The demonitization move can also be viewed as a rather quick jolt toward a 'cashless economy' which we have been talking about for a long time now. If you did not know, the electronic payment ecosystem is getting robust by the day, and you can now even make electronic payments for a wide range of products and services – from buying veggies to paying autorickshaw drivers.
What are e-wallets?
E-wallets are simply the virtual wallets to transact in electronic money. E-wallets allow all kinds of user-to-user transactions without using paper currency. Cab-hailing apps like Ola also promote customized wallet systems like Ola money which can be used to pay for other products and services.
Some popular e-wallets in India and how to get them
PayTM
One of the largest e-wallets in India, PayTM , allows secure user transactions. You can transact with a PayTM user using 'Pay With PayTM' service. Companies like Uber, Bookmyshow, Domino's Pizza and Food Panda use PayTM wallets for onsite e-transactions.
Create an account on www.paytm.com, verify your mobile numbers through one time password (OTP) and sign up.
Or, download PayTM application on your smartphone, create an account and start doing online transactions.
Chillr, Payzapp, UPI
These prominent multi-bank mobile banking apps enable account-to-account and bank-to-bank transactions. They also support other payments, like mobile, DTH, data card recharge, shopper-end bill payments, etc. Banks partnering with Chillr are: HDFC Bank, Bank of Baroda, Andhra Bank, Catholic Syrian Bank, Federal Bank, PMC Bank, Greater Bank, Bharat Bank, Saraswat Bank and Bank of India.
Payzapp is HDFC Bank's customized e- wallet whereby users can carry out all online and offline transactions, linked with your credit and debit cards. The user never runs out of e-money on Payzapp as the excess points escalate to credits.
Download Payzapp on your smart phone with mobile number registered with the bank.
Create a secure PIN number
Link your credit and debit cards by their numbers and pins.
Unified paymet interface or UPI was launched by National Payment Corporation of India (NPCI) in association with RBI. UPI enables digital bank transactions like fund transfer, merchant payments, utility over-counter transactions like daily bill payments, normal user-to-user fund transfer etc. Some 23 banks are currently use UPI-based services.
Download UPI app and select bank
App will automatically show your account details which are synchronized with your mobile number.
Create the Virtual Paymet Address
RuPay
A domestic card scheme launched by NPCI, Rupay is much like our debit cards and credit cards. RuPay envisages RBI's dream to have a multilateral, open loop payment system in India. All ATM machines accross the country accept RuPay cards. The RuPay synched ATM cards share the same PIN number and are accepted by almost all PoS terminals. Public portals like IRCTC also support RuPay debit payments.
Ola Money
Started as a customized e- wallet just to pay Ola cab bills, Ola money has easily grown into an all-purpose payment gateway, supporting other bill payment, fund transactions, mobile recharge etc.
Mobikwik, Citrus Pay
Two of the most popular e- wallets in India which allow closed user-to-user transactions for banking, bill payment and utility purposes. Downloading corresponding apps from playstore, an user needs to set up bank a account- synchronized wallet system and start making payments.
How to pay bills using e-wallets?
You can scan the QR code placed in front of shops, auto rickshaws or cab and add the receiver to your account.
The receiver can 'pull' or request the desired amount, on which you can 'push' or transact the amount into the reciever's account.
You can also add an user through text passwords or PIN shared and secure PIN numbers.
E-walleting eradicates security and space concerns regarding paper money. Digital transactions also constrict the space for black money in the system. E-paymets are taxation friendly and reduce the users' distress in rushing to ATMs every time they run out of paper currency. It also reduces the security risks of carrying currency notes around.
