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  • Category: Miscellaneous

    Which is the best digital wallet?

    The use of digital wallet has become very common these days. We find that even small shops including road side shops accept these digital wallet. PayTM was the leader in early days. But these days many Company's are in foray in the digital wallet market. Google pay(Tez), Amazon Pay, PhonePe, Yono by SBI, BHM,.

    The usages of these digital wallets depends on the acceptability of these wallets in the market. Which digital wallet s more convenient to use?
  • #668315
    There are many digital wallets in the online arena vying for each other. Almost every bank is coming with its own wallet. Online stores have their in built wallets. From safety point of view the 'PayZapp' from HDFC Bank seems quite secure. However from popularity and acceptance point of view Paytm is at number one slot.
    Thoughts exchanged is knowledge gained.

  • #668323
    I am using so many digital pay Apps. like Phone Pe, Paytm, Amazon pay, Google Pay etc. Out of all these I found Phone Pe App. is very easy to use and also it is providing so many rewards. Till now I have earned more than Rs.1500 as cash back rewards in Phone Pe. In Google pay also I got Rs.700 as lucky winner at one time. I also use Paytm, but it is slow when compared to Phone pe or Google pay.

  • #668330
    I am son of a banker and therefore since the time of my school life, i am familiar with digital platforms to transfer money online. When I was 18, i got my net banking kit for the first time and i am using net banking for payment of my college fees, tuition fees, transfer money to my friends in need, give gifts to my cousins etc.
    During the time of demonetization, the use of e-wallets had gone higher drastically. RBI also introduced a new platform called Unified Payment Interface (UPI) which is linked to almost every bank of India and on this platform, we can transfer our money swiftly and safely, merely using out net-connection and mobile numbers linked to our bank accounts.
    The major difference between UPI apps and E-wallets is that UPI apps deal with bank to bank transaction while e-wallet apps deal with wallet to wallet which are apparently linked with their respective bank accounts. It my observation as well as opinion that we are supposed use UPI apps for swifter and secure digital transactions as banks will be under direct obligation if any mischief occurs while there would be no point of proof left in case of any mischief through e-wallets.
    Nowadays, many companies are there for UPI transactions and some companies are providing services of both UPI and e-wallet transactions. In my opinion, the best UPI apps are BHIM App which has been introduced by Govt. of India and other private apps are Google pay app and Phone pay app. If you want to use PayTM, Use PayTM UPI option while making payments for secure digital transaction
    Hope, this will help you.

    "Words are precious, ought to be used wisely." - Umang Shah

  • #668331
    Google Pay and PhonePe are my personal favorites. You can win scratch cards for your transactions like digital payments and money transfers. These scratch cards often have cashbacks or discount coupons. I make digital payments whenever possible like my utility bills etc. and I get frequent cashback. Even it is just 10 to 15 rupees at times, these small amounts eventually add up. The highest cashback I ever won was Rs 155 for making a transfer of Rs 550 to a handmade jewelry seller. Was it not quite a deal!

  • #668333
    I have all these wallets on my phone. But I use PayTM more than other apps. Main transfers I do with online internet banking. Purchases and bill payments I will do through PayTM using Credit Card. My payments all are through online operations only. I pay to my milk vendor and medicine vendor also online only. Only to my servant maid, I pay cash. All other transactions are online transactions only.
    always confident

  • #668358
    There are so many digital wallets in the online arena that it is difficult to choose one out of them. Some of them are very popular and people are going for them but there are many which are equally good and worth considering. There are different types of them depending upon whether you can only use them in closed buying activities or everywhere. Today the main digital wallets in use are M-Pesa, HDFC chillar, MakeMyTrip, Jabong, Paytm, PayUMoney, MobiKwik, Oxigen, PhonePe, Jio Money, Payzapp, Freecharge, ICICI Pockets etc. People are keeping multiple wallets also depending upon their frequency of usages.
    Knowledge is power.

  • #668360
    Are MakeMyTrip and Jabong digital wallets? Can someone please confirm, I really have a doubt.

    Can Credit Cards be used for adding money to the wallet? Is there a penalty - from the bank or the digital wallet service? I would like to use a credit card for adding money, but I am not sure if there is some fee that I will have to pay.

    'A love affair with knowledge will never end in heartbreak' - Micheal Garrett Marino

  • #668366
    Yes, the world is shifting from the era of cash to cashless. Even a small vendor such as a vegetable seller is accepting payments through the digital mode. And why wouldn't one love to use these since digital wallets are easy to use. The main reason why the world was attracted to the cashless era was due to the cashback era. Humans are greedy, believe it or not. Initially, before UPI came, Paytm used to rule the digital era and provided a number of cashbacks. When the Modi government announced the launch of BHIM app and started providing cashbacks on BHIM transactions, the market proportion of digital transactions rose significantly. Then, 0.75% cashback on petrol pumps (now 0.25% approx) gave a boost to the digital era.

    Nowadays, there are various digital and UPI wallets, some which provide UPI transactions only (Google Pay) and some which provide both (Paytm). To name a few, we have Paytm (which currently rules the market), Phonepe, Google Pay (Tezz), Amazon Pay, Freecharge, SBI Yono, BHIM, Payzapp, Ola Money, Jio Money, Airtel Money and many more.

    All are the same in most of the ways and provide a wide range of cashbacks but what people do not really take care of is their digital privacy and this is where these companies make the real profits. Have you ever noticed that when you install Google Pay or any UPI app, you are asked to provide it with permissions of phone contacts, microphone, camera, location, phone, and sms? A common person would probably just 'agree' with all the requirements. But do you know this is the point where your privacy is at stake and you become vulnerable? Google Pay will collect your information and show you ads on the basis of it. It will automatically collect the details of various bills from your messaging app and remind you of paying your bills. We don't really notice but this is where it really starts collecting our information and controlling our digital world. If you deny any of the permissions, a message will pop up telling you that Google Pay cannot work because of security issues if we do not provide it with all the permissions.

    Most of these apps try their best to collect your location information (actually, it makes no sense that a digital wallet requires your location information to send money to another person) because though you might not know it, but your location information is the major key to your privacy.

    My point is, all the wallets are the same in more ways than you can imagine, but please be careful while using them. Many of these wallets even give you cashbacks when you transfer your money from your wallet to another person. But just think, why would a company give you free money (cashback) by just sending money to another person from your wallet?
    Your privacy is at stake, save it.

  • #668384
    We are going digital but is it safe. There are many apps that provide digital payment platform and even give cashback on our payment but how do they survive.
    It's good initiative from the government to go cashless but what support is the government doing for this?
    -Are they reducing the charges?
    -Are they providing security?
    -Are they encouraging digital payment?
    The government need to stand in front to provide a secure and free medium for digital payment - One app for all payments.
    I have not used many apps for digital payment but from the few, I liked Paytm & google pay.

    “Each day provides its own gifts.” —Marcus Aurelius

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