When Demonetization shook India in 2016, the country was forced to fall back on options that enabled cash-less transactions. Doing anything without cash, whether it was buying rations of food, paying electricity bills or phone and dth recharge became a hassle. The unavailability of cash in banks and ATMs caused some inconvenience, but forced the country to wake up to the digital age of mobile banking. The digital wallet industry, which focused on larger cities, saw new subscribers even in the tiny hamlets of India, thus contributing to the birth of digital India in the real sense of the term.
What is a digital wallet?
A digital wallet is an online service that allows an individual to make electronic transactions. You can directly transfer money from your bank account to your e-wallet and forget the hassle of carrying your debit-card or physical cash as most merchants have provisions for payments via e-wallets. One can buy groceries, do online DTH recharge, or even book flight tickets through these wallets. All you need to do is download the app of the digital wallet of your choice from the app store and load it with as much money as your require.
Freecharge: Launched in 2010, Freecharge gained momentum in the post demonetization era in India. Freecharge is one of fastest growing online payments platform today, thanks to its fantastic cashback offers, ranging from 10-25% per transaction, thus allowing you to save a lot of money.
Paytm: One of the most popular e-wallets in India, Paytm is perhaps the most widely used e-wallet. Paytm services are used by the biggest shopping malls and even small vegetable vendors, and local grocery shops. Furthermore, you can use PayTM to pay your electricity bill and phone bills. Online DTH recharge and phone recharge is also possible with Paytm. The company is known for offering good discounts and great cashback offers.
Mobikwik: Regarded as the pioneer of the e-wallet industry in India, Mobikwik made its debut in 2009, but was quickly overtaken by the likes of Freecharge and Paytm that entered the market in 2010. Mobikwik today is known for its great cashback offers. It is also tied up with several e-commerce companies and offers additional discounts on online purchases of food, apparel and bill payments.
PayZapp by HDFC: Although PayZapp by HDFC Bank entered the market as late as in 2015, it has captured the attention of the smart, digital age spender. Despite being a product of HDFC Bank, PayZapp can be downloaded by everyone. The wallet offers great discounts + cashback on everything from dth recharge offers to offers on restaurants, taxi services, bill payments and so on.
Chillr: Another app launched by HDFC Bank, the Chillr e-wallet has tied up with over 50 banks across India and is known for providing multi-bank connectivity. You can manage all you bank account with this single digital wallet and continue to make purchases and payments through it.
What is a digital wallet?
A digital wallet is an online service that allows an individual to make electronic transactions. You can directly transfer money from your bank account to your e-wallet and forget the hassle of carrying your debit-card or physical cash as most merchants have provisions for payments via e-wallets. One can buy groceries, do online DTH recharge, or even book flight tickets through these wallets. All you need to do is download the app of the digital wallet of your choice from the app store and load it with as much money as your require.
Freecharge: Launched in 2010, Freecharge gained momentum in the post demonetization era in India. Freecharge is one of fastest growing online payments platform today, thanks to its fantastic cashback offers, ranging from 10-25% per transaction, thus allowing you to save a lot of money.
Paytm: One of the most popular e-wallets in India, Paytm is perhaps the most widely used e-wallet. Paytm services are used by the biggest shopping malls and even small vegetable vendors, and local grocery shops. Furthermore, you can use PayTM to pay your electricity bill and phone bills. Online DTH recharge and phone recharge is also possible with Paytm. The company is known for offering good discounts and great cashback offers.
Mobikwik: Regarded as the pioneer of the e-wallet industry in India, Mobikwik made its debut in 2009, but was quickly overtaken by the likes of Freecharge and Paytm that entered the market in 2010. Mobikwik today is known for its great cashback offers. It is also tied up with several e-commerce companies and offers additional discounts on online purchases of food, apparel and bill payments.
PayZapp by HDFC: Although PayZapp by HDFC Bank entered the market as late as in 2015, it has captured the attention of the smart, digital age spender. Despite being a product of HDFC Bank, PayZapp can be downloaded by everyone. The wallet offers great discounts + cashback on everything from dth recharge offers to offers on restaurants, taxi services, bill payments and so on.
Chillr: Another app launched by HDFC Bank, the Chillr e-wallet has tied up with over 50 banks across India and is known for providing multi-bank connectivity. You can manage all you bank account with this single digital wallet and continue to make purchases and payments through it.
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