What is Digital Wallet or E-Wallet: Do you know what is a digital Wallet or e-wallet? This Digital Wallet has made a big difference in the payment service. Now consumers can easily get their shopping price with the help of these digital wallets or e-Wallet. When our Prime Minister Shri Narendra Modi declared the demonetization, new prices were not immediately available since it is very difficult to act like such a declaration in such a large country, hence the highest importance was given to Digital Payment at the time. Some companies like PayTm, Mobiwik came out to help people.
Since then Digital Payment has gradually become part of our lives, other economists and scholars believe that this digital payment system is going to be one of the most used payment systems in the future.
So now the point is that what is the digital wallets or e-wallets and how it is making our lives easier. This digital wallet is nothing but an electronic version of a physical or traditional wallet, with the help of which we can easily make our payment. When this digital wallet is used in our smartphone, it is called a mobile wallet.
There are many people in the public about the use of these digital wallets, so today I thought why not give people complete information about what happens to the digital wallet or e-wallet so that you also have a great deal of information about it. Then let’s start delaying the matter.
What is e-Wallet (What is Digital Wallet)
The full form of e-Wallet is Electronic Wallet which represents a wallet that is not physical just a digital entity that can only be viewed online. This is a type of electronic card that is used only for the online transaction through a computer or smartphone. The usefulness of this e-wallet is the same as credit or debit card which I have already said about. To avail of this type of facility or to pay, e-wallet is required to link to the person’s bank account. The main purpose of an e-wallet is to make paperless money transfer easier.
As I have said before that now India is being fully digital, therefore our country is being taken for a cashless economy and a golden digital future for which many measures are being implemented by the government. is. E-wallet is getting more encouragement for such a digital payment system. All these things can be made possible with the help of some very successful digital payment apps like the BHIM app or the Unified Payment Interface (UPI) payments app.
Types of e-wallet
If seen, E-Wallets are mainly of three types.
- Closed E-Wallet
- Semi-Closed E-Wallet
- Banking E-Wallet
Closed E-Wallet is often used in the e-commerce website where the customer can easily shop for their needs.
Semi-Closed E-Wallet: We can use the Semi-Closed E-Wallet to fill payment in every platform. A fixed amount can be kept in it, but we can not remove any kind of cash from it.
Banking E-Wallet is a very special e-wallet where the e-wallet of an e-wallet is given to the customer’s bank account. This allows the customer to use his account at the expense of a wallet.
How Digital Wallet Works
All the details of the user are saved in the card of a digital wallet so that the customer can easily make online purchases. E-wallet or mobile wallet mainly consists of two parts, software, and other information. Personal information is stored in the software section and provides data and security and encryption. The information section contains a database of the details provided by the user in which their name, mailing address, payment method, amount to be paid, credited or Details of debit card are, etc.
If I tell you about the work of Digital Wallet or E-Wallet, then this MasterPass digital wallet first asks the customers to register so that they can avail the services of which they have to provide details of their physical card. All this information is then verified through the OPT authentication process, after that the registration process is complete.
Once this process is completed, then one person can use it to buy anything online, if there is an option of MasterPass on the basis of a payment mode. The payment can be made here by filling out the MasterPass card ID and password correctly. Here the transaction is authenticated via the 3D-secure pin or One Time Password.
E-wallet Payment System:
When the payment is made for goods and services through e-wallet registration, then it takes very little time compared to other credit or debit card payments. We use digital wallets to utilize utility bills, DTH plans, and mobile bills or recharge. You can use digital wallets to buy in e-commerce sites. Because most e-commerce sites are tie-ups with other digital wallet companies, customers can easily make payments with this help.
How do we use Digital Wallet in E-commerce Site
- Login in your e-commerce site first.
- Add the respective product to your cart
- Then, in the payment mode, select ‘Wallet’
- Choose your respective wallet there
- Then make your payment
What are the Advantages of E-wallet:
Here I am going to tell you about the different faces of Digital Wallets. Then let’s know.
- We can use digital wallets for online shopping from e-commerce websites.
- Many utility bills can also be used to fill billions such as electricity, prepaid recharge, booking movie tickets, telephone bills, etc.
- At the time of payment, we do not need to give ATM or Credit Card details such as Card number, CVV, etc.
- To order food with it online.
- To bookings of travel.
- If the transaction fails for any reason, we will get the money back soon.
- Online fund transfer through a digital wallet.
- To buy lots of financial products such as mutual funds and insurance.
What is required to use the E-Wallet?
Four things that are most essential for the use of Digital Wallet or E-Wallet, let’s know about them.
- Bank account
- Smart Phone / Laptop / Computer
- Internet (2G / 3G / 4G) Connection
- Wallet App (which is free)
Things to note about the use of e-wallet:
Here we will get some information related to E-Wallets which is very important to know.
- To get regular information on each transaction through SMS, please register your mobile number in the bank undoubtedly.
- Always note that you never share your PIN with anyone. By doing so you can save yourself a lot from scammers.
- Transact only with trusted merchants or E-commerce Websites.
- Use the ATM to ensure that no one is watching you from behind.
- Do not show any urgency while doing any transaction.
- Try to use Online Payment as much as possible on your own devices.
Top E-Wallets in India
Since the Note Bandi has left its impact in India, it has increased the digital payment to a great extent with it. People are now choosing mostly digital payments in place of cash. This has increased a lot in cashless payments. To manage this cashless payment service today there are many e-wallets companies in the market. So in the future, you will be giving people information about top e-wallets.
We can use it essentially to make Recharges, Shopping, and Online Food Orders. With this, you can also do this for paying electricity and DTH bills.
PayTm Wallet can be used in many places, such as for shopping, for filling electricity bills, Recharge Mobiles and Dish Tv, Bookings, etc. With it, it is very easy to use and safe too.
We can use this Wallet primarily to make Recharges, Shopping, and Online Food Orders. With this, we can also encash the points of our Cards in which we can recharge the mobile. You can use this referral code for the new registration “VAU3ZA”. In this when you use this referral code you will also get some super cash which you can use in shopping.
This is also like Paytm where you can do a lot of work, such as recharge, electricity bill paying, online food order, gas booking, etc. But it offers the highest offers and discounts compared to all the other wallets.
We can use it mainly to make Recharges, Shopping, and Online Food Orders. With this, you can also do this for paying electricity bills.
- Oxygen Wallet
It can be used mainly by Electricity bill and Mobile Phone Recharge. But using it is very easy and safe.
Importance of e-wallet
- Why should we use a digital wallet?
A digital wallet is a very safe, secure and fast mode to fill digital payments when we buy goods and services. This prevents us from the need for cash.
- Do we have to pay any kind of transaction fee or charges to use these digital wallets or e-wallets?
In order to use almost all digital wallets, we do not have to pay any charges as these are often free. But some service providers charge a small transaction fee too. Therefore, before transferring from any E-Wallets, we should get some information about their charges.
- Do we use cash in cash and some rewards by using digital wallets?
The answers are yes.
- Where can we use a digital wallet?
These wallets can be used only where cashless/digital/ contactless payments are being accepted. It can be easily paid from this.
- Is it safe to use these e-wallets?
A lot of security features are available in these E-Wallets. The details of the physical card are not stored in these wallets, and with this, we cannot verify any transaction without any password, PIN or OTP.
- How will we know if any particular e-commerce site accepts digital wallets or not?
For this, we first need to find the name of the Wallets in the payment section of that particular e-commerce website. It is often displayed below the payment mode option.
- Are there any transaction limits in the use of these digital wallets?
Most service providers of all digital wallets often charge a limit monthly transaction.
- Can we track our purchases in digital wallets?
- Can anyone access e-commerce stores, online stores or merchants, card details and card numbers given by me?
No. All transactions need only a digital account number to process. Therefore, there is no way for these online stores to access your pieces of information.
- What if a customer changed his bank account or a new card?
There is nothing to panic in because in this way you can easily update all your new details without any hassle.
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