Do you remember the last time you paid in cash or the last time you were worried about no cash in your wallet? Exactly. Long gone are the days when carrying cash along was actually a priority. With the increasing penetration of internet-enabled smartphones, payments via a digital wallet have seen a significant rise in recent years.
Be it a small payment or a large one, the first transaction option that comes into our mind is digital. Moreover, physical transactions took a back seat, especially after the Covid-19 outbreak.
What is a digital wallet?
It is an online service that enables any individual or business to make transactions electronically. It is also known as an e-wallet, and in simple terms, it is essential to understand that your smartphone is your e-wallet. A digital wallet app allows you to pay safely and smoothly and are much safer than your traditional physical wallets. All you have to do is just take care of your smartphone!
Honestly speaking, I’ve been using the Bajaj Finserv application for around seven months, which solves my purpose for all digital transactions.
Why should you use it for online payments?
From instant payments and saving a ton of your precious time, it comes with many benefits.
Instant and Convenient payment
Digital payments are done within a fraction of a second and are way more convenient than cash. So instead of searching for your wallet, taking out cash and waiting for your change, you just have to scan a QR code, and you are more than good to go.
Secure and Safe
Remember, your physical wallet can be stolen, but your mobile wallet cannot. Even if you lose your smartphone in the worst-case scenario, your mobile wallet has security settings that ensure only you can access it. Also, for making payments, when data is transmitted via a digital wallet app, the account number isn’t communicated.
Wide range of uses
From bill payments for water, electricity, broadband, cable etc., an e-wallet can be used for various transactions. Not only this, but it can be used for buying tickets for buses, trains or even flights and, most importantly, for transferring money to anyone at any time of the day.
Discounts and offers
Cashback and discount coupons are also one of the most luring factors of digital payments. Almost every time you complete a digital payment, you are rewarded with an exciting reward, which ultimately pushes you to do it repeatedly. Paying via cash has no such benefit.
Especially after the Covid-19 outbreak, people have become more cautious. In cash transactions, many germs and bacteria are transmitted, but when you use a digital wallet, you effortlessly pay without even touching anyone. Moreover, with such a payment method, there is no time boundations, so that you can pay the vendor at any time.