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Well, it might be considered as one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective Tuesday midnight. This has to be one of the boldest movements by the Government of India.
However, with the demonetization of the Rs. 500 and Rs. 1000 notes, people are searching for alternatives or ways to easily transact until they get the new notes. In fact, people are showing a lot of interest in mobile wallets and digital payments as an alternative to carrying notes.
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As such, people with smartphones can easily set aside the hassles that are going to be created by the switch to new notes. The smartphone users can access digital wallets and electronic cash through various apps such as FreeCharge, Paytm, Mobikwik, and Ola Money which can be very beneficial.
Likewise with technology advancing so much in every arena of our lives, if a mobile wallet is used to its full potential, there is no need to carry cash, except for some situations.
So, if you have a smartphone and are considering to join the wallet bandwagon, here's how you can easily setup and use e-wallets.
Download the App
While virtual wallets are available online, mobile wallet apps are also available on all smartphone platforms and users can easily download the apps from Play Store or the Apple's App Store. So choose the app and download it on your phone.
Now that you have the app on your phone, signing up is easy. Most of the mobile wallets come with social media integration for login, meaning Facebook or Google details can be used to log into your mobile wallet. You can also simply create a new account for the app by filling the details on the app.
The app then gives you an option to add money to your virtual wallet. There is usually a wallet picture given in the app. If not, you have to scroll through options from the menu to add the money. You can add money using your credit card, debit card or net banking details. The app also provides an option to save the details for quick access later.
Using Mobile Wallet
Mobile wallets are now accepted as payment options in a wide variety of places both online and offline. Moreover, now that you have signed up and added cash to your wallet, there are various things that you can pay for, using your wallet. You can make payments for mobile recharge, DTH, data card recharge, broadband and landline bills, electricity and water bills, food, petrol, travel tickets, movie tickets, and much more.
If you are using a mobile wallet, you can also send and receive money. Most of the mobile wallet apps offer the money transfer feature. You can do this by using the phone number of the person to whom you are sending the money. However, the money transfer has a limit that differs from app to app. Paytm allows up to Rs 25,000 in a calendar month, Freecharge has the limit set at Rs 10,000.