What is digital wallet?
A digital wallet is a virtual storage system in which your money, coupons, and your identity certificate are stored. Money can be added by debit card or credit card into it. It is used for utility bill payments, prepaid mobile and DTH recharge and shopping on supported merchants. Wallet services can be reached through browser, app or SMS. The digital wallet is becoming very popular in our country. There are several companies offering a digital wallet.
Benefits of a digital wallet:
1. Saving time
Typically, to pay with credit, debit card, and net banking we have to fill information of account again and again. To pay with the digital wallet, you have to log in. It does not need to go to bank’s website or payment gateway. It makes your work easier.
2. Safe way
Wallets make tight security arrangements to keep your data safe. They use payment gateway authorized through RBI. Due to which wallet provider cannot even access your personal information. They do not share account or credit and debit card details while transitioning.
3.Eye on expenditure
You can track any transition you made through mobile wallet. This way you can keep an eye on all your expenditures. You can also decide the limits of your monthly spending if you want.
4.Will get discounts
Almost all wallet provider offers on the spot discount scheme for different merchants. These discounts are in the form of coupons or cash back on shopping. To take advantage of the scheme you must have to use the wallet for payment on the stated merchant.
Keep special attention
Although the number of merchants supporting mobile wallets is increasing, their number is still limited. This facility is available for mobile and digital operators and utility services, but still, every online shopping portal does not support this payment feature.
If your device’s battery gets drained then you cannot use the mobile wallet. This is the reason that mobile wallet cannot replace cash and card completely. Due to dependence on battery, it is important to have a choice of the mobile wallet.
3.Not used internationally.
Every country has its own services. In such a way, India’s mobile wallet cannot be used in any other country and any other country’s wallet cannot be used in India. In this way, those who travel regularly can have trouble.