In the present situation of demonetization, where the country is moving towards going cashless, the biggest way of transferring funds and completing transactions is to shift to E-Wallets. There are so many e-wallets available today in the market like PayTM, Freecharge, MPesa, Jio Money, Airtel Money, Mobikwik, PayUmoney and so on, that it becomes difficult to choose which one to opt from. The basic idea behind e-wallets is that the provider would create your virtual account which you would refill as and when needed and can make payments from that easily. Here are few other things that one should know about E-Wallets:
- PROVIDES PROPER SECURITY
Our foremost concern that remains regarding e-wallets is whether it is secure enough or not. Every e-wallet provides utmost security, governed by proper regulations and are licensed by RBI. Every information regarding your transactions and personal details are encrypted. It is ensured that even the providers would not be able to access your personal details.
- COMES WITH ADD-ONS
Digital wallets like PayTM and Freecharge would allow you to make your day-to-day bill payments like paying the electricity bill, DTH recharge, telephone bill, mobile recharge. PayTM allows you to book movie tickets, plan your holidays by allowing you to book flight or bus tickets and so on while payments can be made at online stores via Freecharge. Most of these e-wallets have offers of getting cashback, on-the-spot discounts, free delivery and much more.
- EASY PERSON-TO-PERSON TRANSFER
These wallets offer easy, immediate and free transfer of funds to any other user you want. All you have to do is enter the mobile number of the person you are transferring the funds to and the amount you wish to transfer. This would be done easily and you would be intimated via SMS or mail on receiving/sending the funds. There are no charges for this. You can also view your transaction history in order to easily manage your funds.
- TRANSFER TO BANK ACCOUNT
In the demonetization scenario, many e-wallets now allow you to transfer your funds to your bank account directly at a marginal deduction fee. However, considering increased usage of digital wallets many providers have waived or decreased these fees. This would be available for all customers whether they are KYC compliant or not.
- CASH WITHDRAWAL
While the aim of using wallets is to go cashless but taking into consideration rural economy and not-so-expanded network there are few wallets like MPesa which also allows you to withdraw cash from your available balance after charging a certain percent of fees.
- VIRTUAL CARDS
Considering the sensitivity of your credit cards or debit cards when used on less trustworthy sites, many wallets offer you a virtual credit/debit card number which can be used for online transactions. All you have to do is transfer your required funds from your bank account to the wallet and use the provided one-time credit card number to make the transaction.
- OVER THE COUNTER USE
Nowadays, e-wallets are not only used to make online payments but are also used to make over-the-counter payments. After demonetization, many small vendors, taxi drivers, restaurants and businesses have started accepting e-wallet money. This is widely spreading and it is a strong sign of India going digital.