No Cash In Wallet? Go Digital With E-Wallets!
In the face of the recent demonetisation of 500 and 1000 rupee notes in India, the Indian economy was squeezed of 86% of its currency and hordes of people are seen standing in queues daily outside banks and ATMs to exchange and deposit their old notes or withdraw new money. While the effects of demonetisation is the hottest topic of discussion, the silver lining in the cloud has arrived in the form of e-wallets. It matters not if you don’t have much cash in your wallet, e-wallets are fast emerging as the front runners of India’s growing digital avatar. Here are five popular e-wallets you can use anywhere in the world and anytime to pay for all your needs and comforts.
PayPal: Perhaps the most popular mobile wallet that facilitates online transactions all over the world is PayPal, which offers you the option to connect to your bank account, thereby keeping you tension-free about your financial payments. PayPal has a wide network of participating retailers and facilitates cross-country vendor payments. It also allows you to share money online with your friends and transfer between personal accounts at the click of a button.
Groupon: Groupon is another app that is growing in popularity due to its large discounts and bulk buying options. It helps you buy a wide range of products as well as personal services (dining out, spa treatments and travel) at a good discount and relieves you of the stress of having to carry cash wherever you go.
Venmo: Venmo, which released in 2009, is a product of PayPal. Though it has to yet make a mark on the older generation, it is making its presence felt among the younger lot. In fact, its annualised payment volume in 2015 amounted to an approximate of $3.6 billion! You can use the app to pay for your transactions without the need of having the other person download the app. All you need to complete the transaction is their mobile number or email account, which is a rare feature among mobile wallets. However Venmo has a 3% fee for sending money to someone via a credit card or non-major debit card, although receiving money is free.
Paytm: One Indian app that gained the highest popularity post demonetisation is Paytm, which can be used for utility bill payments, mobile recharge, shopping, travel fare payments and other services. With over 15 crore users, it has become the largest platform for consumers as well as business owners to transact money easily.
Square Cash: If you wish to avoid the charges on sending money electronically, download Square Cash and send and receive money freely among friends and retailers. You can also use this money to receive money into or pay from your debit card. Businesses can opt to use its paid version, Cash Pro, to transact money through the app or via email.