Gone are the days when people used to flock the streets of popular shopping destinations of the city. Shopping was meant to be done only on the weekends and on public holidays. Shopping with family and friends was so much fun. E-commerce and digital wallets have completely changed the way people shop these days.
A digital wallet is a prepaid instrument that allows you to make online monetary transactions and purchases. This includes purchasing goods with the use of a computer or a smartphone both online and offline. Bank account can also be linked to the digital wallet to make payments. Peer to Peer transactions is allowed on digital wallets.
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(i) Closed System Payment Instruments: These are financial instruments that are issued by business establishments and can be used only at their respective establishments. These instruments don’t allow cash withdrawal or redemption.
(ii) Semi-Closed System Payment Instruments: These payment instruments can be redeemed at a group of clearly identified merchants. These instruments don’t allow cash withdrawal.
(iii) Semi-Open System Payment Instruments: These payment instruments can be used for purchasing goods at those merchants who accept cards. Semi-Open system payment instruments too don’t permit cash withdrawal.
(iv) Open System Payment Instruments: These payment instruments can be used for purchasing goods and services and also allow users to withdraw from ATMs.
Digital wallets are involved with monetary transactions. So to use a digital wallet, you must first load money into the digital wallet. Money can be loaded by linking your bank account with the digital wallet or when a person transfers money from his digital wallet to yours. Once you have money in the digital wallet, then you can start purchasing goods at redeemable merchants.
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1) Paytm: Paytm is the most popular mobile wallet in India. Paytm is owned by One97 Communications and was launched in 2010.
2) MobiKwik: MobiKwik is one of the pioneers in the mobile wallet industry in India. It was launched in 2009.
4) Oxigen Wallet: Oxigen Wallet is the oldest digital non-bank wallet in India which was launched in 2004. It provides micropayment services and remittances in real time.
5) FreeCharge: FreeCharge is a popular digital wallet in India. It was launched in 2010 with headquarters in Mumbai.
6) ICICI Pockets: ICICI bank launched this app to facilitate customers use mobile wallets. This app is powered by VISA.
7) LIME: It was launched in 2015 by Axis bank, the third largest private sector bank in India.
8) PhonePe: PhonePe was launched in 2015. It is headquartered in Bengaluru. PhonePe recently became a UPI enabled digital wallet.
9) SBI Buddy: SBI Buddy is a mobile wallet launched by SBI to facilitate customers use the mobile wallet. It was launched in 2016.
10) PayPal: PayPal is a US Based Fintech company which is slowly gaining popularity in India.
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