Do you know what a digital wallet or e-wallet is? This digital wallet has brought a big change in the payment service. Now consumers can easily miss the price of their purchase with the help of these digital wallets or e-wallets.
When our Prime Minister, Shri Narendra Modi ji, announced demonetisation, new rupees were not available at all because it is very difficult to make such an announcement operational in such a big country, so at that time digital payments were given the highest importance, some companies like PayTm, Mobiwik came forward to help the people.
Since then, digital payments have gradually become a part of our lives, with other economists and scholars believing that this digital payment system is going to be the most used payment system in the future.
So now the matter arises that what is these digital wallets or e-wallets and how it is making our lives easier. This digital wallet is nothing but an electronic version of the physical or traditional wallet, with the help of which we can easily predict our payment.
When we use this digital wallet in our smartphone, it is called mobile wallet. There are a lot of people’s problems about the use of these digital wallets, so today I thought why not give you all the information about what is digital wallet or e-wallet so that you also have a good knowledge about it.
What is E-Wallet / Digital Wallet?
The full form of e-wallet is Electronic Wallet which refers to a wallet that is not physical, but it has a digital existence that can only be viewed online.
It is a type of electronic card that is used only for online transactions through a computer or smartphone. The utility of this e-wallet is similar to the credit or debit card that I have already said about.
To avail this type of facility or to make a payment, the e-wallet needs to be linked with the bank account of the person. The main objective of e-wallet is to make it easier to transfer cashless funds without paper.
As I have said before, india is now being made completely digital, so our country is being taken into a cashless economy and a golden digital future for which many measures are being implemented by the government.
In such a situation, e-wallet is getting more incentives for the digital payment system. All these things are being made possible with the help of some very successful digital payment apps of the government such as BHIM app or the Unified Payment Interface (UPI) payments app.
Types of E-Wallet
E-wallets are mainly of three types.
- Closed E-Wallet
- Semi Closed E-Wallet
- Banking E-Wallet
Closed e-wallets are often used in e-commerce websites where customers can easily purchase the goods they need.
We can use a Google Closed e-wallet to pay payments in every platform. A certain amount can be kept in it, but we can’t withdraw any kind of cash from it.
Banking e-wallet is a very special e-wallet where a consumer’s bank account is given the gross of an e-wallet. This allows the customer to use his account on a wallet.
How Digital Wallet/E-Wallet Works?
In the card of a digital wallet, all the details of the user are saved, so that the customer can easily make online purchases. E-wallet or mobile wallet consists mainly of two parts, software and the other information.
The software part stores personal information and provides security and encryption to the data, while the information part contains a database of details provided by the user, including their name, postal address, payment method, amount to be paid, credited or debit card details, etc.
If I tell you about the working of digital wallet or e-wallet, then this MasterPass digital wallet first asks the customers to register so that they can take advantage of its service for which they have to provide the details of their physical card.
All this information is then verified through the OPT authentication process, only after that the registration process is completed.
Once this process is complete, then a person can use it to buy anything online if there is an option of MasterPass like a payment mode. Payment can be made here by filling out the MasterPass card ID and password correctly.
Here the transaction is authenticated through a 3D-secure PIN or a one-time password.
What can be purchased through online payments?
When e-wallets are used for goods and services through registration to make payments, it takes very little time compared to other credit or debit card payments. We use digital wallets to recharge utility bills, DTH plans, and mobile bills or.
In e-commerce sites, you can use digital wallets to buy. Since most e-commerce sites have tie-ups with other digital wallet companies, with the help of this, customers can easily make payments.
How do we use digital wallets in an e-commerce site?
- First of all, login to your e-commerce site.
- Then add the respective product to your cart.
- Then select ‘Wallet’ in payment mode.
- Choose your respective wallet there.
- Then make your payment.
What are the benefits of E-Wallets / Digital Wallets?
I am going to tell you about the different benefits of E-Wallets/Digital Wallets. Then let’s know.
- Digital wallets can be used for online purchases from e-commerce websites.
- You can also fill a lot of utility bills such as electricity, prepaid recharge, booking movie tickets, telephone bills, etc.
- While making the payment, we do not need to give repeated ATM or credit card details such as card number, CVV, etc.
- To order food with it online.
- To the bookings of the trip.
- If a transaction fails for any reason, we get the money back soon.
- Online fund transfer through digital wallet.
- Buy a lot of financial products such as mutual funds and insurance.
What is required for the use of e-wallets?
Let’s know about the four things that are most important for the use of digital wallet or e-wallet.
- Bank account
- Smart Phone/Laptop/Computer
- Internet (2G/3G/4G) connection
- Wallet app (which is free)
Things to Note for E-Wallet Use
Here we will find some information related to e-wallets that are very important to know.
- To get regular information of each transaction through SMS, definitely register your mobile number with the bank.
- Always note that you should never share your PIN with anyone. By doing so you can protect yourself from scammers to a great extent.
- Only make transactions with trusted merchants or e-commerce websites.
- Use the ATM to make sure no one is watching you from behind.
- Do not be in a hurry while making any transactions.
- Try to use your own devices as much as possible online payment.
Top E-Wallets / Digital Wallet in India
Ever since demonetisation has left its impact in India, it has increased digital payments to a great extent with it. Nowadays, people are mostly choosing digital payments in the place of cash. This has led to a significant increase in cashless payments. There are a lot of e-wallets in the market today to manage these cashless payment services. So in the future you will provide information about such top e-wallets to people.
We can use PayTm’s wallet in many places such as shopping, for filling bills for eligibility, recharge mobiles and dish tvs, for bookings, etc. It’s very easy to use with it and safe.
We can use this wallet mainly for recharges, shopping and online food orders. Along with this, we can also encash the points of our cards in money so that we can recharge mobile. For new registrations, you can use the referral code “VAU3ZA”. In this, when you use this referral code, you will also get some supercash which you can use in shopping.
It is also like Paytm where you can do a lot of work like recharge, filling up electricity bills, ordering food online, booking gas, etc. But it has the most offers and discounts compared to all other wallets.
We can use it mainly for recharges, shopping and online food orders. Along with this, you can also pay electricity bills.
3) Oxygen Wallet
We can use it mainly to recharge electricity bills and mobile phones. But it’s very easy and safe to use.
I sincerely hope that I have tried to explain you what is an e-wallet (digital wallet)? I’ve Given full information about and hope that you people will have understood what e-wallet is?.
I urge all of you readers to share this information with your neighbourhood, relatives, your friends, so that there will be awareness among us and it will benefit everyone a lot. I need your cooperation so that I can bring even more new information to you.