An overview of digital wallets and its usage. Check how Digital wallets works and its benefits of using digital wallet. Here's listed popular digital wallets in India like as Paytm, Aritel Money, UPI, Phonepe etc.
2. OVERVIEW OF DIGITAL WALLETS
• A digital wallet refers to any electronic device or online service.
• Permits to carry out electronic transaction.
• Payments by linking Bank account.
• Mobile wallet are a subcategory of Digital Wallet
• Referred as e-wallet.
3. HOW DOES A DIGITAL WALLET WORK?
• It works with the encryption software.
• It replaces the usual calculative monetary transactions.
• It is time-saving and safer mode of a transaction.
• No risk of theft.
4. TYPES OF DIGITAL WALLETS
• Client Side: Wallets maintained and Operated by the User itself.
• Server Side: Wallets maintained by Company i.e. compatible with
user Digital Wallets and maintain the user e-wallet accounts.
• Merchants Prefer Server Side whereas Client Side varies for
developers and usage.
5. DIGITAL WALLET USAGE
• Pay the bill for utility services, phone, electricity, water, gas,
internet, landline, etc.
• School or college fees
• Book flight, bus or train tickets
• Transfer money to a bank account, e-wallet
• Pay for your purchases
6. LIST OF TOP DIGITAL WALLET
Wallet Type In-store eComm / In-app
Alipay Payment Provider Yes (QR code, barcode) Yes
Amazon Pay Merchant / Payment Provider No Yes
Amex Express Checkout Credit card Limited Yes
Android Pay Mobile wallet Yes (NFC) Yes - In-app, mobile web announced
Apple Pay Mobile wallet Yes (NFC) Yes
Capital One Bank Yes No
Chase Pay Bank Yes (QR code) Yes
Coinbase Speciality No Yes
eWallet Speciality No No
Gyft Specialty Yes (barcode) Gift cards only
Keyring Specialty Yes (barcode, ecoupons) Coupons + loyalty only
LevelUp Specialty Yes (QR code) Yes (in-app)
MasterPass Credit card announced (HCE) Yes
PayPal Payment provider select POS solutions Yes
Samsung Pay Mobile wallet Yes (NFC,MST) Yes - In-app, mobile web announced
Visa Checkout Credit card No Yes
Walmart Pay Merchant Yes (QR code) No
WeChat wallet Payment Provider / Social Platform es (QR code, barcode) Yes
