Nowadays India is adopting cashless economy as the honorable prime minister Narendra Modi exhorted the nation to begin transitioning from less cash. We hardly found people with cold harsh cash. This move indicates towards a surge into digital transactions through mobile phone applications/mobile wallets and credit/debit cards etc.
Indeed this may not be true because India is not only shifting to the cashless economy but might be shift towards card less economy. And digital wallets are playing a big role in this shifting. Payment with mobile wallets is very easy as you have to just follow few instructions; you have to just scan a code or put a mobile number or code number along with the amount that needs to be paid or deducted from your account to the receiver’s wallet.
So, have a look to some of the mobile applications or mobile wallets available into the market to make your life easy with digital money or cashless economy.
Closed Wallets: This type of wallets only used to transact for any specific online merchant goods and services. With this wallet, one can not make any redemption or cash withdrawal. For example, Jabong wallet.
Semi – Closed Wallets: This type of wallets can be used make transactions for goods and services incorporated financial services for clearly identified merchant locations or establishments, which have a particular contract with the issuer to receive the payment device. For example, Paytm etc.
Open Wallets: This kind of wallets can be used to make transactions to buy goods and services incorporated financial services at any merchant locations. Using this wallet one can withdraw cash at ATMs or business correspondents. Such type of wallets mostly issued by banks. For example, Pay Zapp etc.
Loyalty and Coupon Wallets: It assists the customer to attach every loyalty card accounts with one account and allow you to use whenever required. It helps you to leave all your cards at home while you’re out for shopping. You can experience it with Starbucks mobile wallet or Citi MasterPass as they both facilitates the same.
Hybrid Wallets: This is a kind of wallet which provides a platform to abutment both digital and cash currency. A person with this wallet account can use both types of currencies under the same platform.
Remittal Wallets: This kind of wallet assists the receiver to accumulate the money and transfer that money to bankless countries.
E-Commerce Payment Wallets: These type of wallets provided by e-commerce payment systems for doing online payments easily. One can experience this kind of wallets or mobile applications like; Banks’ apps, PayPal, Samsung Pay and Apple Pay etc.
Fellow to Fellow Payment Wallets: With the help of this kind of wallet one paid the bill of a group and then after request others to pay back the requested amount in the requested account of him.
Virtual Currency Wallets: The virtual currencies like bitcoin etc. can act as like the normal wallet at the time of payment.
These days lot of mobile wallets are available for the safe and secure transactions for the digital money payment. And to get more information regarding e-wallets or mobile wallets and their development for your e-commerce business, you can contact to the best Mobile app development company in UK; Xeliumtech Solutions Pvt. Ltd.
Indeed this may not be true because India is not only shifting to the cashless economy but might be shift towards card less economy. And digital wallets are playing a big role in this shifting. Payment with mobile wallets is very easy as you have to just follow few instructions; you have to just scan a code or put a mobile number or code number along with the amount that needs to be paid or deducted from your account to the receiver’s wallet.
So, have a look to some of the mobile applications or mobile wallets available into the market to make your life easy with digital money or cashless economy.
Closed Wallets: This type of wallets only used to transact for any specific online merchant goods and services. With this wallet, one can not make any redemption or cash withdrawal. For example, Jabong wallet.
Semi – Closed Wallets: This type of wallets can be used make transactions for goods and services incorporated financial services for clearly identified merchant locations or establishments, which have a particular contract with the issuer to receive the payment device. For example, Paytm etc.
Open Wallets: This kind of wallets can be used to make transactions to buy goods and services incorporated financial services at any merchant locations. Using this wallet one can withdraw cash at ATMs or business correspondents. Such type of wallets mostly issued by banks. For example, Pay Zapp etc.
Loyalty and Coupon Wallets: It assists the customer to attach every loyalty card accounts with one account and allow you to use whenever required. It helps you to leave all your cards at home while you’re out for shopping. You can experience it with Starbucks mobile wallet or Citi MasterPass as they both facilitates the same.
Hybrid Wallets: This is a kind of wallet which provides a platform to abutment both digital and cash currency. A person with this wallet account can use both types of currencies under the same platform.
Remittal Wallets: This kind of wallet assists the receiver to accumulate the money and transfer that money to bankless countries.
E-Commerce Payment Wallets: These type of wallets provided by e-commerce payment systems for doing online payments easily. One can experience this kind of wallets or mobile applications like; Banks’ apps, PayPal, Samsung Pay and Apple Pay etc.
Fellow to Fellow Payment Wallets: With the help of this kind of wallet one paid the bill of a group and then after request others to pay back the requested amount in the requested account of him.
Virtual Currency Wallets: The virtual currencies like bitcoin etc. can act as like the normal wallet at the time of payment.
These days lot of mobile wallets are available for the safe and secure transactions for the digital money payment. And to get more information regarding e-wallets or mobile wallets and their development for your e-commerce business, you can contact to the best Mobile app development company in UK; Xeliumtech Solutions Pvt. Ltd.
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