What is e-wallet:
Just as banks allow our money to be spent through Debit Cards, some payment services offer payment through a mobile app or computer. This facility is provided through e-wallet. A fixed amount can be kept in the wallet through which payment can be made if required. You don’t need to keep a purse or wallet. Now you will ask if we can do this by debit or credit card, so what is the need for an e-wallet? Let us know the advantages of an e-wallet:
How to Make Online Payments Without Cash and Card
- Freedom from the hassle of swiping cards.
- You don’t need to fill in the card details while making the payment. Everything happens in one click.
- Fast payment is required when booking an online shopping site or limited sale offer, train or flight ticket, or you are deprived of an offer or ticket. With just one click, you get rid of card payers.
- You can send money from your wallet to anyone in minutes without any banking hassle.
- Since you do not provide any card details in this payment system, the chances of information being leaked or hacking are reduced.
- Even if this happens, it will be flat at a limited amount in the wallet. In any case, the money in the wallet is the responsibility of the company that provides the wallet in case of any error.
- With the option of offline payment in the wallet, there is no hassle of open money in shops and autos and you don’t have to pay more if you don’t have to pay for it.
- In case of any payment failure, the money gets refunded quickly.
- Just keep in mind that the money in the wallet has to be used within 6 months of the last payment. Failure to do so can lead to wallet expiry and money.
A variety of e-wallets:
There are three types of e-wallets used and options:
- Closed e-wallet: Such e-wallets are often in service sites such as e-commerce sites or railways. They can be stored, but they can only be used for making purchases on these sites. E-wallets on Flipkart and IRCTC, for example.
- Semi-closed e-wallet: Payments can be made on every platform and a fixed amount can be kept in them as decided by RBI. However, they cannot be cashed out of any form and can transfer money. For example, Paytm, PayU, Mobikwik, etc.
- Open e-wallet or banking wallet: These e-wallets belong to banks. They can only give your account the shape of a wallet. The money that will be in the account will be available in the wallet, which includes semi-closed wallets and a natural way to droll money from ATMs.
E-wallet on Mobile:
Any e-wallet can be downloaded from Google, Apple or Any One’s App Store in Windows. Tips for using it:
- After opening the app you will need an e-mail address and mobile number. Give the same email address and mobile number that you always use, since all the verification is done in case of any problem.
- When you provide this information, you will see the option of additional money in the app. Your debit/debit/ debit/ You can deposit money through credit card or net banking.
- You are allowed to keep the money you need from your account. The limit for keeping money in e-wallet has been set by the Reserve Bank of India. It can be kept up to Rs. 10,000 a month. If you need to keep up to Rs 1 lakh, you need to opt for a verified account on the e-wallet site. The e-wallet company completes the process of KYC to open a verified account.
How to Get your Money Back:
If you want to send the money in your wallet back to your bank account, it is possible. However, at present, the facility is available on very few e-wallets. Paytm e-wallet allows you to send money back to your account:
- Activate the service by typing ‘TMB’ from your registered mobile to 53030 so that the wallet money can be sent to your bank account. The message will come as soon as the service is activated. The process is completed in 48 hours to 7 days according to the bank.
- Once this service is activated on your account, you will see the option of ‘Transfer Money to Bank’ on the Paytm app.
- Click here and fill in the amount you want.
- Fill in the bank, branch and IFSC code and press the Submit button. Just done money transfer.
- Paytm charges 4 percent of the total amount in such transactions.
You Can Choose one of these:
Features: It is currently the largest e-wallet in the country. Whether it’s a user’s talk or payment destination, it’s at the forefront.
The drawback: A lot of complaints about customer care.
Features: From mobile recharge to electricity bill, everyone gets paid here. There is also a payment facility at offline outlets.
Draw away: Payment facility at very low offline outlets
Features: Apart from depositing and recharging bills, this wallet also offers payment.
Drawer: Availability only on limited e-commerce network
Features: Gift cards and virtual visa cards.
Drawback: Gift cards of limited companies only available.
Features: Recharge and cash withdrawal facility.
Draw away: Quite limited options.
Apart from these, there are also good mobile wallets like Citrus Pay, Novopay, Momoe, and PayuMoney.
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