Wallet system works as a prepaid card by which buyers can pay at a merchant's store instead of entering credit card or bank information every time.
OverviewBack to top
Wallet System module allows customers to pay from their wallet (pre-paid cash card ). A customer can use wallet cash during checkout. Wallet points will be deducted from customer wallet cash. Customers can add credit to their wallet system. The store owner can make the refund for the order purchased by the wallet and the amount will be added to the customer's wallet. If the wallet does not have enough amount to make the complete payment then the customer can choose other payment methods with wallet payment to purchase the product.
Use Case of the Wallet System -
Wallet system works as a prepaid card. The customer doesn't need to enter their payment information (CC) every time for the purchase. User/Buyer/Customer can periodically recharge their wallet to continue shopping. This process will save time and complexities of entering card/payment details during checkout. Wallet system helps to increase the sales and user experience for the merchant store.
Top up / Recharge procedure - Wallet recharge or top-up are simple. Existing payment method in the store will be used for wallet recharge. No need to setup any extra 3rd party payment method. Although it will work all the payment methods, which are working fine at a store.
Wallet System Features -
- Wallet System for Magento2 behaves as an online Payment Gateway.
- The customer can easily add credit amount into their wallet system.
- The Admin can also do the refund by the help of Wallet System for Magento2
- The admin can add an amount to the Customer’s Wallet or deduct an amount from the Customer’s Wallet.
- The admin can create multiple Credit Rules for crediting or debiting amount in the Wallet.
- The Admin can view the customer details who are using Wallet System for making the online payment.
- On the checkout page, the customer can see used wallet amount and remaining wallet amount.
- Email notification is sent to the customer on each transaction.
- Wallet amount will get credited after the generation of invoice.
- The Admin can create cash back rules for the customer.
- The customer can get Cash Back amount into their Wallet.
- The admin can set the limit ( maximum and minimum ) for the Wallet Amount.
- The codes are open source, so it can be customized as per the requirement.
Workflow of the Wallet System -
Customer will find "My Wallet" tab in their account. The customer can enter the amount and then click on "Add Money to Wallet". A customer can make the payment and the amount will be credited to their account. The customer can also view the transaction of their wallet (credit and debit) and status. If the wallet does not have enough amount to make the complete payment then the customer can choose other payment method with wallet payment to purchase the product. Here, credit card data will not be saved into the database.
Store Owner can set the minimum and maximum limit for adding cash to the wallet. The store owner can view the wallet history of each customer and their transaction. If the store owner refunds for any order whose payment is done through the Wallet System, then refunded amount will be credited to the customer's wallet.
Adding Balance in the Wallet - The customer can credit the amount to their Wallet by entering the amount in credit field. When the customer clicks on “Add Money to Wallet”, it will redirect to the checkout page where they can see the amount which they want to add in their Wallet & make payment. The amount gets credited in the Wallet after the invoice generation.
Purchase Management for the Wallet system - When the customer makes payment through the wallet system, then the order status is "Pending". After the invoice generation order status changes to "Processing". The order status will become "Complete" after shipment of that order. In case the admin makes any refund, the admin will generate the "Credit Memo". Then the amount will get credited to the "wallet" of the customer if the payment made from the Wallet System.
Adjust Amount to Wallet - The admin can enter the Amount, select what action they want to perform ( Credit or Debit) from “Action want to perform on amount” and add a Note for the transaction. The admin can select the customer for which they want to credit or debit the amount from the list of customers with the name, email address, “Remaining Wallet Amount”, “Total Wallet Amount”. There is a button called “Adjust Amount” for each customer in the list of customers. By the help of this button, the admin can add or deduct wallet amount from any particular customer. When the admin clicks there, a pop-up opens where the admin have to enter Amount, select what action they want to perform ( Credit or Debit) from “Action perform on amount” and add a Note for the transaction.
Wallet System Credit Rules -
Wallet Credit Rules is for the efficient management of Credit Amount process into the Wallet system. From here, the admin can easily create multiple rules for the Wallet Credit and apply them as per the condition. Mainly, there are two types of Credit Rules- On Cart & On Product.The admin can see all the details for Wallet system Credit Rules in a grid.
Credit Rule based on “Cart” - The admin can click on “Add New Credit Rules” button to add new Credit Rules. The admin can select either “On Cart” or “On Product” for Credit Rule. The admin can enter “Amount”, “Minimum Amount” for the Cart, select the date ( to and from) and can set “Rule Status” as Enabled or Disabled.
If the admin selects “On Cart” then Credit will be applied to the customer when his order value is greater than the set Minimum Amount for the Cart and if he orders between the dates set by the admin for that particular Cart Rule.
Credit Rule is based on “Product” - Here, the admin will go to Product > Catalog and can edit any product. They will see two fields – “Wallet Cash Back” in which the admin will enter the amount which will be credited back to the customer when they buy this particular product.
There is another field called “Product Wallet Credit Amount Based On” in which the admin can either select “Product Credit Amount” or “Cart Rules”. If the admin select “Product Credit Amount”, the amount entered for “Wallet Cash Back” will be credited back to the customer after the product purchase. If the admin selects “Rules Amount” then, the amount entered for Credit Rule Based on Product will be applied.
Benefits of Wallet Extension -
Wallet system is popular and almost all the popular commerce services are using wallet. Example - Uber is using Paytm as the wallet in India. There are huge amount of benefits of using wallet system-
- It saves a huge amount of time of entering payment information every time.
- It reduces cart abundance as payment process will be super smooth.
- No need to confirm OTP (one-time password) every time.
- Refund management is easy and fast. Refund takes places in minutes as no real payment will be involved. As in non-wallet refunds, every time customer checks their bank account and spend a huge amount of time in it.
Release NotesBack to top
- Compatible with CE: 2.1
- Stability: Stable Build
+ Admin can create cash back rules for the customer.
+ Cash back rules are based on product or on cart.
+ Admin can deduct wallet amount from customer's wallet.