India is heading on the path of a major digital revolution. At the present age and time, Internet has become an integral part of everyone’s lives. The advent of internet has led to the boom of ecommerce in India. Managing money has always been one of the major concerns of every consumer. In the earlier times, people would manage their financial transaction through cash. Later, the concept of plastic money i.e. the debit cards and credit cards gained popularity. However, these days, the shift of the retail sector into the digital space has given rise to the innovative concept of digital wallets.
A digital wallet or e-wallet is an electronic application (usually for a smartphone) that stores your money in an electronic form to make ecommerce and various other online transactions safe and convenient. Your account related data is stored into the digital wallet such that whenever you make a purchase, you don’t have to keep re-entering your credit card or debit card number to complete the purchase. In many ways, digital wallets have overcome the shortcomings of carrying a physical wallet. If you are the type of person, who does not fancy carrying around a stack of cash and cards everywhere, a digital wallet is the perfect solution for you. All you need to carry is your smartphone for any kind of purchase you make. There are many more advantages of digital wallets, some of them are listed below:
Time saving: - A digital wallet saves a considerable amount of your time as you need not enter your card details every time you make a purchase. All your bank account related information is already stored in the digital wallet which makes it extremely time efficient and convenient tool for shopping.
Secure: - There is a common misconception that is prevalent among the people that money in a digital wallet is not very safe. Digital wallets are highly secure as it offers a password security service to lock the wallet in order to prevent any kind of misuse. Most wallets provide robust security features to thwart unauthorised access.
Track expenditure: - With a digital wallet you can easily keep track of each and every transaction in real time. Unlike bank accounts that take some time to reflect transactions, the digital wallets provide you with instant updates. Platforms such as YES BANK Pay Now track all kinds of expenditure such as bill payments, thus helping you plan your monthly budget accordingly.
Lucrative discounts: - Digital wallets feature various attractive discounts for buying all kinds of product. Online wallet providers offer lucrative deals on purchase from numerous brands and products. These discounts are the main reason why many people prefer to pay through digital wallets.
Undoubtedly, digital wallets not only save your time, but save your money as well. They are the new and revolutionary means to make purchases in a safe and convenient manner. YES BANK too has taken a step forward to tap the Digital India by launching YES PAY - a Digital Wallet enabling Social Media & smart phone users to register seamlessly and then spend wisely. It provides a host of facilities like Mobile/DTH recharge, purchase of gift vouchers and avail discount coupons. Moreover YES PAY can be accessed through Facebook, without a separate registration. To know more, Click here