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The penetration of Internet has taken the e-commerce by storm. The road ahead to being digital has showered opportunities for both entrepreneurs & users. There is a sudden upsurge in online transactions that also have affected a rise in usage of Digital Wallet. The rapid increase in mobile usage has made this a tailor-made platform for this.
Digital Wallet is a modern age platform that works on Internet giving users flexible options to do online transactions. In general terms, it is called an e-wallet. It allows an individual or a company to do electronic transactions using a smartphone to purchase something at store.
Many digital wallets have been instrumental in terms of reviving the growth of business. This makes the task simply amazing in number of ways. It is the transformation in the way you pay for things .Many digital wallets services work through different patterns. There are number of wallets services that works through apps on your phone. “Robust Security Mechanism” is the essential of any digital wallet. Without this one can not even think of establishing a digital platform. That is why every wallet available in public domain is enabled with a security domain. It stores information pertaining to the transaction in servers and makes it secure, fast & efficient for the customers.
The future of these digital wallet looks bright as per RBI guidelines this can turn into payment banks. It'll allow supermarket chains, telecom operators and e-wallets to start payment bank to offer basic saving facilities and accept deposits.
It is used for the services and goods at specific merchant locations. There are examples include Paytm, MobiKwik, PayU, and Airtel Money.
There are payment instruments which is used for purchase of goods and services at any card accepting merchant locations ( Point of Sale terminal). Example: Several Private Label Cards issued by merchants.
It also allows instruments which can be used for purchase of goods and services and allows cash withdrawl at ATMs. For example, Master Card or Rupay Card.
Semi closed Wallets allows payment that is redeemable at a group of clearly identified merchant locations establishments. It does not allow cash withdrawal or redemption.