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.
Paytm is an Indian e-commerce payment system and digital wallet company, based out of NOIDA SEZ, India.
Paytm is accessible in 10 Indian dialects and offers online utilize cases like mobile recharges, service charge installments, travel, motion pictures, and occasions appointments and also in-store payments at supermarkets, leafy foods shops, eateries, stopping, tolls, drug stores and training organizations with the Paytm QR code.
Benefits: Largest client and vendors’ base; Offers a great deal of services like Busses, Flights, Recharge, Bills and even gold shopping.
Drawbacks: Slightly jumbled UI with a considerable measure of alternatives
MobiKwik is an Indian organization established in 2009 that gives a cell phone based payment framework and digital wallet. Customers add cash to an online wallet that can be utilized for payments. In 2013 the Reserve Bank of India approved the organization’s utilization of the MobiKwik wallet, and in May 2016 the organization started giving little advances to purchasers as a major aspect of its service.
The organization propelled its MobiKwik Lite portable application in November 2016, intended for clients of more established 2G versatile systems and for those in territories with poor web availability. In November 2016, the organization detailed having 1.5 million traders utilizing its service and a client base of 55 million users.
Benefits: Their UI is particularly perfect and extremely intelligent. They provide quicker checkout process for better client experience.
Drawbacks: Their cash back is as like as Super cash which normally has a ton of confinements. It provides less rewards/offers than Paytm.
PhonePe began as UPI payment application and later was obtained by Flipkart to be propelled as a digital wallet for the online business. It unquestionably has a considerable measure of shrewd individuals behind the application as a first time client will discover the application extremely simple to utilize.
Benefits: Great cash back offers on online Bill payments. Provide quick and great client experience of the application despite the fact that they feature a considerable measure of services.
Drawbacks: Merchant integration is lower than others.
Freecharge has an extraordinary story in the Digital Wallet world because of the change venture it has travelled. This wallet always feels like an afterthought when making online transactions. But it’s still a great app to have for transactions and offers.
Benefits: Payment process is quick and simple. Instant cashback on transactions
Drawbacks: Low adoption for shared.
Airtel Money effortlessly has one of the biggest client bases. Be that as it may, the vast majority of the exchanges on the platform are restricted to Airtel charge payments for mobile, broadband and different administrations.
Benefits: Provides good offers especially for Airtel users.
Drawbacks: Only suited for Airtel users
JioMoney like airtel happens to be accessible for a huge client base because of sheer VOIP transformation Jio is driving in the nation. Regardless they have far to go as far as combinations and offers.
Benefits: No enlistment required for Jio clients. So get it in the event that one have a Jio sim.
Drawbacks: Not an incredible UI.
Ola Money which is the payment wallet offered alongside the OLA taxi booking application has a substantial client selection due it being one of the market pioneers in the portability space. Notwithstanding, the vast majority utilize it for paying Ola bills or keeping cash for taxi rides.
Benefits: Easy and quick to pay for OLA cab rides.
Drawbacks: Not used much outside of the OLA app.
Amazon Pay is one of the most up to date contestants in this space and developed rapidly piggy-support on the ubiquity of the Amazon e- commerce platform. Like PhonePe this wallet is an absolute necessity attempt on the off chance that one utilizes Amazon for shopping.
Benefits: Superb cashback offers across varios platforms like AbhiBus, Book My Show etc.
Drawbacks: No Offline presence
Digital wallet by SBI Bank which happens to be the biggest bank in the nation. They are incredible for payments and exchanges. This wallet is additionally accessible to clients without a SBI account which makes it simple to enroll.
Benefits: Good for SBI users. It supports various languages.
Drawbacks: No offline presence.
This digital wallet is by HDFC bank which is like SBI, a noteworthy player. They center around disentangled a single tick payments which makes utilizing it greatly basic.
Benefits: Superb for repeated transactions.
Drawbacks: Adopted only for HDFC customers
As mobile wallet plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.