Digital wallets were introduced around us for some time but have already become most likely used virtual payment for the future by the people. Several reasons that have contributed to make it a good option

As the name implies digital wallet is an e-wallet that use’s software-based system to store user secured payment information and used to access the money in one’s account within seconds. The digital wallet was first introduced in India in the year 2006 by YES bank. Since that time most of the industry has jumped in this mode of service. It has been a convenient mode of payment for the people and they are making large use of it. There are several reasons why it has gained so much popularity. if we talk about the percentage of people who rely on e-wallet today then I could ask it would be around 60% and the remaining percentage aren’t aware of this technology briefly thus it is important to know it properly.

Digital wallet is mostly used via digital means such as smartphones, tablets and even computers. As this enables the user to carry the app in one system and thus no need to carry cash every time we need to make payments. Almost all the stores where it’s a roadside one or the one in the mall has a QR code in or to make payment digitally and as we know no one like to carry extra baggage if you already have necessities with you. This is even a drastic step toward cashless India.

All the details such as bank details, credit, debit card information to loyalty schemes, promotional offers, tickets, personal details and more are stored in one place. It is a profitable option as it also provides coupons time to time and offers are going on every time the scheme of cashback returns the many paid under a special plan.

These Digital wallets are faster, reliable, contactless and enable the user to keep an eye on daily payments bills etc. The user can even manage to track savings in the account through the app itself and also enable faster, contactless payments. As the population is increasing day by day thanks to the technology and adoption by people and parts of the sector that the market seems to be in a good position.

While if we talk about revolution in payment method then the race started a long back in the 1980s as David Chaum created the idea of Digicash and thus leads to the invention of PayPal in 1988 as a solution for the customers of eBay in this the customer was allowed to store the credit card for promoting secure payment through this the revolution of digital payment got a push. After this google wallet came into existence in 2011 that was a drastic step and soon after that 2014 apple pay with many more like it came into the competition.

 Digital wallet adds a kind of value to the transaction as the concept of data encryption is given a large amount of importance. there is a large advantage for retainers which enable the transaction process to be faster, more flexible and accessible which improve the customer invitation. There is a large number of communication techniques in a digital wallet, this enhances a strong customer bond.

People have realized that paying through use of digital wallet is a kind of secure choice as they know the air transmission of data through the swipe of cards into the so-called swipe machines, also a large number of option are present for payment. Now no need to carry credit cards. A very normal example could be that a thief can grab your wallet and run away and you lose everything but these wallets are secured even if your mobiles are stolen then also secret pin and password doesn’t allow them to crack the info that easy and till then you could change everything via any other device access.

There are a lot of websites that can be used to make payments such as Google pay, PayPal, Apple pay. These are the broad once there are many more to be considered for payments. The set up digital wallet is mainly through the bank or simply by an app in your smartphones. After the app you download or you could directly go the website you consider the best then there are several steps you need to follow to do the registration and make your profile get them to know the details and then selection of card providing contact details everything is written in a well-mannered that could be easily followed even the picture is attached to give a clear view of understanding this is the one of the reason it does not require any assistance after regard this we assistant is required then contact info is been mentioned.

Once the accounting process is done then the bank account can be linked through each time the money is been added to respective wallets. Direct as well as on-time payment wallet both exist in this system. In direct wallet at the time of payment to someone the account is accessible through the app and then details mainly mobile number is provided and then the payment is done the number is linked to the account thus the amount reaches to the account of recipient and the payee receive a success message of payment is done the example can be Google pay. In the indirect wallet, the money is added in the wallet after we transact it from the account and even while the payee makes a payment to the recipient the amount received is stored in-app wallet that needs to be lately can be added to the respective account if wished. while this is not a problem anyway as mostly all shops and online stores accept the wallet mode payment. The best example can be Paytm.

Types of digital wallet in use consist:

  1. Google Pay:

It is also known as Tez. The google pay ecosystem has designed its platform in such a way that there is not any lag in the process. It is nowadays mostly used digital wallet across the nation. There are a lot of facilities that Tez provides such as sending money t friends and family, paying bills, recharge options and all this done via UPI that is directly linked from the account you possess.

Thus the reloading payment concept does exist and there is not any requirement of any additional KYC that is required in other apps. There are even scratch cards with coupon codes are achieved, rewards with cashback are also offered. There are more than 10+ crore installation of this app from play store till date

  • Paytm:

It is a mobile commerce digital wallet app compatible with smart devices like mobiles, tablets etc. This allows the customer to store money in the app’s wallet and do quick payments.it has a mobile market and was successfully launched in 2010.in this platform, the payment can only be made to the person linked with the same market(Paytm). This service can also be used to pay bills and in online shopping from a vast number of platforms. These are mostly used with online educational platforms. till the date, it has 10 crore install from play store

  • BHIM Axis Pay:

It is a UPI banking app that enables you to do make the payment instantly to other people’s account. This is a famous app use by a large group of people. it is faster and reliable app. The recharge option of DTH set up box is enabled here. 10 crore installation from play store.

  • PhonePe:

PhonePe is in use by a huge crowd for transaction purpose and paying bills and even for recharge. In the app, options are there to select from here also the concept of UPI is followed. There is a nice interface that enables safe and secure payments. It also has existence in Flipkart nowadays. There is around 9 core installation of this app from the play store.

Conclusion:

The use of digital wallet has given digital payment a new platform that is more secure and beneficial than usual. The information mentioned above would surely help you to understand the concept behind Digital Wallets.  

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BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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