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.