Digital wallets are all the rage now and billed as the future of real-world payment technologies. Thanks to digital payments bank, we no longer have to keep carrying around bulky wallets or wait in serpentine queues outside an ATM. With major players jumping on the bandwagon, needless to say, the future is starting to resemble like one that will feature mobile wallet predominantly in some capacity or the other.
So what exactly is a digital wallet and what does it allow you to do? Well, to summarize it’s a mobile-based virtual wallet which enables you to preload money via your debit card. You can then use this money to spend it offline or online to pay for utilities and mobile phone bills, book bus, train or airline tickets, purchase movie tickets, pay for taxi rides etc. at merchants listed with the mobile wallet service provider. One such provider is Airtel which provides the Airtel money app that enables you to seamlessly make all payments from the comfort of your house. Besides the usual merchant payments, this app also lets you send money to any mobile number or bank account seamlessly in real time without any delays. Just fill in the recipient’s details and all you have to do is enter the amount to be paid and that’s it. Say goodbye to plastic cards and hard cash as digital is the way to go.
Digital wallets are not only faster and more convenient than traditional methods but also open up a whole new world of possibilities. Also referred to as the e-wallet, these wallets work in a pretty similar fashion to physical wallet, giving you access to money you have deposited with the wallet. You can check your balance, and take decision to spend or share. Yes, the biggest advantage of these wallets is you can send money to a loved one in need with just a click. Your mobile number doubles up as your account number and the process of opening an account doesn’t take more than a few minutes.
Moreover, thanks to superior modern encryption technology and security protocols in place, the process of processing a digital transaction is far safer and efficient than using an ATM machine or swiping your card at the local store. If you’re in need of cash for whatever reasons, you can even withdraw money from one of the many banking points spread across the country. No longer do you have to run around asking for change!
Further, you are also eligible to receive several exclusive offers, discounts, and cashbacks in return for usage of e-wallets. These cashbacks get credited back to your account, usually, within 24 hours which basically entails that you spend and earn. Additionally, you no longer have to maintain a minimum balance and don’t have to pay any maintenance fees. All you need to do to register is, download the app you are interested in and provide your mobile number for verification and you will find a payment app for these services on iOS, Android, and Windows Phone. It actually is as simple as explained!