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What are Digital Wallets, Best Digital Wallets in India

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What are Digital Wallets, Best Digital Wallets in India

What are the different Types of Digital Wallets?

Do you prefer using digital wallets while shopping? E-commerce business is rising gradually with time, and the main reason behind this significant success of e-commerce business is digital wallets. The demand for digital payment service has become very rapid, and people these days prefer to use digital services. It has become essential to build a perfect app with high-quality digital wallet services. You should have an intelligent business under which you should maintain the high skills of this digital world. Do you know what the meaning of digital wallets is? Therefore, you should read the details of digital wallets in the following given facts.

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What is the definition of Digital Wallets?

Digital wallets have become very popular among e-commerce business these days. You can store and manipulate the money in the virtual wallets. These wallets help in storing digital currency or electronic money for performing online transactions in the mobiles and desktops. You can quickly connect your debit and credit payment cards with digital wallets. Then it becomes straightforward for you to use your electronic currency in transaction processes. Also, you have two choices for protecting your electronic currency either you can apply a password on the wallets, or you can use pre-paid choice. These options will help in protecting and safeguarding your electronic money all the time without creating any problem in online transactions. 

Components of digital wallets 

Digital wallets have always considered the most successful and safest choice while you are using any e-commerce device for shopping. Also, there are two major components of digital wallets that keep the online transaction safe and protected. Let’s check the two components of digital wallets here:

  • Software component: The strong data remains safe and encrypted in the digital wallet because of the presence of a software component. 
  • Information component: The information component of the digital wallets helps in keeping the personal data of the individual very safe. Personal data can include card detail, name, payment option, mobile number, and much other important information. 

Types of Digital wallets

There are numerous benefits of using digital wallets. You can receive large discount offers on digital wallets. However, you need to know about the various types of digital wallets so that you can select the perfect type of wallet quickly according to your needs. Let’s check the types of digital wallets that have given below here:

  • Desktop wallets: This is one of the special types of digital wallets that are only applicable to desktop users. The mobile users cannot use this digital payment service for transactions. These type of digital wallets helps in securing the personal data of the individual. You can prevent your data from hackers and infected virus easily by using this wallet on desktop. 
  • Hardware wallets: The hardware wallets are quite similar to the desktop wallets. However, there is a requirement of USB wires and other hardware gadgets for running this wallet service. The payment remains protected in this electronic wallet. 
  • Online digital wallets: An online digital wallet is one of the famous types of wallets which help in keeping the data safe from fraud users. You can also run this digital wallet on mobiles and desktop at any time without facing any device problem. 
  • Mobile digital wallets: These digital wallets have specially designed as user-friendly for mobile users. All mobile users can operate these digital wallets on their mobile without facing any problem. They can safeguard their electronic money by adding personal details on the virtual wallet. One major advantage of this wallet is that you can use it in retail outlets. 
  • Paper wallets: You should know that this type of cryptocurrency is very famous among users. It helps in ensuring a large amount of security and protection of the electronic currency. You can save your money in these wallets while using any e-commerce devices. 
  • Aadhar Enabled Payment system: This payment service is very flexible because you can withdraw and add cash at any time. You need to register your aadhar card number on this payment service for having perfect verification working of the system. 
  • United payment interface: It is very easy to link your numerous bank accounts in this payment interface by using the UPI service. Various digital wallets in India are using this great service such as Paytm, Airtel payments bank, Google pay, and many others. 
  • Credit card and debit card: You must have heard about this digital payment service where you need to add the details of a debit card or credit card for having a perfect mode of transaction. It has believed that this mode of payment is a widespread way of cashless payment transaction mode. Also, many apps are using this mode of transaction for securing electronic money. 
  • Internet banking: This mode of the digital wallet is very popular among mobile users these days. It has become very easy to create the account for the electronic transaction and also, you can check the account statements easily in internet banking. You can apply for a new account and delete the old one while working on the internet banking digital wallet. It is also possible for you to view the chequebook details and also, you can request for loans on the wallet service of internet banking.
  • Prepaid cards: You should go for prepaid cards when you want to pay the procurements money. It is very safe for you to transfer your electronic money to prepaid cards. 
  • Bharat Interface for money: The Bharat Interface for money wallet device is very reliable for mobile and desktop users. It works in collaboration with the UPI, where the online transactions occur with the help of the VPA process. You can create a basic bank account in the Bharat Interface for money wallet device, and then you quickly deposit money in this account. You need to connect the details of your debit card and mobile number in this account. Also, it is very hassle-free to transfer money from the bank account to other numerous accounts. Also, you can send money from your account to the accounts that use aadhar card number and virtual addresses. 

Best digital wallets in India 

Digital wallets or mobile wallets help in transferring currency electronically. You can move to various areas cashless by carrying your mobile, which consists of digital wallets. Also, it is beneficial for you to connect the digital wallet account with a mobile number for accessing important information. The lives of people have become very easier and comfortable after they have started using digital wallets. The following best digital wallets in India have given below:

  • Paytm: Paytm has organized in the year 2010, which is one of the popular digital wallet devices of India. More than 160 million people use Paytm digital wallet depositing and withdrawing cash. You can transfer money to numerous merchants by using a digital wallet named Paytm. This device also helps in offering more benefits than only the digital wallet. You can shop for various products, and then pay online by using Paytm e-wallet. Also, many students can use this digital wallet for paying their educational purpose fees for fulfilling the large requirements. 
  • Google Pay: You must believe that Google pay is very popular digital wallets, even it has entered very late in the market. It has popularised the way of transaction, and also, made the transaction very comfortable. You can pay electricity bills and mobile recharge payments by using the electronic currency of Google pay. The monthly active users of the Google pay are around 25 million that shows the hassle-free service of this digital wallet. You also receive small rewards and discounts on this digital wallet. 
  • Amazon pay: Amazon is one of the famous e-commerce businesses that have created its special digital wallet named Amazon pay. It launched back in 2007, and now globally, users are working on this digital wallet from transferring their currency safely. There are more than 33 million users that use the Amazon pay digital wallet for shopping electronically. You can also receive cashback on this digital wallet, and also, there are various discounts on the shopping items when you pay with this wallet.  

Benefits of digital wallets 

You should check some of the following benefits of the digital wallets. It will help you in using the digital wallet for future needs and requirements. Let’s check following merits of virtual wallets:

  • Reliable: Digital wallets have made various functions very reliable and easy. You can perform online transactions very quickly. Also, you can deposit and transact money reliably with the digital wallets. Nowadays, many devices use digital wallets for the ease of virtual payments. 
  • Frequent: The payment process becomes very frequent and faster. There is no requirement of cash handling when you travel or work. Also, you can deposit cash and withdraw cash very easily without facing any long process challenges. 
  • Bank account details: Digital wallets also help in providing bank account details very easily. You can check the details of the chequebook and passbook of the bank account. Therefore, digital wallets reduce the pressure of daily visits to the banks. 
  • Discounts: You should know that digital wallets are very useful and helpful these days. It helps in offering huge rewards and discounts to its users. Nowadays, it has become very common that e-commerce businesses apply discounts on the card of digital wallets. Therefore, you can take advantage of discounts and rewards when you are using details of debit or credit cards in the digital wallets. 
  • Conducting transaction: Digital wallets help in performing an online payment transaction quickly. You can economically perform the large transaction on the virtual wallets. There is no need of carrying cash for the transactions. 
  • Transaction details: It is a very important fact that the collection of every detail of the transaction on the paper is very challenging. However, it has become very reliable these days when you transfer money through digital wallets. The speciality of digital wallets is that you can quickly check the details of the old transaction frequently because digital wallets can save the data of the old transaction. The record of transactions remains maintained and safe. 
  • Organize finance: Digital wallets have more advanced facilities than normal wallets. These wallets do not only offer the transactional facility. However, it also helps in providing the proper organization of finances. Many online works from home businesses prefer to pay money through digital wallets because they record the entire investment of their business properly.
  • No need for remembrance of card details: In earlier days, you need to remember all the fine details of your bank card for the safe transaction. However, nowadays, there is no requirement of remembrance of card details for any cash deposit or cash withdrawal purposes. You can easily pay money to the online stores by filling the details of cards initially in the digital wallet account. 
  • Secure and safe: Digital wallets always help in saving the card money as an electronic currency. Digital wallets are safer than cash. You can lose your money from the pocket at any time; however, digital wallets never misplace the cash. However, it is the most comfortable choice where the currency remains protected and safe from the third party or fraud people. 
  • Affordable choice: Digital wallets have always provided the great advantage of online transaction provision at home. There is no requirement for you to visit the bank for the transactions. Also, you can save the service charges while you transfer money through digital wallets.  

Conclusion 

Digital wallets always help in keeping the electronic payment service very convenient for the people. You can quickly pay your pending money and also, you can transfer money in seconds. You need to properly link your bank account details with the safe digital wallet, and then you can go for online transactions smoothly. Also, this service has designed especially for smartphone users. Transfer of the payment on the mobile was very challenging in earlier days. However, digital wallets have entirely solved this problem by creating a new payment section for mobile users. Start performing payment transactions with the most convenient and safest digital wallets!

Title: What are the different types of Digital Wallets?

Desc: A digital wallet is an electronic device or online service that transfer or exchange money. Read more on What are the different types of Digital Wallets?

Author Bio: Jignesh Vaghasiya is the CEO at Universal Stream Solution. Universal Stream Solution is a web development company in Atlanta (http://www.universalstreamsolution.com/). That helps startups to enterprise companies in mobile & web technology.

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LinkedIn: https://www.linkedin.com/company/universal-stream-solution-llc/

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