Magento 2 Wallet Extension: Working and Top 5 Providers

• What is Magento 2 Wallet Extension?

• How Does the Magento 2 Wallet Extension Work?

• Top 5 Providers of Magento 2 Wallet Extension

• How to Customize the Magento 2 Wallet Extension?

• Common Issues and Solutions of Magento 2 Wallet Extension

• FAQs

• Summary

What is Magento 2 Wallet Extension?

The Magento 2 wallet extension is a powerful feature that that integrates a wallet system into your Magento store.

Magento 2 Wallet Extension enables customers to add wallet cash into a digital wallet linked to their Magento 2 account. The cash can be used for Magento wallet transactions. The extension makes future transactions smoother and faster. It helps customers:

• Add money to the wallet

• Check their balance

• Use the wallet as a payment option during checkout

Store owners can offer special promotions, such as cashback or bonuses. These encourage wallet usage.

The extension also simplifies refunds, as store credits can be directly issued to the wallet. Wallet extension enhances user experience by streamlining the payment process and promoting customer loyalty.

How Does the Magento 2 Wallet Extension Work?

1. Adding Funds

• Customers can recharge their wallets by selecting the "Add Money to Wallet" option in their account.

• Payments can be made through standard methods like credit/debit cards or PayPal. You can also pay through other payment gateways enabled in the store.

• The wallet balance will then be available for future purchases.

2. Using Wallet Balance

• Customers have the option to use their wallet balance as a payment method.

• They can cover the total purchase with their wallet. They can even split the payment between the wallet and another method, like a credit card.

• It allows for faster, hassle-free checkouts. It reduces the time spent entering payment details.

3. Refunds

• The extension also streamlines the refund process for store owners.

• They don’t need to refund using external payment methods, which can be time-consuming. The store can refund directly into the customer’s wallet.

• The method is quicker and can encourage customers to make another purchase with their refunded balance.

4. Incentives and Bonuses

• Store owners can promote wallet usage. It is by offering customers incentives when they recharge their wallets, such as:

  1. Cashback

  2. Bonuses

  3. Discounts

• It not only enhances customer loyalty but also encourages repeat purchases.

5. Wallet Management

• Both customers and store admins have complete control over wallet usage.

• Customers can:

  1. Monitor their wallet balance

  2. View transaction history

  3. Top-up whenever needed

• Store admins can:

  1. Set minimum or maximum wallet limits

  2. Configure refund policies

  3. Manage promotional activities related to the wallet

Top 5 Providers of Magento 2 Wallet Extension

1. Magento 2 Wallet Extension - Webkul

Webkul’s wallet extension allows customers to make online payments using the wallet. Customers can select the wallet system payment method at the time of checkout. It is compatible with Magento 2.0.x, 2.1.x, 2.2.x, 2.3.x 2.4.x.

Key Features:

• Add credit amounts, transfer money, & view transaction details

• Select the wallet system to make the payments at the checkout

• Admin can set the minimum & maximum limits for adding money to the wallet

• Admin can refund the amount to the customer using the wallet money

• Customers can add payees to their accounts to transfer the amount to their wallet

• Admin can add or deduct an amount from the customer's wallet

• Admin can create multiple credit rules for the cashback

• Customer can see the used wallet & the remaining wallet amount

• Email notification is sent to the customer for each transaction

• Compatible with GraphQL

• Compatible with the Hyva theme

• Works with multiple address checkout

Price:

• Magento Open Source Edition: $133 (12 months)

• Magento Commerce Edition: $267 (12 months)

2. Wallet for Magento 2 - Amasty

Amasty’s wallet extension takes transactions to the next level. It is by allowing your customers to make payments from the internal wallet system during checkout. They also return money to their wallet if the user cancels the order. It is compatible with Magento 2.3.7, 2.4.2 - 2.4.6.

Key Features:

• Let customers use an e-wallet as a payment method

• Allow using hybrid payments

• Charge, debit, refund to the e-wallet

• View the transaction history

3. Wallet System - CedCommerce

CedCommerce’s wallet system facilitates customers to make payments via the e-wallet payment method. They can transfer money and view transaction details in the wallet system. It is by crediting the amount into their virtual wallet account. The extension comes along with cashback functionality that can be managed as per the configuration set by the store owner. It is compatible with Magento 2.3.x, 2.4.x.

Key Features:

• The customer, as well as the admin, can credit the amount into the wallet account

• Detailed eWallet transaction history of each customer

• The option to transfer the wallet amount to another Customer's wallet account

• The cashback feature can be configured for the first order OR on all orders

4. Magento 2 eWallet Extension - Magedelight

Magedelight’s eWallet extension allows your customers to make the payment from their wallet system at the time of checkout. The admin can transfer cash to the customer's wallet if the customer cancels an order using an e-wallet for Magento 2. It is compatible with Magento 2.3.x, 2.4.x.

Key Features:

• REST APIs available

• Let the user select eWallet as a payment option on checkout

• Pay for the same order with eWallet as well as other payment

• Refund cash to customers’ digital wallet

• Add and deduct the amount from the customer’s eWallet

• View the detailed eWallet transaction history of each customer

Price:

• Magento Open Source Edition: $199 (12 months)

• Magento Adobe Commerce Edition: $399 (12 months)

• Magento Adobe Commerce Cloud Edition: $499 (12 months)

5. Magento 2 Wallet - Meetanshi

Meetanshi’s wallet extension improves customer loyalty by offering an e-wallet functionality. The extension lets your customers load money into their e-wallets and use it for payments. It is compatible with Magento 2.0.x, 2.1.x, 2.2.x, 2.3.x, 2.4.x.

Key Features:

• Major payment methods supported

• Customers can transfer or withdraw money

• Issue order refunds to the wallet

• Incentivize customer actions and offer wallet credits for unique customers

Price:

• Magento Open Source Edition: $99 (12 months)

• Magento Commerce Edition: $249 (12 months)

How to Customize the Magento 2 Wallet Extension?

1. Configure Basic Settings

• Navigate to the Magento Admin Panel.

• Go to Stores > Configuration > [Your Wallet Extension].

• Adjust settings such as:

  1. Wallet balance limits

  2. Default wallet behavior

  3. Payment options

2. Modify Wallet Interface

• Customize the frontend appearance by editing the theme files. Locate the wallet extension templates in your theme directory.

• Match the extension to your store’s branding by updating its:

  1. Styles

  2. Layouts

  3. Text

3. Update Wallet Functionality

• If you have development skills, modify the extension’s code to add or change functionalities.

• You can create custom modules to extend wallet features, such as:

  1. Adding new payment methods

  2. Integrating with third-party services

4. Set Up Promotions and Bonuses

• Configure promotional offers and bonuses through the admin panel.

• Set rules for wallet recharge incentives. These include percentage bonuses or fixed amounts.

5. Adjust Refund Policies

• Customize refund settings to determine how refunds are processed.

• Adjust the refund limits or enable automatic refunds to the wallet.

6. Test Customizations

• Before deploying changes to your live store, test customizations in a staging environment.

• Ensure that all modifications work as expected. They should not conflict with other extensions or core functionalities.

7. Consult Documentation and Support

• Refer to the extension’s documentation for specific customization guidelines.

• Contact the extension provider’s support team if you need help with advanced customizations or encounter issues.

Common Issues and Solutions of Magento 2 Wallet Extension

1. Wallet Balance Not Updating

The wallet balance may not reflect recent transactions or recharges.

Solution:

• Ensure that the cache is cleared and reindexed. Go to System > Cache Management and System > Index Management in the Magento Admin Panel.

• Check if any conflicts with other extensions might affect wallet functionality.

• Verify that the extension is up-to-date and compatible with your Magento version.

2. Wallet Not Visible at Checkout

The wallet payment option does not appear during the checkout process.

Solution:

• Confirm that the wallet extension is enabled. It should also be configured correctly in Stores > Configuration > [Your Wallet Extension].

• Ensure that the wallet payment method is activated for the checkout page in the payment methods settings.

• Check for theme compatibility issues. Custom themes need adjustments to support wallet options.

3. Refunds Not Processed Correctly

Refunds issued to the wallet have not been processed or displayed correctly.

Solution:

• Verify that the refund settings are configured correctly in the extension’s admin panel.

• Check for any conflicts with refund processes or other payment methods.

• Ensure that the extension’s code correctly handles refunds. There should be no errors in the log files.

4. Promotions and Bonuses Not Applying

Promotional offers or bonuses for wallet recharges are not applied as expected.

Solution:

• Review the promotional rules set up in the Magento admin panel. You should also ensure that they are correctly configured.

• Make sure the promotion logic in the wallet extension is correctly implemented. It should be compatible with your Magento version.

• Test the promotional functionality in a staging environment to identify any issues.

5. Extension Conflicts

Conflicts with other Magento extensions or custom codes can cause the wallet extension to malfunction.

Solution:

• Disable other extensions one by one to identify any conflicts. Re-enable them sequentially to isolate the issue.

• Check for compatibility issues with other extensions. You should also ensure that all extensions are up-to-date.

• Review Magento logs and error messages to diagnose the problem. You can also contact the extension support if needed.

6. Incorrect Currency Display

The wallet balance or transactions are displayed in the wrong currency.

Solution:

• Verify that the currency settings in the wallet extension match your store’s base currency.

• Check if the extension supports multi-currency configurations. You should also ensure that it is set up correctly.

• Update the extension to ensure it handles currency conversions correctly.

FAQs

1. What is the Magento 2 Wallet System used for?

The Magento 2 Wallet System is designed to make transactions easier. It is by allowing customers to store wallet cash. Use the wallet system for Magento 2 to streamline payments. It also offers a convenient checkout experience in your Magento store.

2. How does the Magento 2 Extension enhance transactions?

This Magento 2 Extension integrates a wallet system. It enables users to manage wallet cash effectively. With this extension for Magento 2, customers can use their wallet balance to complete purchases. It simplifies the payment process.

3. Can the Wallet System be customized in Magento 2?

The Wallet System for Magento 2 can be customized to meet specific needs. Adjust settings like wallet cash limits and transaction options with this extension for Magento 2. It helps fit the extension to the requirements of your Magento store.

4. How do I install the Magento 2 Wallet Extension?

To install the Magento 2 Wallet Extension, upload the extension package to your Magento store. Run the necessary setup commands and configure the wallet system. Follow the installation guide for the extension for Magento 2 to ensure proper setup.

Summary

Magento 2 wallet extension enhances your store’s checkout process by integrating a digital wallet system. The article explores the several features of the extension, including:

• Customers can deposit money into their wallets using various payment methods.

• Funds can be used fully or partially during checkout for quicker payments.

• Refunds are directly credited to the customer’s wallet, speeding up the process.

• Store owners can provide bonuses or cashback to encourage wallet usage.

Simplify payments and streamline operations with the Magento 2 wallet extension. Boost your store’s performance with managed Magento hosting.