It has been over two years since demonetisation struck the nation. While the brand new currency did make our wallets brighter with its colour scheme and look, the process that led to it didn’t come easy. One such breakthrough during the lack of hard cash was digital transactions. Online payment is something that most of us refrain from using due to the myths surrounding the method. Be it security or just being technologically challenged, digital payment has still not reached its optimum utilisation. However, as of now, digital payments have exceeded beyond credit and debit cards. Several financial establishments have developed e-wallets to support digitisation.
What is a Digital Wallet?
A digital wallet is like a bank account where you can load money and use it for several offline and online transactions. Unlike traditional bank accounts, these wallets do not offer you any interest on the money kept, but instead provide an array of offers and discounts by using their services.
Benefits of Digital Wallets
- You can go cashless without the tedious process of acquiring credit or debit cards.
- You can avail several offers and discounts by using the mode of payment.
- You can do multiple activities like earn by inviting friends, online shopping, cashback and more
- It safe thanks to countless protocols and intense security in place
- It is instant and free (for users)
Here are some top e-wallets that are extremely user-friendly and full of additional benefits.
Popularised on the Amazon e-commerce platform it is definitely a must have if you are a shopaholic. The merchant affiliation of Amazon Pay is convenient for many as you can pay from this balance to several outlets such as BookMyShow, FreshMenu, Lavie, Café Coffee Day and more.
One of the best e-wallets that allows peer-to-peer payments with additional benefits. For every invite you can earn Rs 51 whereas for every transaction you can earn some amount as well. Unlike some wallets here the earnings go directly to your bank account rather being converted into points used for affiliated merchant platforms.
Launched in 2010, it is one of the majorly used e-wallets all over India. Other establishments have also incorporated Paytm as a payment option. It also offers cashback and other benefits on several transactions made using the QR code present at outlets or websites.
Freecharge can be used to pay bills, mobile recharges, DTH services, and is also accepted at IRCTC, McDonalds, Dominos, Swiggy, RedBus to name a few. They also offer exciting offers, coupons and cashback on transactions.
Established in 2009, MobiKwik has been authorised by Reserve Bank of India (RBI). They provide cash collection facility at your doorstep which differentiates them from the other players. The also provide credit for emergencies.