8500 adults (aged 18–64 across) in 14 markets showed, China (45% users), India (36.7% users) and Singapore (23.3% users), are the biggest adopters of digital wallets. The survey was conducted in between October and December 2015, also analyse (48.5%) consumers in these regions made purchases using smartphones. Indian consumers are leading the way with 76.4% using a smartphone to make purchase which is a drastic increase of 29.3% from previous year. Companies and financial organizations such as Reliance, Amazon India Paytm, Digibank etc. have made their digital wallets available in the market for shopping and other services, which have proven to be quite effective.

The Digital wallet ecosystem consists of digital wallet devices and digital wallet systems. There are dedicated digital wallet devices such as the biometric wallet, where it’s a physical device holding someone’s cash and cards along with a Bluetooth mobile connection. With the increased usage of smartphones for purchase and financial transactions, Digital Wallets have found increased popularity with Android and Apple based systems supporting the digital wallet applications.

Buying and Selling online

A client-supported digital wallet is relatively simple to set up and use. Once client related information is entered and validated the digital wallet is ready to be used. By default, during online purchases most digital wallets prompt when the software recognizes a form in which it can fill out; this helps in securing personal information stored on a particular computer.

Electronic Commerce Modeling Language (ECML) technology

Electronic Commerce Modeling Language is a protocol that dictates how online retailers structure and set up their checkout forms. Participating e-commerce vendors who incorporate both digital wallet technology and ECML include: Microsoft, Discover, IBM, Omaha Steaks and Dell Computers.

Application of digital wallets

Consumers are also in benefit when using digital wallets because their information is encrypted or protected by a private software code i.e. (OTP). Merchants are also in benefit and safe by receiving protection code against frauds.

GlitraBit digital wallets are available to consumers free of charge and easy to obtain. For example, when a consumer makes a purchase from a merchant site that’s set up to handle server-side digital wallets, he types his name and payment and shipping information into the merchant’s own form. At the end of the purchase, the consumer is asked to sign up for a wallet of his choice by entering a user name and password for future purchases. Users can also acquire wallets at a wallet vendor’s site.

Although a wallet is free for consumers yet vendors and merchants take charges to the customers in different ways. Some wallet vendors make arrangements for merchants to pay them a percentage of every successful purchase directed through their wallets. In other cases, digital wallet vendors process the transactions between cardholders and participating merchants and charge merchants a flat fee.