Believe it or not, money is one of the dirtiest things we touch every day. It passes through so many dirty hands. However, most people don’t even realize it. With Covid-19 striking the world, the paranoia has now started increasing. We are afraid to touch the smallest of things due to the fear of germs. It is now that people are finally becoming aware of the number of germs a single currency note might carry. Even though digital, contact-less payment systems and digital wallets gained prominence in India post the famous demonization in 2016, the pandemic has increased the popularity of these platforms by heaps.
Digital wallets are electronic substitutes of physical wallets which work via the Near Field Communication (NFC) feature on the point of sale terminal. You can use your bank accounts, credit/debit cards or other forms of financial sources to transfer money to these wallets. Such platforms eliminate the need of physical payments, thus easing up the payment process. You don’t need to carry your purse/wallet everywhere which leads to increased security and comfort. Check-outs are easier and tracking of daily expenses is also better. They reduce the costs of providing poor people with financial services, thus acting as a vital tool in improving financial inclusion.
There are a lot of digital wallets that you can use. Paytm probably needs to introduction. It is currently India’s most popular payments & recharge app. Make payments, send money or receive money in any linked bank account on Paytm. You don’t need to run to the ATM anymore as you can make safe & secure payments directly from your bank accounts. It also has features such as DTH recharge, LIC premium payment, Metro card and mobile recharge, online shopping and many more (https://paytm.com/)
Amazon Pay makes it simple for hundreds of millions of customers around the globe to pay for products and services using the information already stored in their Amazon accounts. To make a payment, you can use any of the payment methods in your Amazon account. Amazon Pay enables faster checkout by allowing you to check you balance in one click without the need of OTPS or bank passwords. You can also monitor your spends and get faster refunds in case of returns. (https://pay.amazon.com/)
There are also various other options. PhonePe is an all-in-one UPI-based digital payment app (https://www.phonepe.com/). BHIM is a digital wallet is backed by The Reserve Bank of India and launched by The National Payments Corporation of India (https://www.bhimupi.org.in/). JioMoney offers a tons of coupons and offers to users (https://www.jiomoney.com/).
Digital wallets are the future. We are currently witnessing a slow but steady transformation from physical to cashless systems. This trend will continue to shape up the future of our country and specifically the payment systems.