What Are Digital Wallets?

by Arjit Chalmela Finance Student

Carrying lots of cash is a burden nowadays, because of the weight and the fear of misplacing the wallet or purse. Many people have the habit of storing their identity proof in their bags as well. It is natural to panic and worry if their belongings get lost. But, during such tough times, financial support is a must. Without money, it is difficult to deal with the situation.

Digital wallets, also known as mobile or e-wallets, refer to devices or services that enable users to carry out monetary transactions electronically. Go cashless with these wallets. Link them to the bank account for easy recharge of mobile data plans, payment of utility and other bills, and also general payments for purchases of commodities. Mobile numbers can also be linked to them for payment purposes.

Following are some examples of digital wallets:

1. PayTM: It was launched in 2010, and it is the largest digital wallet app in India. Payments made through this payment platform are accepted all over the country. Numerous online merchants have their accounts on this app so that digital transfers become convenient, fast, and secure. With these apps, people can shop, travel, and do much more.

2. Google Pay: With the help of Google Pay UPI, users can link their e-wallets to their bank accounts directly. Their phone numbers should be linked to their bank accounts so that the transactions become easy. These wallets do not require additional KYC verification for activation.

3. Amazon Pay: The global giant, Amazon, has developed its digital wallet known as Amazon Pay. Initially, it allowed funding only for items bought from the Amazon website. But now, it supports transactions of selected merchants along with benefits like discounts and cashback offers.

4. PhonePe: Powered by Yes Bank and launched by Flipkart, this app allows payments by scanning QR codes or even using the debit or credit card. It assures the security of data from cybercriminals and is available in multiple Indian languages.

5. BHIM: It is a digital payments app supported by the Reserve Bank of India (RBI) and launched by the National Payments Corporation of India. It is one of the best digital wallets in India that is based on UPI. It can support payments for mobile recharge, set-top box plan recharge, and many other services. It was launched by the Prime Minister of India, Mr Narendra Modi, and supports all Android versions.

Conclusion

All these apps are safe, secure, and user-friendly with an easy-to-navigate user interface. They support all sorts of payments for recharge of different plans and bills for non-stop usage of services.