e-wallets in india

E-Wallets in India: Complete Guide to using it

Your smartphone is a wallet! Shocked? You read it right Your mobile phone can become your digital wallet. The work you can do with a wallet kept in your pocket. Almost all the same work can be done with this digital e-wallet.

  • You can purchase online even pay through a digital wallet without having hard cash.
  • You can recharge your mobile recharge, cable, DTH.
  • Electricity, water, gas, etc. can be paid sitting at home. And you can protect yourself from the problem of standing in long queues.
  • Better option to book the movie, bus, plane tickets, etc. from your home, school, the office also.
  • You can send money to your bank account, even your friends, family, and relatives.
  • You do not need to roam from shop to shop for open money. Because payment of every single penny can also be done through e-wallet.
  • If you do business then you can accept payment from customers.

How does e-wallet work?

E-wallet acts as an intermediary. This brings the customer and the shopkeeper together. In which the two major elements are used in it.

  • Software
  • Information

Through software, wallets provide security and encryption to their users. Thereby the personal information (name, address, mobile number, email ID, bank account, etc.) provided by the user can be protected.

And in the information section, you are the personal information of the user. Which has just been mentioned aboveWhenever you make a payment through an E-wallet, the merchant’s pre-save information comes in front of you. Just after inserting the security pin, your payment is completed.

How can I use a digital wallet?

To use a digital wallet, you must have some important things and skills.

  • A smartphone
  • Current internet connection
  • An e-wallet app (available for free)
  • A little bit of digital literacy or basic knowledge of technology

If you have all the four things mentioned above. And we are sure you have it too! Now you can prepare your e-wallet by following the procedure described below.

  • Go to the Google Play Store and download an e-wallet app for yourself.
  • After this, get yourself registered in this e-wallet app.
  • Now put money in this wallet.
  • After this, your digital wallet is ready. It is too late to use.
  • Watch video

Points to remember

Do not reveal your e-wallet password and user name to anyone.

Avoid to share the PIN number you have entered with anyone.

Do online transactions only at reliable and safe places.

And keep the details of each of your transactions.Go to the bank to start SMS Alerts facility.

So that you can get your bank account information over the phone. Periodically changing the username, password, and PIN.

Mobile Wallet provides you with Prepaid Service. That is, the first thing you have to add money in the wallet. After this, you can use the money available in the wallet to pay for the included online services. The best example of this is the Paytm App.

Types of e-wallet

Dozens of mobile wallets have arrived, due to the increase in digital payment services in India. Through many types of special digital services are provided free of cost to you, Based on their services and work.

E-wallets are divided into several categories according to Reserve bank of India

  • Closed E-Wallets
  • Semi-Closed E-Wallets
  • Semi-Open E-Wallets
  • Open E-Wallets

1. Closed E-Wallets

These e-wallets can only be used for a particular site. Through them, you cannot do online transactions on any other site. These are a kind of personal digital wallet. In India, many websites like Jobong, Myntra and Flipkart offers this e-wallet to their customers

2. Semi-Closed E-Wallets

These are only the second version of the Closed E-Wallets. While You can use them online as well as on other sites related to that own site but these digital wallets do not permit cash withdrawal or redemption by the holder.

Paytm,Mobikvik,Freecharge provides semi closed e-wallets services

3. Semi-Open E-Wallets

You can shop with these digital wallets. And you can do other online transactions as well. You can easily do online transactions at major and popular places. These e-wallets are accepted in many places in India. Even these digital wallets do not allow you to withdraw cash.

4. Banking Wallets

In fact, These digital wallets are also called banking wallets because these are issued by the bank itself. And they remain connected to your bank account. Apart from online transactions, you can also make cash withdrawal through them.

Features of e-wallet

  • It is available free of charge.
  • They are fast and easy. Through this, you complete the transaction in a few seconds.
  • Get rid of Chillar.
  • This is safe and reliable. as you do not have to share your debit/credit card information with anyone.
  • Records of each transaction are available. Whomever we see and go Can check
  • Where you can use an e-wallet, you can purchase it online and pay it through a digital wallet.
  • You can recharge your mobile recharge, cable, DTH.
  • All your utility bills can be paid sitting at home like electricity, water, gas, etc..
  • You can transfer money to your bank account and send money to your friends, family, and relatives

List of best E-wallets in India

  1. Paytm
  2. Google Pay
  3. Jio Pay
  4. Phonepe
  5. Mobiwik
  6. HDFC payzapp
  7. Amazon Pay
  8. Oxygen Wallet
  9. Citrus Wallet
  10. Freecharge

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