Modern technology and the internet have reimagined the world. Earlier, you needed to be in person to do anything. However, today, thanks to technology and the internet, you can do most things from your fingertips. This broadly applies to banking and finance. You no longer need to visit a bank or withdraw cash from an ATM to make transactions. You make transactions and do much more in just a few clicks by logging on to a mobile payment app.

As the name suggests, a mobile payment app is a mobile application that allows you to carry out various payments conveniently. Several leading banks and third parties have developed such apps, which have the unique feature of an E-Wallet.

What is an E-Wallet?

A wallet is a physical case or pouch that holds money securely and readily accessible. Whenever you need money, such as to make a purchase, you will access the money stored in your wallet. An E-Wallet, or a Digital Wallet, is much like a regular wallet. However, an E-Wallet does not hold physical money in it. Instead, it holds money in an electronic format, allowing you to make a wide range of transactions in just a click.

What are the benefits of using an E-Wallet?

Now that you have an idea of what is E-Wallet, here are the benefits of using it:

• Security: E-Wallets eliminate the need to carry a significant amount of paper money. Hence, you need not fear loss of money. Furthermore, E-Wallet transactions are end-to-end secure. You must enter a unique PIN to access and transact through the E-Wallet.

• Easy and quick: Using the E-Wallet is very easy. You need to register as a user on the mobile payment application. Then, you need to link your Bank Account or Debit Card to the mobile payment app to access the E-Wallet. Once the E-Wallet is operational, you can make quick and seamless transactions through it.

• No additional charges: By now, you have understood that using the E-Wallet can be very beneficial on a day-to-day basis. What’s even better is that you can use the E-Wallet to your advantage without paying a single penny. Hence, consider getting your hands on it.

How to use the E-Wallet?

Following are the different ways in which you can use the E-Wallet:

• UPI payment ID: You can use the E-Wallet to pay to any UPI payment ID.
• Mobile number: Simply enter the mobile number of the beneficiary or the payee to make a transaction through the digital wallet.
• QR code payment: Scan the beneficiary's or merchant's QR code to make a transaction in seconds.
• Bank transfers: Enter the beneficiary bank details such as the bank name, account number, and IFSC code to facilitate transfer through the wallet.