What is Digital Wallet or E-Wallet?

Do you know what is a Digital Wallet or e-Wallet? This Digital Wallet has brought a big change in the payment service. Now consumers can easily pay the price of their purchase with the help of these Digital Wallets or E-Wallet. When our Prime Minister Minister demonetization (Notbandi) was announced and not just new money available than because the executive to declare it in such a big country is very difficult, so that Digital Payment has emphasized the more Some companies like PayTm, Mobiwik came out to help people.
Since then, Digital Payment slowly has become part of our lives, be another Economists and Scholars believe to be the payment coming up with the most used in digital payment system of the future system.
So now the question arises that what is this Digital Wallets or E-Wallets and how is it making our lives easier. This digital wallet is nothing but the electronic version of physical or traditional wallet, with the help of which we can easily pay our payment. When we use this digital wallet in our smartphone, then it is called mobile wallet. There are many faculties among the people regarding the use of these digital wallets, so today I thought that why should you give complete information about what is a Digital Wallet or e-wallet , so that you too have a good knowledge about it. Then what is the delay? Let’s start.

What is e-wallet

The full form of E-Wallet (e-Wallet) is Electronic Wallet which refers to a Wallet which is not physical but is just a digital existence that can be seen online only. It is a type of electronic card that is used for online transactions only through computer or smartphone. The utility of this e-wallet is similar to that of credit or debit card, which I have already said about. To avail this type of facility or to make payment, the e-wallet needs to be linked with the person’s bank account. E-Wallet ( E Wallet In Hindi the main reason) is paperless ( Cashless ) funds transfer to make it easier.
Like I have said earlier that now India is being made completely digital, so our country is being taken towards a cashless economy and a golden digital future for which many measures are being implemented by the government. is. In such a situation, E wallet is getting more incentive for digital payment system. All these things are being possible with the help of some very successful digital payment apps of the government such as BHIM app or the Unified Payment Interface (UPI) payments app.

What are the types of e wallet

If seen, E-Wallets are mainly of three types.

  • Closed E-Wallet
  • Semi Closed E-Wallet
  • Banking E-Wallet

Closed E-Wallet is often used in an e-commerce website where the customer can easily purchase the goods they need.
We can use Semo Closed E-Wallet to fill payment in every platform. A fixed amount can be kept in it, but we cannot withdraw any cash from it.
Banking E-Wallet is a very special e-wallet where the consumer’s bank account is given a gross of an e-wallet. With this, the customer can use his account on the basis of a wallet.

How Digital Wallet Works

All the details of the user are saved in a digital wallet card, so that the customer can easily shop online. An e-wallet or mobile wallet mainly consists of two parts, software and other information. The software part stores personal information and provides security and encryption of data , while the information part contains a database of details provided by the user including their name, postal address, payment method, amount to be paid, credited or Debit card details are there.

If I tell about the working of Digital Wallet or E-Wallet, then this MasterPass digital wallet first asks customers to register so that they can avail the benefits of its service, for which they have to provide their physical card details. . All these information are then verified through the OPT authentication process , only after that the registration process is completed.
Once this process is complete, then a person can use it to buy anything online if there is an option of MasterPass like a payment mode. Payment can be done here by filling the MasterPass card ID and password correctly. Here the transaction is authenticated through a 3D-secure pin or One Time Password .

What can be purchased with Online Payments

When an e-wallet is used for payment for goods and services, it takes a very short time compared to other credit or debit card payments. We use digital wallets for utility bills, DTH plans, and mobile bills or recharge. In e-commerce sites, you can use digital wallets to buy. Since most e-commerce sites have tie-ups with other digital wallet companies, with this help customers can make payments easily.

How we use Digital Wallet in E-commerce Site

  • First login to your e-commerce site.
  • Then add the respective product to your cart.
  • Then after that, in payment mode, select ‘ Wallet ‘
  • Choose your respective wallet there
  • Then make your payment

What are the benefits of Digital Wallets

Here I am going to tell you about the different fires of Digital Wallets. Then let’s know.

  • We can use digital wallets for online shopping from e-commerce websites.
  • You can also do a lot of utility bills like electricity, prepaid recharge, booking movie tickets, telephone bills etc.
  • While making payment, we do not need to give ATM or Credit Card details such as card number, CVV etc. again and again.
  • To order food online with it.
  • To do travel bookings.
  • If any reason the transaction fails then we get the money back soon.
  • Through digital wallet to transfer online fund.
  • To buy a lot of financial products like mutual funds and insurance.

What is required for use of E-Wallet?

For the use of Digital Wallet or E-Wallet, four things are most important, let us know about them.
1. Bank Account
2. Smart Phone / Laptop / Computer
3. Internet (2G / 3G / 4G ) Connection
4. Wallet App (which is free)

Things to be noted for using e-wallet

Here we will get some information related to E-Wallets , which is very important to know.

  • To get regular information about every transaction through SMS (SMS), please register your mobile number in the bank.
  • Always note that never share your PIN with anyone. By doing this you can protect yourself from scammers to a great extent.
  • Only deal with trusted merchants or E-commerce websites.
  • In the use of ATM, make sure that no one is watching you from behind.
  • Do not show haste while performing any Transaction.
  • Try to use your own devices online as much as possible.

Top E-Wallets in India

Since demonetisation has left its impact in India, it has increased the digital payment to a great extent with it. People are now choosing mostly digital payment in place of cash. This has led to a significant increase in cashless payment. To manage this cashless payment service, many companies of E-Wallets are standing in the market today. So in future, I will also provide you information about such top e-wallets.
1.   We can use PayTm
PayTm Wallet in many places such as for shopping, for filling bills of Electicity, Recharge Mobiles and Dish Tv, for Bookings etc. It is very easy to use and safe as well.
2.   MobiKwik
We can use this Wallet mainly to order Recharges, Shopping and Online Food. With this, we can also encash the points of our cards in money from which we can recharge mobile. For new registration you can use this referral code “VAU3ZA”. In this, when you use this referral code, then you will also get some supercash which you can use in shopping.
3.   PhonePe is
also like Paytm where you can do a lot of tasks like recharge, filling electricity bill, ordering online food, booking gas, etc. But it has the highest offers and discounts compared to all other Wallets.
4.   Freecharge
we can use it mainly to order Recharges, Shopping and Online Food. With this, you can also pay electricity bills.
5.   Oxygen Wallet
We can use it mainly to recharge electricity bill and mobile phone. But it is very easy and safe to use.

FAQs related to Digital Wallet

1. Why should we use digital wallet?
A digital wallet is very safe, secure and fast mode to fill digital payment when we buy any goods and services. This prevents us from needing cash.
2. Do we have to pay any transaction fee or charges to use these digital wallets or E-Wallets?
We do not have to pay any charges to use almost all digital wallets as they are often free. But some service providers also charge a small transaction fee. Therefore, before taking transactions from any E-Wallets, we should get some information about their charges.
3. Do we get cash back and some rewards in return for using Digital Wallets?
the answer is yes.
4. Where can we use digital wallet?
We can use these wallets only where cashless / digital / contactless payments are being accepted. With this, payment can be done very easily.
5. Is it safe to use these E-Wallets?
There are many security features available in these E-Wallets. Physical card details are not stored in these wallets and with this we cannot do any transaction without verifying any password, pin or OTP.
6. How do we know which particular e-commerce site accepts digital wallets or not?
For this, we should first find the name of Wallets in the payment section of that particular e-commerce website. It is often displayed under the payment mode option.
7. Are there any transaction limits in the use of these Digital Wallets?
Often all digital wallet service providers often charge a limit monthly transaction.
8. Can we track our shopping in digital wallets?
9. Can any e-commerce stores, online stores or merchants access the card details and card number given by me?
No. Only one digital account number is required to process all transactions. Therefore these online stores do not have any means available to access your informations .
10. What if a customer changes their bank account or comes with a new card?
There is no reason to panic because in such a situation you can easily update all your new details without any problem.
I sincerely hope that I have given you what is e wallet (Digital Wallet) ? Gave full information about and I hope you guys have understood about E-Wallet . I request all of you readers that you too should share this information in your neighborhood, relatives and friends, so that we will have awareness among us and everyone will benefit a lot from it. I need your support so that I can convey more new information to you.
It has always been my endeavor that I always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me irresponsibly. I will definitely try to solve those Doubts. Do you have this article in digital wallet or e-wallet? 

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