E-Wallet is a electronic wallet, where one can safely maintain money, credit cards to be used as and when required.
In a E-Wallet one can store multiple credit card and bank account numbers, in a secure environment, by doing this while purchasing one need not enter account details again.
With the help of E-Wallet one can shop for products from airline tickets to grocery without bothering about cards.
How to get E-Wallet?
Anyone can setup an E-Wallet. To create an E-Wallet profile, one needs to look for "E-Wallet". Then follow the simple process to enter account information and transfer the amount.
To start with only few companies are providing this services, such as ICICI Bank, Axis Bank, SBI etc. One can use E wallet at online grocery stores, can recharge mobile, book Railway Tickets.
Advantages of E Wallet
E wallet makes shopping easier, and there is less chances of transaction getting denied as it is pre paid account. However, if you run short of money in the account, rest can be paid by online traditional method.
Individuals can create their E-Wallet account with minimum of Rs 10 and even more than Rs 10,000. This is simple procedure and there is no credit history is required.
Should you open E-Wallet?
The amount kept in the E wallet will not earn any interest. So, better to keep money how much is required.
The product is still in the initial stages and we need to watch for further developments
As of now, popularity is not much, may increase with demand and some merchandise may not except this.
E-Wallet are not free of charge and may charge for the normal transaction, before opening an account one needs to clarify the charges involved.