Top #7 DIGITAL Wallet – Future Of Payment

The last 5 years have witnessed major shifts in how consumers pay for goods and services. With penetration of smartphones and internet and E-Commerce (electronic commerce) continually expanding their reach ,E-Wallet (electeonic wallet) or digital wallets.

According to a new report published by Allied Market Research, digital payment market will reach $3,338 billion, Globally, by 2022.

What is Digital Wallet ?

A Digital wallet is an electronic device or a software  which allows you to store, manage and pay electronically using a variety of payment instruments such as credit cards, debit cards, internet banking and digital cash. In banking terms, a digital wallet is a type of prepaid payment instrument like your debit card.

Types of Digital Wallets

Device-based digital wallets :

These type of digital wallets use NFC (Near Field Communication) technology to allows users to pay for purchases by waving their NFC-capable phones or other NFC-capable devices near a contactless reader. There is no need of physically handling over your credit or debit card, but you need a device such as an iPhone, Apple watch, or Samsung Phones. Apple Pay, Samsung Pay are examples of Device -based digtal wallet.

Internet-based digital wallets :

These type of digital wallet offers personal user accounts where a user can signup for an account and store credit or debit card information in it for faster checkout.When user purchase something from E-commerce website, the user need to create an account. After this they need to sign in to their account and used the saved payment information to pay for purchases.these type of wallets pay for online products without providing credit or debit cards. Google wallets, Paypal, Paytm are examples of internet-based digital wallets.

Popular Digital Wallets

As a smartphone user it is expected to increasingly globally mobile market, mobile wallet companies such as –

1. Apple pay
2. Paypal
3. Google wallet
4. Samsung Pay
5. Paytm
6. Freecharge
7. Mobikwik

1] Apple Pay :

An Apple Pay is a simple secure mobile payment service provided by Apple Inc. It lets Apple device owners to make payment using NFC chip. which is built into their iPhones, iPads, and MACs. These apps let the user to add their credit and debit cards to Apple Pay. The transaction is made using credit and debit card. Apple Pay works latest Apple devices including iPhone 6, 6+, 7, 7+, SE and Apple watch. The user can use Apple Pay at point-of-sale (POS) location across the globe, Apple App store, iTunes.

Source : https://support.apple.com/en-in/HT204506

2] Paypal :

Is one of  the most popular and currently used digital wallet in the world. It allows the user to exchange money between Paypal users money transaction. it is secure to use Paypal. Paypal allows to make user to make payment using variety of methods including : Paypal balance, Paypal credit, bank account. Paypal is available for both iOS and Android platforms as well as for the web.

Source : https://www.paypal.com/us/webapps/mpp/pay-in-stores

  3] Google Wallet :

Is another popular mobile payment services offered by Google. User can send money to any user using the email address and phone number. The user can simply link  the debit or credit card to their Google account. The money that is received is transferred by bank account which is link to account. User can send money through app, in Gmail on web(www.wallet.google.com). All financial information in Google wallet is encrypted and stored on Google protected servers.

Source : https://www.google.com/wallet/

4] Samsung Pay :

Samsung Pay is mobile payment and digital wallet service owned by SAMSUNG.it allows its user to store cards on their phones pay in-person at POS location around the world. Samsung Pays use both NFC technology and magnetic stripes for payment. These work on a hardware that work on magnetic card readers.

Source : http://www.samsung.com/in/samsung-pay/

5] Paytm :

Paytm is largest e-wallet provider in India, with more than 200 million registered users. It’s fastest growing company in the digital space. it can be used for mobile recharges, metro rail recharges,  paying utility bills such as DTH, electricity and water.Also can be used to purchase at grocery store, pharmacies, restaurants, ration selling shops, petrol stations, etc,. Paytm has tied up with many companies in categories of shopping, travels, foods, etc. Moreover users can use Paytm for booking flight tickets, rail tickets, bus ;or send and receive money. Paytm apps are available for iOS , Android, Windows, and Blackberry .

Source : https://paytm.com/

 6] Freecharge :

Freerecharge is simple and fast way to do online recharges for prepaid and postpaid mobiles, data cards. You can also pay utility bills, such as DTH, electricity bills, landline, broadband, and gas in India for most service providers. It recently added metro card recharges in additional features on its platform. You can access your freerecharge account using mobile apps and web browsers.

Source : https://www.freecharge.in/

7] Mobikwik :

Mobikwik is a semi-closed wallet that can be used to recharge mobiles and pay bills. It is accepted across numerous merchants including Dominos, eBay, etc. Top-up can be done using debit or credit cards or netbanking. This app can be used ti send and request money between friends and family members using mobile numbers. Mobikwik has a mobile app.

Source : https://www.mobikwik.com/