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What is e-wallet and its fees to use

Date: 11 Mar 2016   Posted By: Partha Kansabanik     Group: Finance and Investments    Category: Banking   

Some of my friends are advising me to use e-wallet. In this connection, I would like to admit that I have absolutely no idea about this. Can anyone explain me in detail what e-wallet is. What are the benefits am I supposed to get? What are the associated charges? Lastly, how can I acquire an e-wallet? Kindly explain in detail. I reiterate that I have zero knowledge in this regard.

Thanks in anticipation.

Confused about what is an e-wallet? Learn all about the concept of e-wallet, its benefits, how to use and its charges.

Author: Mahesh    12 Mar 2016      Member Level: Gold     Points : 4  (Rs 4)    Voting Score: 0

E-wallet is basically similar to the real life wallet where you decide how much money to keep. And you can use the e-wallet credentials to pay the bills and shop online. The thing with e-wallet is that it is in between the credit card and debit card. Here you get to decide the limit of money to keep in the wallet. Just like regular wallet.

E-wallet from the banks usually have same security level to that of the net-banking account. In fact you get more security on how much money to add and how to change password after each transaction.

Such services are offered by different types of companies. Banks offer this for paying the bills and shopping. Most of the shopping carts offer this to store money in form of points. This way shopping carts retain customers and also people can buy things in rush.

You can get the e-wallet from following banks
4. Kotak

In case of companies that offers such e-wallet. You can get shop only ewallet account at :

1. Freecharge
2. Paytm
3. Amazon

Depending on the purpose for your use the e-wallet usage differs.

Author: Kailash Kumar    17 Mar 2016      Member Level: Platinum     Points : 3  (Rs 3)    Voting Score: 0

e-Wallet is an online account which enables one to do all kind of financial transactions and buy merchandise without a debit card or a credit card. e-Wallet can be in a digital form in the users mobile phone or in the form of a card. It has many inherent security features which make it safe to use and obviate chances of misuse by others. it is pre-loaded with the currency and can be used for buying air/train tickets or grocery in a store. There are Generic online e-Wallet, Company specific e-Wallet and Bank e-Wallet. More information can be had by browsing on the net.

Author: Vinay Jain    18 Mar 2016      Member Level: Silver     Points : 4  (Rs 4)    Voting Score: 0

First of all let me try to explain you the concept of E-wallet. E-wallet is something between a real life wallet and a bank account, but is none of the two.

Following are the main features of E-Wallet

1. It is a digital wallet meaning your money lies with the wallet company
but money is available for you to use much like a debit card.

2. E-wallet can store only very small amounts of money unlike your bank accounts which can store unlimited money

3. E-wallet balance doesn't earn you any interest, although your money is lying with the bank or the e-wallet company

4. Use of e-wallet is much faster and simpler unlike a credit/debit card which are governed by multiple security layers.

5. Money can be transferred from e-wallet of one person to e-wallet of other person, by simply using the mobile phone numbers and the transfer happens instantaneously.

6. E-wallets are used to make small payments and their execution is very fast.

7. E-wallets are massively used in recharging prepaid & postpaid mobiles, payment of electricity bills, recharging digital tv connections, online shopping and slowly the shop merchants are also starting the use of e-wallets to receive payments.

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