Updated December 16th, 2023 at 12:31 IST
Choosing a suitable e-wallet, securing it is now just 5 steps away
The right platform is the most important deciding factor for a hassle-free digital wallet
As the popularity and accessibility of digital wallets grow, this mode of e-payment, is a tried and tested user-friendly solution for streamlined transactions. Navigating the landscape of digital wallets is now an integral aspect of contemporary financial management. Amid the advent of technology, ensuring to settle down for the best possible option requires a combination of awareness, security considerations, and understanding of the benefits each platform offers.
Digital wallets, also referred to as e-wallets, revolutionise transaction handling, allowing users to securely store payment information for online and in-person purchases. To embark on this digital wallet journey, the first step involves choosing the right platform. Popular options like Apple Pay and Google Pay have unique features and integrations. Factors such as device compatibility, preferred security measures, and ease of use are crucial considerations for making an informed choice.
Security is paramount in the digital realm, necessitating an understanding of the safety features of your chosen wallet. Look for platforms employing encryption, multi-factor authentication, and robust customer support. Regularly updating your app and monitoring transactions enhance the overall security of your digital wallet.
Digital wallets go beyond basic payment functions, often integrating loyalty programs, rewards, and budgeting tools to improve financial management. Exploring these additional features allows users to maximize the benefits of their chosen digital wallet.
To create your digital wallet, follow this step-by-step guide:
1. Download a suitable application from the app store, ensuring it prioritises security, as different banks and platforms offer varying e-wallet applications.
2. Open the downloaded application and input basic details such as name, email address, mobile number, and date of birth. Some banks may require the creation of a unique user ID and password, while others allow the use of existing Internet banking credentials.
3. Complete the registration process by setting a numeric PIN. After setting the PIN, enter the one-time verification code sent to the registered mobile number to finalise registration.
4. Link your debit and credit cards to the e-wallet by entering the necessary card details or using your mobile phone to scan the cards. Additionally, link your online banking account to load cash directly into the wallet.
5. Once the cards are linked or cash is loaded, you can make payments to third parties by accessing the e-wallet application and entering your PIN.
Typically, e-wallet applications do not impose usage fees. Certain banks restrict their e-wallet usage to existing account holders, whereas others extend access to non-account holders. The registered mobile number for the e-wallet must be regularly used. Changing the number will render the e-wallet application non-functional unless the new number is registered.
Published December 14th, 2023 at 14:56 IST