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All you need to know about E-wallets

Taking a stride ahead towards becoming a digital economy, over the last one year, our country has witnessed an increased usage of digital money, using E-wallets. These digital wallets have eliminated the necessity to carry cash to a great extent and are replacing the conventional methods of payments.

For all those who are still new to this concept, an E-wallet, also known as Mobile or Digital wallet, fundamentally has the same functions as a normal wallet. With the cash saved in the E-wallet, you can now shop for grocery, make a mobile recharge, pay utility bills, and buy movie tickets – the possibilities are endless.

 

Types of E-Wallet

1. Open or Generic E-wallets

These are general purpose e-wallets that can be used for many purposes, like paying utility bills, money transfer and so on.

2. Company specific E-wallets

When companies build their own application for digital transactions, it falls under this category.

3. Bank E-wallet

A comparatively new concept, where an E-wallet is activated for a span of a few hours and for a specific amount of money. During this course of time, one can make instant payments for online shopping and so on. The amount that is left unused after the payment will be returned back to the interlinked bank account.

How to use E-Wallets

  1. Download your preferred application, from iOS, Android or Windows. Sign up with the E-wallet by providing your E-mail address.
  2. Link your application to your bank account with the help of net banking or debit/credit card, and fill your wallet with e-money.
  3. Enter your PIN or password each time you need to make a payment or transfer of money.

Are all your transactions safe & secure?

The most trusted E-wallets use the secure servers of banks for completing the transactions. The Reserve Bank of India also issues the PrePaid Payment Instrument license to the completely secured E-wallets. So with the certified E-wallets, you need not worry about the security of your transactions passing through the correct channel. Secondly, all the top E-wallets keep your personal data safe and encrypted. This covers your personal safety as well.

Concerns with E-Wallets

  1. Poor Network connectivity can hamper the process of payment.

  2. You will need a decent smartphone with a good internet connection.

  3. There is a limit to the amount that you can keep in your wallet, viz. INR 10,000.

  4. In case your phone is stolen or misplaced, your E-wallet can be misused.

  5. The number of people who accept such method of payments is still very limited; therefore you will always have to must ensure you have some cash in hand.

 

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