What is e-wallet all about?

Okay, consider e-wallet as your friend? Yea, we mean the “F.R.I.E.N.D” kind of a friend. Remember how Chandler had Joey’s back ALL THE TIME!? – Rent, Food, Games, and whatnot, what if we tell you e-wallet can do that for you? Exciting right, we thought so!

Not only will this friend have your back when it comes to expenses, but it also gives you additional security and convenience at all times. Never fall back on payment reminders. Freecharge notifies your pending monthly payments before time to keep you ahead of the calendar! Just carry your modern-day essential mobile phone with you, and you can literally pay anywhere without a money bill or a card. May it be anything — food, clinic, salon, transport, and fun!

Could it BE any cooler? — YES it can!

  • E wallets significantly reduce your chances of getting into a payment fraud. Freecharge payments are encrypted. 
  • Putting all your cards into a mobile wallet is one way to keep them safe. As this happens through digital channels, your full card account number isn’t displayed anywhere in a mobile wallet. 
  • Prying eyes won’t be able to capture your card number for future use. 
  • In addition, your transactions are covered by the same security and privacy protections as your physical cards.

The final cherry on top is that along with security, you get rewards, cashback, and offers with every transaction you do!

Cash is so last year! How does e-wallet work?

We all love to say, “the treat is on me!”. Just imagine at the end of a fine dine treat you reach out for your wallet and gasp out of awe — “WHERE IS MY WALLET?” screams your brain!! Pretty embarrassing. 😌
The e-wallet is for people who avoid carrying physical cash. Yes, just with an e-wallet app on your mobile (connected to your bank account) is enough to buy stuff online or at local stores by typing in the UPI ID, scanning a QR code or even through a phone number.

Key features you must know about e-wallet in India.

Go cashless

Cashless society? Let’s look at how India’s transition to a cashless economy is playing out and what could be in store for you as a user of e-wallets.

The benefits of a cashless ecosystem are endless!

  • Convenience is the key to your absolute digital financial fluidity! The Freecharge app is with you 24X7 with the fortune worth your whole bank balance attached. No more stopping by your bank ATM before shopping. Tap and PAY – risk free! 
  • Lower risk : Even when considered the worst, your cash and card can be stolen and tampered with, but when you have your whole bank in an app… even in case your phone is stolen, your money is as secured as ever! 
  • Keep track of your money, wherever you are. Make a month-end analysis to understand your spending patterns.
  • Faster investments : When you are into the stock market, you know what a fraction of second can do to your investment. Transfer money to your trading account as fast as ever with Freecharge, and grab your stock at the pinnacle timing.

E-wallet in India for the best cashback

Let’s get this straight, E-wallets reward you (quite heartily) to pay through them. Credit points aren’t exclusive to credit cardholders. Flaunt it for now, shall we? 

Using e-wallet, users can receive coupon codes and scratch cards, redeem the offers to enjoy cashback, and added discounts with every purchase — mobile recharge, bill payments, order medicines, groceries shopping, and everything.

Saves your time!

An e-wallet is like a prepaid account that allows users to add money and make online transactions in just seconds. Just open the app and do One-tap payments super fast! 

The swifter your experience, the more you want to pay through us, and the more benefits you accumulate. It’s as easy… just like a smooth cycle of profits.

Receive unlimited cashback and coupons every time you pay through Freecharge wallet. Getting coupon codes on best-selling skincare, food, etc., while paying your broadband bill… how cool is that! 

The New Age Style of Payment

Are we allowed to burst some bubbles? Please repeat after me… Will you?
E-wallets are safe for making large transactions. 

The Millennials’ love affair with Mobile Wallets continues as around 89% of consumers surveyed said that they use mobile payment wallets of some form or the other. Online payment wallet is becoming a mainstream way of carrying cash and card. 

It gives the consumer an easy and secure way to carry a digital version of their wallet

Online Wallets have swiftest checkout

Checkouts are the quickest with Freecharge! “Why?”… you may ask.

Well, Electronic wallets store your credit and debit card information, shipping and billing addresses, and e-mail addresses for fast online shopping convenience in just a few clicks. 
Get instant notifications about your favorite merchants and also keep yourself updated about the latest news in the world of online deals shopping. Get special benefits of deals and cashbacks on your favorite merchants like Amazon, Flipkart, Swiggy, Zomato, etc.

Transact on-the-go on e-wallet app

Being a part of the Zen-productive age, even online transactions deserve the “on-the-go” treatment option. 

Enjoy the seamless experience of buying car insurance or paying healthcare premium while listening to a podcast or chilling with friends.

  • Freecharge is one of payment app that lets you make mobile recharges and post-paid bill payments for all leading telecom providers in India such as Airtel, Vodafone, Idea, Reliance Jio, BSNL, MTNL and many more. The Freecharge app is available for download on Google playstore and the Apple App Store.
  • Freecharge UPI provides uninterrupted service to users on a 24×7 365 days in a year, even on bank holidays. Moreover, with UPI send money , users can send money from one bank account to another without the need to know the bank details like account number, IFSC code, etc. User just have to input UPI ID or mobile number.

Sign up and get offers on Freecharge. Avail of the discounts right away!

Easy Tracking of the Transactions

It is impossible to keep track of your expenses with the avalanche of bills and statements that drop into your mailbox every month. Make things easy with Freecharge wallet. After making any purchase using e-wallet, a user can check status of the transaction and the remaining balance left in the wallet. User can track all credit as well as debit entries for their reference.

The dramatic turn of events with the demonetization rippled ahead with the growth of UPIs. The government has hailed this new payment system as one of its measures for making all transactions transparent and accountable, as the concerned department can easily track all transactions undertaken in the digital mode.

It is a game of finance where everybody wins! It benefits all angles, including the economy, digitization, and its contributors, as money transactions are easy nowadays.

Increasing wider acceptance of digital payment wallet

E-wallet is something which is catching on very fast, gaining greater acceptance from small vendors to large scale vendors. The e-wallet transforms the old system with a high cost and sloppy service. Currently, this is the hot take for several industries.

What are the different types of e-wallets?

Digital wallets come mainly in 3 types — the core difference you need to understand is the e-wallet pro game.

Closed electronic wallet

The Closed Wallet is a digital loyalty card that allows users to earn rewards and track their points across participating sellers. Instead of using coupons, use the Closed Wallet to pay with money you have earned but haven’t yet spent!

In short, enjoy hassle-free in-a-minute payments along with easy cancellations, quick refunds, returns, and rewards from e-commerce sites with exclusive closed wallets.

Semi-closed online wallet

The Semi-Closed Wallet allows you to pay for necessities like groceries and gas at merchants listed under the cardholder’s mobile wallet. Despite restricted coverage, online and offline buying can be done through this NFC (Near Field Communication) wallet.
Near Field Communication, or NFC, is a wireless technology allowing electronic devices to connect wirelessly by touching them together or bringing them into close proximity, usually no more than a few inches. In the case of a NFC enabled digital wallet, you can pay for goods and services just by bringing your phone near to the reader.

Open payment wallet

The digital payment app system allows secure access to all the benefits of non-cash payments, from paying with your smartphone to withdrawing money from an ATM. 
What’s more? You can use your open wallet at any retail outlet registered for non-cash payments, not just banks and ATMs.

FAQs

Can I get special discounts if I pay through e-wallets?

E-wallets are meant for offers and discounts. Depending on your transaction, you will get cashbacks or discount coupons everytime.

Are e-wallets safe for making large transactions?

Before using e-wallets, users should activate strong passwords on their phones, tablets, and other devices. These gadgets’ additional levels of protection should be utilized. It’s critical to connect to only the most reliable networks. Use public Wi-Fi networks sparingly. WiFi connections that are designated as “WPA or WPA2” and need strong passwords should be utilized.

Is the cost of e-wallet transactions hidden from users?

There is no price for utilizing the UPI function, according to Cashless India.gov.in, a government website dedicated to educating citizens about digital transactions. However, if you send money from UPI to a bank account using IMPS, NEFT, or RTGS, the bank may charge you.

Can I mitigate risk in case of lost phone?

If you lose your phone, anyone who gets their hands on it might have access to your e-wallet. Unauthorized transactions may result as a result of this. Using public Wi-Fi may compromise your security.

Is it simple to use electronic wallets to transfer money?

It’s really simple to use; you don’t need anything other than your smartphone, and all payment information is already stored on it. Fast and streamlined payments: All mobile wallet-based transactions, whether online or offline, are always substantially faster. It’s as simple as ‘tap and pay.’ 

Indeed it is an age of digital payment app supremacy!

Every e-wallet in India has made life so much easier for millions of us, and the number of people making payments from their bank account is growing rapidly. Demonetization and GST have proven to be great turning points for electronic payments and have strengthened India’s digital payment fabric

Pay ahead, and play ahead! 

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