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Infibeam Rolls Out A Digital Wallet On Their Own Site
Indian e-commerce venture Infibeam has decided to ease concerns regarding online transactions & has launched a virtual ‘Wallet’ for its own site.
Supposedly inspired by its own earlier steps, Infibeam now wants buyers to park their money in the digital wallet to be used for purchases. To do so, buyers will first have to first create a virtual wallet in their accounts & carry out a banking transaction to put in the desired amount of money. To save on future transactions, users can put in as much money as they feel necessary. Perhaps from a safety point of view, Infibeam has restricted the maximum amount to be stored to Rs. 5000.
Ways to offer such easy payments options have been experimented in the past. The site can justify this technique for people who buy a lot of merchandise costing a few hundred rupees. Sites which stock a very large inventory often have products costing even less than Rs. 100. Under such circumstances, it is beneficial to have a pre-loaded wallet from which money can be easily deducted without having to interface with a virtual banking terminal. Not to mention with the growing number of people shopping from their portable devices or smartphones, it is a very convenient way. No more fumbling with the phone to input banking & transaction password every time.
While it does offer certain convenience, we feel such a step may be misconstrued by the end-user. First, the buyer will have to do a banking transaction initially to ‘top-up’ which does involve working with internet banking or credit card. Second, it curtails the buyer to only one site. Buyers who transfer their money to Infibeam will be indirectly forced to buy only from this e-commerce portal. This has been confirmed since the site does not allow to withdraw the money put in. However, there is no expiry to this wallet. Hence people could use it indefinitely till the wallet runs dry. But the user is still locking his or her money.
Sites have been trying to attract customers with innovative additions to their site for a long time. Let’s see how this one succeeds.
Image Courtesy | wikipedia
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2012-10-19 05:00:12
Source: http://www.watblog.com/2012/10/19/infibeam-rolls-out-a-digital-wallet-on-their-own-site/
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