A digital wallet is basically the electronic system to make online transactions without the use of cards. You need to credit some cash to a particular e-wallet and then you can debit it as and when required. Most of the e-wallet companies offer cashbacks and discounts for their users. Instead of using a credit or a debit card the user can pay directly through these e-wallets. The Freecharge offers for old users enable the existing customers to enjoy new and exciting offer each day. There are several types of e-wallets available for you, some on one hand offer open payment system which means they give you the liberty to transact from other sites as well as from physical vendors while some have restricted access and can be used for transactions taking place on their site only. These e-wallets have emerged as another payment option in the digital era.
Some Special Benefits of Using E-Wallet Offers like the Freecharge Offers For Old Users:
1. SafetyEvery time you hand over your credit or debit card or use netbanking to pay, your identity is visible. These e-wallets are much safer as compared to the use of cards because the personal identity of the user isn't shared with the vendor or the third party. When you make a purchase via card the personal information is shared with the vendor, however when electronic wallet is used to process your payment your actual credit card numbers or bank details are never shared with merchants. Mobile wallets use a security layer that can be in the form of passwords, biometrics or voice recognition. In the worst case even if the e-wallet merchant compromised with the security then too the amount of harm that’s possible is limited as your bank account isn’t touched.
2. Ease of UseWith RBI all transactions make all transactions secured by a second verification code or one-time-password,the process of paying online using your credit or debit card becomes extremely cumbersome. As Apple Pay says Paying in stores or within apps has never been easier. Gone are the days of searching for your wallet. The wasted moments finding the right card. Now payments happen with a single touch
As mobile wallets use software that can also store various discount information, offers by merchants and loyalty points,you do not need to remember the card that can fetch you maximum bonus or reward points. E-commerce firms prefer to settle refunds to customers via wallets. Wallets will largely be used for encouraging loyalty points and to reduce cost of transactions by e-commerce companies. Digital wallets can also be used to provide discounts. Wallets might help solve the problem of COD(Cash on Delivery) for the e-commerce market. But as COD is largely being used by consumers who are wary of paying in advance will the lure of discount ad ease of use tempt them away is to be seen. Since the concept of a mobile wallet is still pretty new in India, companies are offering deals, discounts and free top-ups – for example, In Oct 2014, Ola launched its wallet with an offer to double the money you stored in it, and Paytm, MobiKwik have regular discounts on products, offered as credit added to your wallet ( that can be used to shop some more )
3. Discount and Loyalty
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