Mobile Wallets has grown rapidly in India. Fintra reveals the benefits and advantages of Digital Wallets:
Time saving: It saves a good amount of time as you would not need to enter your card details repeatedly every time you make a purchase.
Discounts and Offers: Digital Wallets come with a variety of attractive discounts and offers for buying all kinds of product. These offers are the main reason, which attracts people in registering on digital wallets. Most of the wallets have its own set of incentives. They provide loads of money-saving avenues by offering discounts, cashback, unique offers and gifts.
Safe and Secure: Many people think that these new technologies are not reliable and safe. In fact, they are highly secured as it offers a password security service to keep the wallet guarded to prevent any kind of theft.
Easy accessibility: Using digital wallet for day to day transactions is very convenient and simple. Just download the app and create your ID and password.
Simple to load money: Adding money to the wallet is easily done via the net banking, credit card, or debit card. Due to the ability to store these details, it saves the hassles of entering them every time you make a transaction.
Range of uses: E-wallets can be used for making a variety of transactions such as bill payments, postpaid, purchasing bus or train tickets, paying at local stores, paying for utilities such as gas, water, and electricity. The usage of digital wallets has gone far and wide.
Split bill facility: One huge advantage is that you can split the expenses with your friends or anyone. Users of Mobikwik and Freecharge can split their bills by entering the amount along with the number of people who are expected to pay their share. These wallets will automatically generate a link that can be sent to people who owe you money.
Ensures timely payments: With the auto-pay facility in wallets, you can make future bill payments automatically in time, from the wallet balance on a pre-determined date.
Quick transfer of funds: Digital wallets have made sending and receiving of funds easy and quick. In fact, as of now, there are no transaction charges levied for transferring money anytime, anywhere, thus making it the preferable option.