Demonetisation is the buzzword nowadays. And so is the term e-wallets. PM Narendra Modi in his recent speeches has called for a move from "less cash society to a cashless one". So what does it mean? It means the PM wants you to go digital with your wallet, or in simpler words to use e-wallets for day-to-day purchases and other transactions.
E-wallet is a term that is appearing in reports more often now. To paraphrase it, albeit a bit hyperbolically, there are two types of people in India right now: those who use e-wallets and those who don't. Well, if you are in the camp where e-wallets haven't yet reached, we can possibly help. In this guide we tell you about the e-wallets available in India and what you can do with them.
Paytm
Paytm is the most visible player in the e-wallet category in India. The company, which was founded back in 2010 as a mobile recharge website by One97 Communications, is now invested in by the likes of Alibaba and Ratan Tata.
Paytm last Monday said that it recorded transaction worth Rs 120 crore on Saturday alone. While the app, which is available on every mobile platform, already had a vast outreach, after the demonetisation announcement by the PM it has become more visible.
What all you can do with Paytm: Paytm can be accessed through its website and is also available on all the phone platforms as an app. Here's everything that you can do using Paytm:
-- You can pay phone and internet bills, utility bills like electricity, gas, and water. You can also pay DTH bills, recharge prepaid numbers and also recharge metro cards for Delhi and Mumbai metro trains.
-- Paytm allows you to book tickets for train, flight or bus journey. You can also book your stay at hotels through your Paytm account.
-- Movie tickets can also be booked from the Paytm site and app.
-- Using Paytm you can also pay school fees, buy gold in stocks or get a loan or insurance.
-- Paytm doubles up as a wallet, which means you can store money in it and use it when needed. Cab-hailing services like Uber, Meru, TaxiForSure and Jugnoo support Paytm Wallet, which means you can hire a cab and pay using the money in your Paytm Wallet.
-- You can send and accept payments from customers, friends or family. It can be done by scanning a QR code or through OTP verification that works with a mobile phone.
-- Paytm is accepted across a wide number of local kirana stores, retail store, restaurants, and petrol pumps. The app offers a "nearby" option which shows all the places near your location that accept payment through Paytm.
-- Paytm is also accepted for most online retailers.
-- Paytm also has its own online shopping market, where it sells products in women and men fashion, mobiles & electronics, home & kitchen, accessories, jewelry, home appliances, baby & kids and more.
Also read: 9 simple reasons why India can't go cashless irrespective of whatever PM Modi says
What's great and what is not
-- Paytm is the most widely used way of offline digital transaction, which means it's easy to find local stores where Paytm payment is accepted.
-- As mentioned above, Paytm offers the widest range of options where it can be used.
-- The money stored in Paytm Wallet can be used for sending money, purchases, cab rides and much more.
-- Dependency on internet, which is not exactly very reliable in India.
-- Paytm has disable transfer to bank feature on its app and website, which means you can't send the money in your wallet back to your bank account.
-- To transfer money through Paytm both parties need to have the app.
Mobikwik
Mobikwik is another option available to Indians when it comes to cashless transaction. It also started as prepaid recharge website, it works closely similar to Paytm. However, the places and the services where you can use Mobikwik are fewer. Mobikwik is available on Android, iOS and Windows platforms.
What all you can do with Mobikwik
-- Most of the services offered by Mobikwik are the same as Paytm.
-- It allows mobile recharge, bill payments for utilities like electricity, water, and gas. You can also pay DTH, internet bills.
-- Mobikwik allows bus and train bookings but not flights.
-- Mobikwik payment is accepted at more than 5000 restaurants, caf, super-markets, gift shops & physical stores.
-- The Mobikwik wallet option is also supported for online transaction on several websites.
-- Transfer and receive money through the app.
What's great and what is not
-- Accepted at a lot of places.
-- Allows transferring money back to the bank account.
-- Mobikwik Lite offers smooth functioning even on slow internet. It doesn't require a smartphone.
-- Dependency on internet.
-- Limited reach compared to Paytm.
Also read: Zero cash in wallet? Here is your guide to go digital and survive
Freecharge
Freecharge also works and offers services more or less similar to Paytm and Mobikwik. The app is available on Android, iOS and Windows mobile platforms. While the Freecharge payment is not accepted on major services like Uber and Ola, it offers some interesting features like "split bill", which allows you to split the amount to be paid among your friends.
Reliance Jio Money
Jio Money is one of the many apps in the My Jio app bundle on Android and iOS. While it offers almost all the feature available on Paytm, it works best with Reliance's stores like Reliance Retail, Digital Express, Reliance Fresh, Reliance Jewels, and other Reliance retail businesses.
Since the app is only a few months old, its reach is limited. The company, however, promises it to be "accepted by thousands of physical stores and shops across India".
Also read: Yes, E-wallets are better than cash: How to set up and use e-wallets
Micromax Udio Wallet
Micromax and Transerv have launched Udio mobile wallet it goes without saying that it works the way others in this segment do. Udio is also a new app and its reach is limited compared to older players like Paytm and Mobikwik.
The company claims it to be "India's first Social Mobile Wallet", it creates a social media network of your contacts, which then makes transactions easier. It offers services like split bills and gift vouchers for friends.
Ola Money
Ola Money wallet, which was earlier limited to be used only with the Ola Cabs app, is now a standalone mobile wallet on Android, iOS and Windows mobile platforms.
Ola Money allows transaction at several online retailers and some offline retailers, you can check the full list of supported retailers here.
It also allows you to do prepaid recharges, bill payments, Mumbai metro recharge and DTH bill payments. You can also transfer and receive money through the Ola Money app.
