e wallet is a prepaid account used to store money. You might have seen the advertisement of Mobiquick or Paytm on TV. You might be thinking what it is? It is nothing but, e-wallet. e-wallet is an innovative way to make payment using mobile. It is a replacement of physical wallet. Gone are days where you need to carry your wallet for shopping. Today you can purchase anything using e-wallet. E-wallet is fastest and convenient method to make cashless payment online and offline. In addition to convenience e-wallet also provides you cash back and discount offers.
You do not need debit card, credit card or internet banking password for making payment using e wallet. Just load money in your e wallet and use it on the move.
How to get e-wallet?
You do not need a debit card, credit card or internet banking password for making payment using e- wallet. Just load money in your e-wallet and use it on the move.
How to use e-wallet?
Follow the steps given below to use e-wallet.
Step -1 Download mobile wallet or e-wallet application
Step-2 Register and create new wallet by providing information
Step-3 Load money in your wallet from your bank using IMPS fund transfer, credit card or debit card
Step-4 Make a payment using e wallet
Types of e-wallet
Closed wallet – A closed wallet is a wallet that will allow you to make purchase exclusively at specific company or retailer. These type of wallet is offered by Flipkart, Jabong etc.
Semi-Closed wallet – A semi-closed wallet allows you to make purchase and payments at multiple places. Paytm, Oxygen, PayU Money, Mobiquick are example of semi-closed wallet. All these wallets are approved by RBI. Cash withdrawal or redemption is not allowed in semi closed wallet.
Open Wallet – Open wallets are wallet provided by Bank. These type of wallet allows all functions of semi closed wallet and in addition to that it also allows cash withdrawal at ATM. SBI buddy and HDFC chillar are an example of Open wallet.
What are advantages of using e wallet?
- Instant cashless payment, no need to swipe a credit card or debit card.
- No need to access your bank account for making e-payment.
- As e-wallet is prepaid account no chance of declining payment.
- Get extra cashbacks for every amount spent using wallet.
- Get reward and discount offers on every purchase using wallet.
- The money will be refunded in case of failure in the transaction.
- Wallet to wallet money transfer benefit
What are drawbacks and risk of using e wallet?
- You cannot redeem your money back from the wallet you need to make purchase to use this money.
- If you lose your mobile your wallet is lost.
- You can use wallet till your mobile battery lasts.
- It may be possible that you will end up spending more money using wallet.
Where you can use e wallet?
You can use your e wallet at multiple places authorized by respective e wallet service provider. However, few commonplacethis wallet can be used are –
- Utility bill payment
- Mobile recharge
- DTH recharge
- Online grocery stores
- Online travel portal
- E-commerce portal
Best e wallet in India
Based on maximum discount, cash back offers and features offered best e wallets in India are given below.
Paytm
Paytm is best e wallet in India. Paytm is offering multiple discount and cashback offers. Paytm runs own e-commerce site where you can find multiple coupons and discount offers. Some of the offers includes.
- Cashback of Rs 200 on electricity bill payment.
- Cashback of Rs 200 on Datacard recharge
- Cashback of Rs 100 on Mumbai metro card recharge
- 40% cashback on hotel booking
PayU Money
PayU Money is on second place of best e wallet in India. PayU money has tie up with close to 1 Lac+ vendors. PayU Money also offers following benefits to end-users.
- Flat 20% off on payment through PayU Money
- 20% cashback at multiple places while paying through PayU Money
- Get 1% extra discount or reward point while paying through PayU Money
- Multiple other offers at various online websites.
Mobiquick
Mobiquick is next in the list of best e wallet service provider in India. Mobiquick provides following offers.
- Flat Rs 200 off on makemytrip.
- Get 50% discount on Meru and 50% cashback.
- 5% cashback on bookmyshow.
- 10% cashback on Domino’s Pizza.
Oxygen Wallet
Oxygen Wallet is widely accepted and one of the best e wallet of India. Following discount and offers are provided by Oxygen Wallet.
- 10% extra discount of Jabong by making payment through Oxygen Wallet.
- Get 15% off on Trendy Bharat.
- Get 10% off on RSRTC bus service.
Tips to keep your e wallet safe
E wallet provides you convenient for making payment. However, you need to follow certain tips to keep your wallet safe.
- Make sure your mobile is protected by password or pattern.
- Make sure your wallet is protected by password. You should set complex password containing alpha numerical character and capital letters.
- Install antivirus and other security apps to protect your mobile from malicious software or hacking attempt.
- Never store your password in your mobile device.
- Select mobile wallet with highest security standard and encryption support.