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How to Smartly Use Digital Wallets

Gone are the days when people carried fat wallets stashed with cash and multiple cards. Now many use digital wallets installed on their smart phones to pay grocery and utility bills, movie tickets and more.

Gone are the days when people carried fat wallets stashed with cash and multiple cards. Now many use digital wallets installed on their smart phones to pay grocery and utility bills, pay for movie tickets and more. 

How does it work? 

Digital wallet is a payments application where you add money and do your purchases. You can link it to your debit or credit card or your bank account. You can either load the wallet or use it to pay directly from your account.

Whenever you want make payments, open the app, key in the password/OTP and transfer money from the wallet to your vendor. Paytm, PhonePe, MobiKwik, Amazon Pay and FreeCharge are among the well-known digital wallets in the country. While some let you pay across multiple vendors, others don’t. 

To make the most of the digital wallets, do the following:

1. Leverage Cash backs 

Thanks to competition between various e-wallet service providers, cash backs offers are galore. Check your digital wallet for cash back offers, coupons or free vouchers. Also, know the upper limits on such offers and read fine print, as well.

2. Choose app prudently

Choosing the app is not only a function of its popularity and user-friendliness, but also to what extent it suits your needs. Know what you will be using the app for mostly. However, check its customer ratings and reviews. Restrict the number of digital wallets on your phone to the minimum for ease of tracking. 

Also, shortlist a good device security software along with a phone finding feature. Two-factor authentication for all your transactions along with email or SMS alerts can provide the necessary transaction-related security. 

3. Safety First

Only download the app from your phone’s default app store. Any malware installed by mistake could otherwise steal personal information and let cyber thieves make unauthorised transactions. 

Also, shortlist a good device security software along with a phone finding feature. Two-factor authentication for all your transactions along with email or SMS alerts can provide the necessary transaction-related security. 

4. Keep it Low

There is an opportunity cost for loading multiple e-wallets. After all, you wouldn’t earn any interest on it. So keep the balance only as per your usage needs. 

5. Track expenses

Going cashless has the disadvantage of letting you spend more than you need to. So, keep track of your expenses and ensure it is within your budget. Skim through your bank statements regularly. 

In short, digital wallets give you convenience as well as monetary benefits by helping you save more through many promotional features. However, these might be temporary. Prudently select your wallet that suits your needs and play it safe. 

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