What is a Digital Wallet?

An e-wallet or a digital wallet is an electronic application that securely stores the users' payment information and passwords for various websites and methods. It stores your money in a digital form to make purchases at e-commerce websites or to make other online transactions which are also safe and convenient. The important information about the customer is kept in the digital wallet, such that whenever you make a purchase you don’t have to fumble through your cards.

Digital Wallet also overcomes the need of carrying a physical wallet. If a person uses a digital wallet, then only he needs is to carry a smartphone compared to carrying around a bunch of cards and cash. Paytm, Freecharge, etc, are examples of a digital wallet. It can even be used to store digital coupons and loyalty card information.

Here is the list of the top ten mobile wallet and payment apps in India: Google Pay, Paytm, Dhani App, PhonePe, BHIM Axis Pay, MobiKwik, Yono by SBI, ICICI Pockets, HDFC PayZapp, and Amazon Pay.

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