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Everything You Need to Know About Digital Wallet Apps

Who carries a physical wallet nowadays? If you do, you won’t when you finish reading this article. Since the onset of digitalisation, many tasks around us have become effortless, especially after the Covid-19 outbreak, we have embraced digital technology rapidly. Moreover, it boosted cashless transactions, and this is where a digital wallet came into the game. Now, since this advancement, physical transactions have taken a back seat. 

Personally speaking, it’s been around one and a half years that I hardly did any transactions via cash as I’ve everything I need on my smartphone. From paying electricity bills to buying goods for personal use, everything can be done simply via your smartphone only. 

What is a Digital Wallet?

Also known as an e-wallet, it refers to an online service that enables any individual or business to make transactions electronically. One can easily use it by downloading any e-wallet app on a smartphone or can even access it via a desktop. But due to mobility and flexibility, using it on a smartphone is highly advisable. 

Further, it allows you to pay safely as it secures your payment information and passwords. These digital wallets are convenient to carry and use and much safer than physical wallets. 

In my personal experience, I’ve been using the Bajaj Finserv app, and it effortlessly solves my purpose for all kinds of transactions. 

What are the benefits of using a Digital Wallet app?

  • Secure and Safe

Sadly, one has zero resources to recover stolen or lost cash. However, if you have an e-wallet, all you have to do is take care of your smartphone. Further, all the information of your e-money is taken care of through an untouchable provider. 

  • Saves a lot of effort & time

Searching for a wallet and then for the cash in it, an e-wallet only requires your smartphone. Then, by simply scanning the QR code, you are good to go. This way, the transaction is processed within seconds, unlike the physical ones, which generally take longer. 

  • Access to rewards/cashback

When you use an e-wallet, you get rewards and cashback after almost every transaction. Now, these can be in the form of points or cashback. Moreover, you may also find discount coupons for fuel, food, or even travel. 

  • Helps small-time traders

Earlier, people used to skip small amounts of payment or even postpone them when it came to small-time traders such as tea vendors. But with a digital wallet app, you can even pay as low as Rs 1. So this has helped the traders to keep a proper track record and plan accordingly.

How to set it up?

In the current era, there’s no point in carrying cash. As I mentioned above, it’s been a while since I’ve been using an e-wallet. Trust me. It is a saviour! Here’s a step-by-step guide on how to set it up – 

    1. Download the Bajaj Finserv application on your phone.
    2. Sign up after entering your personal information
    3. On the home page, you’ll see the column of ‘Bajaj Pay.’
    4. Tap on Wallet & Set up your digital wallet
    5. Enjoy smooth transactions

(Note: This is not promotional content. I’m just sharing my personal experience.)

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