Mobile wallets have been present in the Indian domain for almost a decade now. The usage has surely picked up in recent times as the awareness levels in people have started growing about the ease and safety features associated with mobile wallets.
What is the mobile wallet?
Similar to your physical wallet, the e-wallet is something that is always there with you – instead of your purse or pocket; it is there on your smartphone. The working is similar in concept to that of a physical one – the only difference being this wallet exists in the virtual world.
How can it be used?
E-wallets can be used to make online and offline payments for services being used. For example, for Sun Direct recharge you can use this wallet. You first need to choose the service provider or payment platform whose wallet service you would like to use. Some reputed payment providers and facilitators in the Indian market today are Paytm, MobiKwik and PhonePe.
You then need to register with the respective service provider to start using the wallet service. In order to use the e-wallet of the particular reseller, you would be required to first download the respective App like the Paytm App, the MobiKwik App or the PhonePe App.
One of the first things to do after downloading the App and registering for the e-wallet service is to add money to the wallet. The money can be added directly from your bank account by using Netbanking or your debit card or it can be added from your credit card account by furnishing credit card details. Once done, you are now ready to use the money stored in the wallet for all kinds of online payments like utility bill payments, Sun Direct recharge, buy movie tickets, book air tickets, make hotel reservations, shop online etc.
The advantage of this wallet over the conventional hard wallet is that it can be not only used for payments in the virtual world, but it can also be used simultaneously in the physical world too. Use the digital wallet at the local kirana shop, at restaurants, pay cabs, auto rickshaws, petrol pumps, grocery stores etc. The only condition for using the e-wallet in the physical stores is that the merchant of the store needs to be registered with the particular payment platform too for accepting payments.
Not only payments, but the e-wallets can also be used for transferring money. So you can use your smartphone to transfer money to your account and to pay another person in an instant by QR scanning or entering the mobile number or even the name of the person.
The reason why more people are using digital wallets is the safety associated with the wallet. Online activities like Sun direct recharge or any other such payment and transfers can be risky because hackers can gain access to your bank account and credit card account, unknown to you. E-wallet transactions are neither directly linked with your bank or credit card account nor do they carry huge sums of money – hence the risks are much lesser and are mitigated to a great extent.