The days when you had a heavy wallet in your pocket to pay for purchases are over. Contactless payments have been becoming popular among consumers as well as merchants. One such contactless payment methods are Digital Wallets. They let you make purchases at physical stores. You can also use them to pay online. You can also use a Digital Wallet to transfer funds to people.
About Digital Wallets
Digital Wallets are online payment tools. They are generally in the form of an app and serve as an electronic version of your physical wallet. These wallets are also called e-Wallets or Mobile Wallets. A Digital Wallet utilises a Bank Account, Debit Card, or Credit Card information to process payments. The payment details are usually stored in an encoded and secure format.
You can also add money to such a wallet to buy services and goods. Mobile Wallets prevent you from entering your card details or carrying a physical card or cash to make payments to make payments. However, to enjoy this service, you need to download a suitable app on your smartphone.
Benefits of Digital Wallets
The various advantages of Mobile Wallets include the following:
- Safe
Carrying a lot of money may not be a good idea. There is a chance of it getting lost or stolen. Carrying your Debit or Credit Cards can also lead to theft or loss. Instead, choosing Mobile Wallets may be safer since they only utilise encrypted data.
- Convenient
Digital Wallets offer convenience to users. They are easy to use and prevent you from carrying cash or your Debit or Credit Cards
- Ensures quick transactions
Whether you use it offline or online, transactions using Digital Wallets are pretty fast. Moreover, you can utilise a single Mobile Wallet app for various payments and purchases. For example, you can use your e-Wallet to pay for your mobile and DTH recharge. You can also use it to pay utility bills, transfer funds, and more.
- Offers access to rewards
Individuals may receive special offers with digital wallets, such as cashbacks, coupons, and more.
- Stores multiple accounts
Mobile Wallets may allow you to store multiple card and account information in one app, allowing you to choose a payment during transactions.
Applications of Digital Wallets
You can use a suitable Mobile Wallet to purchase a variety of services and goods. Some of the things you can utilise such a wallet for include the following:
- To pay utility bills, like gas, electricity, water, etc.
- To do a DTH recharge online
- To recharge your phone number
- To book flight tickets
- For online and in-store payments
- To transfer money to another person who has a Mobile Wallet
Conclusion
Now that you know what a Digital Wallet is and its various benefits, you can easily opt for one. Once you select a suitable wallet, you can conveniently utilise it for DTH recharges, electricity bill payments, transferring money to beneficiaries, and more.
