What is a Digital Wallet?
Digital Wallet is a like a financial balance where one can stack cash and utilize it to pay for different offline and online services. Dissimilar to Bank accounts, these wallets don’t offer any enthusiasm on the cash kept in the wallet however are more for simplicity of computerized exchanges and benefiting a few offers on utilizing their services. Paytm is a standout amongst the most mainstream digital wallets right now.
Benefits of digital wallet
- Allows you to go cashless without the need to go through the process of acquiring credit cards.
- Makes transactions trackable and easier to manage
- Get offers, benefits and rewards for using digital wallets
- Allows you to do multiple things like – Transfer to friends, Online Shopping, Pay at offline merchants or even pay your Bills
- Is instant and free (for users)
Is Digital Wallet same as BHIM/UPI?
Digital Wallets are not same as the BHIM application or UPI service is essentially a payment interface enabling simple shared exchanges. Google Pay utilizes this innovation thus will Whatsapp. Some computerized wallets do support UPI cash exchanges however they give far greater usefulness to the clients.