It is a popular form of electronic payment system. It is also called digital wallet. The way the bank allows us to spend our money through debit cards. Similarly, some payment services provide the facility to make payment through mobile app or computer, this facility is provided through e-wallet.
A certain amount or amount can be kept in the e-wallet by which payment can be made when required. The e-wallet is protected with a password.
With the help of e-wallet, you can buy groceries online, pay for flight tickets and order online etc. The e-wallet has to be linked with the bank account of the individuals for making the payment. Its main objective is to make paperless money transactions easy.
Types of E-wallet!
1. Paytm
This is the biggest digital wallet app in India which is developed in the year 2010. Payments made through this digital wallet are accepted everywhere. Paytm provides various services to its customers through its digital wallet system.
The highlight of this digital wallet is that it allows to carry out e-commerce transactions. Through this you can make money, travel and many more transactions. Here it can be used to send money directly to the bank account. It is the first company in India to get a license to initiate payments from RBI.
2. Phone-Pe
Is UPI based digital payment app launched in December 2015. Here is one of the most popular digital wallet in India. Through this, you can make more bill payment online purchases as well as get cashback. It also provides protection from cyber criminals. This wallet is available in languages like English, Hindi, Marathi, Bangla, Gujarati, etc.
3. Oxigen wallet
Here Digital Wallet is established by Pramod Saxena in the year 2014. Currently it is one of the leading providers of digital wallets in India. Along with shopping online and paying bills, you can also send gift cards to your loved ones. You can recharge your mobile data card and DTH connection through Oxigen Digital Wallet. Through this, money can be sent to any person from any bank in India through IMPS or NEFT.
4. Bhim
Here the digital wallet is dedicated by Reserve Bank of India (RBI) and launched by National Payments Corporation of India (NPCI) in December 2016. BHIM is one of the best digital wallet in India based on UPI.
5. Google-Pay
It is one of the best digital wallet in India. It has been developed in January 2008. Google Pay currently has over 25 million active users of digital wallets in India. In this, money is sent and received from the bank account using UPI. Through this money can be sent easily. You can recharge your phone and pay bills. It is linked to the mobile number registered towards the bank account.
6. Icici pockets
It is a digital payment based app for mobile phones. Here Wallet uses a virtual Visa card to enable the user to transact on any website or mobile. ICICI Pocket e Wallet is not restricted to users of ICICI Bank only. Users can fund their digital wallet through any bank account. Here the digital wallet provides the facility to transfer money, book entertainment, tickets, etc.
Jiomoney
This is a digital payment app released by Jio. Along with this, users can also avail discounts and offers. With Jio Money e-Wallet, users can also bookmark retailers, thereby making transactions easier as usual. This e-wallet can also be used by those people who do not have Jio service. Here you are able to make secure digital payments.
Mobikwik
Here is an e-wallet payment system that helps its users to store money. This digital wallet payment system was founded in the year 2009 by Vipin Singh and Upasana Taku.
Its large network connects over 25 million users with around 50000 merchants through digital wallet payment systems in India. You can do transactions by adding money to your digital wallet through your credit card debit card net banking.
E-wallet benifits
- This card eliminates the problem of swiping.
- There is no need to fill in all the call details while making the payment. Everything is done in one click.
- there is a need to make Fast payment while booking an online site or limited sale offer or flight ticket.
- Users can send money from their e-wallet to anyone in minutes without any banking.
Disadvantages of E-wallet!
- To use the e-wallet, the customer has to open his online account for which internet connection is required.
- You must also have money in your bank account to use it.
- This requires a smartphone or computer.
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