For years, the importance of digital wallets in 2021 has been around in some form, but lately, technology has become a big part of how we make transactions worldwide. Learn more if you’re interested in why you would want to adopt a digital wallet.
What Is a Digital Wallet?
A digital wallet also called an e-wallet, enables you to pay for items, usually via a mobile phone app. It also holds various other things that would carry a typical wallet, such as a driver’s license, gift cards, entertainment event tickets, and transportation passes. In certain situations, digital wallets are not only simpler to use but are often commonly considered to be more reliable than a traditional wallet.
How Do Digital Wallets Work?
Traditionally, digital wallet software installs on a smartphone via a mobile app. It can also be used in a range of other formats, such as a physical device or on your personal computer. Thanks to its versatility and mobility, the digital wallet’s mobile app version is by far the most popular today.
Usually, these digital wallets enable you to download to your smartphone a digital wallet app. Your bank of choice or a trusted third party will build these. Before delivering your financial details to an app, make sure you do your research and confirm the company’s trustworthiness.
Usually, to use it, you have to find a point of sale (POS) device terminal compatible with your digital wallet. You will typically be able to identify this by the contactless symbol shown at the checkout. Using Magnetic Secure Transmission technology, some POS systems also allow you to pay.
Best Digital Wallets in India
- Google Pay:
The Google Pay app allows users to use debit or credit card information stored on users’ Google Account, Google Play, Chrome, YouTube, Android phones, and watches to make purchases on an app or any website. Other electronic documents, such as student ID, movie tickets, gift vouchers, store cards, and transport tickets, are also enabled by the app.
Users of Jio SIM can find the JioMoney app automatically loaded on their smartphones. You can download it from the app store on your smartphone and use it if you’re not a Jio user. To recharge JioMoney, you do not necessarily need a bank account.
You also have the option of paying cash to a Jio dealer who will fill your digital wallet with the number. Since Jio smartphones are widely used in rural India, this feature is essential. When you use this e-wallet app, you can enjoy exclusive discounts and deals from select retailers and also receive several cashback advantages on other purchases.
PayTM, India’s most popular and top digital wallet apps in India, offers you the option of transferring money into a digital wallet and making payments using it. The semi-closed model, which takes advantage of the massive mobile and smartphone market, was introduced in 2010.
- Amazon Pay:
Amazon Pay is one of India’s best digital wallet apps, owned, as the name suggests, by none other than the Amazon com giant. It was launched globally in 2007 and had widely used by the large client base of Amazon. Safe and extremely effective, while using the balance in your Amazon account, you can easily make payments.
PhonePe, another digital wallet app launched in India in 2015, has been downloaded by over 100 million users to date. PhonePe can be used to make UPI payments, make recharges, and guarantee safe money transfers and fees for online bills. It is one of India’s most popular apps because it comes with a very easy-to-use user interface.
What Are the Benefits of a Digital Wallet?
The increasing use of digital wallets in India has many advantages over a physical wallet, aside from actually feeling like you’re living in the future. Here are some of the many reasons you would want to consider adopting software or a digital wallet app.
- More Security:
It is possible to lose or steal physical wallets quickly. A digital wallet negates those problems. The person will have to break your password on your phone even if you lose your phone and any passwords or Face IDs to secure your digital wallet app.
You can hold a device up to a terminal at checkout instead of pulling a card from your likely bulging pocket and be ready to go. There are also simplified online payment solutions such as online transaction procedures, enabling you to shop online easily.
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