Introduction to Banking

Module Units

E-Wallets

e-Wallets are secured online wallets held by a customer for using funds online or offline. e-wallets need to be funded once and the balance in the same can be used to make transactions. For example, if an e-wallet is funded with ₹ 2000, it can be used to recharge a mobile phone for ₹500, buy groceries from a physical store for ₹1000 and purchase movie tickets online for ₹500. Once the balance of ₹2000 is used up, the same e-wallet can be funded again and the money can be used for further transactions.

e-wallets have become extremely popular in the last couple of years due to their ease of usage. Several providers offer e-wallets to customers worldwide. The most popular global e-wallet providers are Apple Pay, Samsung Pay, Amazon Pay, and Google Pay. They operate in India as well. India also has domestic e-wallet providers such as PayTM, MobiKwik, Jio Money, and others.

How to open and use an eWallet?

The process of opening and usage is a simple one which can be completed in just 3 steps:

Tapping an e-Wallet

One of the best features of e-wallets is ‘Tap’. e-wallets are specifically designed for usage on mobile devices and have loads of functionalities that work best on mobile phones. While making offline purchases, a person can simply open the barcode of the e-wallet and tap on a specific screen kept at the cashier’s desk and the transaction is completed immediately. There’s no need to exchange cash, swipe cards, or insert a PIN number. All people need to do is tap their mobile phones.

Functions that can be performed using e-Wallets

e-wallets can be used for a range of transactions. Some of the common ones include:

Recharging mobile phones
Paying mobile bills
Paying utility bills such as electricity bills, water bills, broadband, etc.
Paying school fees for children
Booking train, bus, flight tickets
Booking hotel rooms
Paying insurance premiums
Purchasing goods online
Purchasing goods offline

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Units 38/42

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