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Move On Cash, The E-Wallet Is Here To Help

Bhanu Prakash

   

With the demonetization of Rs 500 and Rs 1000, people are scrambling to make payments. Long queues at the Banks and Post office to exchange the old currency with the new one has become a common sight across all the cities in India. With the restriction of Rs 2500 per day to withdraw from ATM as also added to the woes of the common man who rely on hard cash for their daily living. With all these chaos still in place, many smart people have found a workaround for this problem and that is "Cashless transaction".

No, we are not talking about the traditional debit and credit card payment. In fact, we are not even talking about the online cash transfer.  Still struggling to find the answer?  Yes, we are talking about E-wallet!

What on earth is the E-WALLET?

E-Wallet is the latest transaction opportunities available for all the people of India to make the transaction at the merchant’s place both online and offline. 

Who are the pioneers in this segment?

We have quite a few good numbers of E-Wallet providers in India. Paytm is the leading e-wallet that is quite popular among people both offline and online players. Paytm has grown leaps and bounds since they began their journey back in 2010. Apart from Paytm we also have few other players including Mobikwik, Freecharge etc.

History of E-wallet

Most of the E- wallets out there started their business as mobile recharge cashback providers. They gradually scaled up their business and now they have they have focussed on e-wallets.

How does this work

You can start by creating an account with any of these e-wallet providers and install the app on their smartphones. Once this is installed, you can use the app to visit any of the local stores at which you are planning to make the transaction. After shopping at the merchant you can use the e-wallet app to transfer the money from your account to the merchant’s account by using the built-in camera and app that scans the barcode of the merchant. Once the credentials are verified, you can easily transfer the money by a click of the button.Furthermore, you can even make the payment using the mobile number of the payee.

E-Wallets Available Offline

As of now, we have Paytm who is the pioneer in this sector and have done a commendable job by adding a huge number of merchants and common man to this cashless facility online & offline both. There are several other players in the market, but they are currently restricted to make online recharge only of mobile and DTH. That being said, it is also worth mentioning it’s just a matter of time that many other players may enter this segment that will help us move forward in making a Digital India. For now, we can make use of Paytm to its fullest extent. 

How to Load cash to the account

Thankfully, adding cash to the e-wallet account is very easy. All you need is just log in to your Paytm account and click on add money button and pay via Credit /Debit card or Net Banking the amount you wish to transfer and hit send. It’s that easy!

 To Summarize

Demonetization of Rs 500 and 1,000 is indeed a blessing in disguise. Yes, there has been a certain level of discomfort to the common man and will continue to be the case for the next few days. But in the long run, this will help all of us if we embrace the power of E- wallet. This will sure to make all our lives a lot easier! 

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