The Increasing Trend of Using E-Wallets in India

The advancement of technology has significantly changed the way consumers today pursue even the most basic of transactions. Whether one wishes to order groceries, take-out food, book a taxi, purchase movie tickets or even recharge their prepaid mobile phones, e-wallets have become an increasingly accepted approach to pursuing cashless transactions.

What is an E-Wallet?

Also known as a mobile wallet, this is essentially a digital version of a physical wallet. This online platform allows users to keep some money in it like a bank account through which various transactions can be made with the additional benefit of incurring no transaction fees.

Adoption of Mobile Wallets in India

E-wallets a relatively recent phenomenon and experts believe that as the awareness of its benefits and applications increase, more and more users across India will choose to migrate from cash to e-wallets.

For industry pioneers such as MobiKwik, within a period of 1 financial year, their e-wallet service saw a growth of about 300% reaching 15 million users nationwide. With about 900 million smart phone users in India it is expected that almost of all them will eventually start using e-wallets in some form or the other.

Within 15 months of its launch PayTM was able to get 50 million mobile wallet users who conducted over 16 million unique transactions every month. By the end of the year, it is expected that PayTM will have 100 million mobile wallets.

With more and more users getting comfortable saving their cards and maintaining a balance on these wallets, consumers are able to make payments through this wallet with over 20000 merchants across a variety of product and service categories.

Most e-wallet service providers are also now incorporating offline merchants making it easier for consumers to pursue all their transactions from a single place. Also, a major focus lies in making it easier for consumers to add money into their wallet using cash. Many leading online shopping portals are also accepting payments via e wallets to provide more flexibility to the shoppers.

Targeting Tech Savvy People

By targeting the increasingly tech savvy mobile user base in India, e-wallets are expected to become a matter of routine even for an aspiring rural consumer who intends to make digital transactions.

Also targeting users who continue to prefer the cash on delivery option offered by many e-commerce stores, e-wallets present a lot of promise in the Indian market.

Shoppers may avail additional benefits by using coupon codes and paying via e wallets. For instance to get maximum benefits on your purchase use coupon codes like Flipkart coupon code or Paytm coupon code and make the payment via e wallet at checkout.