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PayTM, Google Pay, and other Digital Wallets to our rescue

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In 2015, Prime Minister Narendra Modi launched ‘DIGITAL INDIA’ in order to make India a more digitised economy. Everything is on the internet now and in the past years, our dependence on technology has increased manifold which is a fact we can not ignore. E-commerce wallets or digital wallets have become a central part of our lives.

PayTM, PhonePe, Google Pay to mention a few are the most used digital wallets, but still many people don’t understand the concept: 

So, for those novices in town, let’s start with:

What exactly are e-wallets or digital wallets? 

Digital wallet is a system that securely stores users’ payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. They can also create stronger passwords without worrying about whether they will be able to remember them later.

With the government’s efforts, we are surrounded by various digital wallets like Amazon Pay, Paytm, Google Pay, Bhima, Phone Pay, Yono and different credit and debit cards which you can use offline or online.

According to a report released by eMarketer in 2018, 73.9 million people of India use digital wallets and the estimate was 93.3 million in 2019; which is an astonishing fact, considering the resistance of our people towards change. This has led to the development of a cashless economy which only eases and authenticates how transactions are done. This also leads to the curbing of corruption and the flow of black money in the economy since everything is online now.

BENEFITS OF DIGITAL WALLETS

1) SIMPLE PAYMENT PROCESS AND EASY ACCESSIBILITY 

These wallets have transformed the way transactions are done in the 21st century. It is a simple process without any hassle. You just have to download the app, create a user ID and password and in some cases link it to your bank account so that it becomes easier to receive and pay money. 

2) UNLIMITED PERIOD OF USE

Once you are registered with these apps, your information gets stored which saves you from entering your user ID or password every time you open it. You can use it for as long as you want.

3) RANGES OF USE

We are all aware of the benefits of these wallets. From paying various bills to booking air or train tickets you can use it for a myriad of purposes which makes things easier and everything is just one click away. There is no limit as to the money you can pay, from Rs.5 to Rs.5000, everything is possible. 

4) EXCITING INCENTIVES OFFERED BY THESE APPS

As you know, these apps come with their own set of incentives and exciting offers like cashback, free gifts or promo codes. You can make proper use of these offers by effectively using these digital mediums of payments. 

5) QUICK IN ITS USE

These money wallets have made sending and receiving money quick and easy. You just have to fill the amount and a password to transfer the money. In case you are using QR code, simply scan it and follow the same procedure and you are good to go.

Author at Ludhiana Live Media. Her work combine elements of magic realism, satire and historical fiction – Based in Ludhiana and India.

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