Lately it seems like most companies are falling over themselves to find new ways for you to make payments. Cash went out of fashion ages ago and instead of having to rely on a credit or debit card companies now want you to pay forjust about everything using a virtual wallet. After facing regulatory troubles Uber India has now tied up with PayTM to handle its cashless payments while others like Ola have chosen to launch wallet systems of their own. For most of us, those terms are pretty meaningless. In case you're wondering what a virtual wallet is, or why you'd want to use one, we've got you covered.
What's 'Virtual' about this wallet?
The basic concept is really simple - a virtual wallet just serves as a place to hold some of your money online. You make payments using the money stored in your wallet instead of using a credit card, debit card or net banking, which means your bank account doesn't need to be accessed. Of course, adding money to the wallet still requires you to use one of those methods.
The basic concept is really simple - a virtual wallet just serves as a place to hold some of your money online. You make payments using the money stored in your wallet instead of using a credit card, debit card or net banking, which means your bank account doesn't need to be accessed. Of course, adding money to the wallet still requires you to use one of those methods.
Once you've stored the money in a wallet, you can use it to make payments - to the wallet provider or to third party services depending on the type of wallet you've signed up for. Most services also come with a mobile app so you can easily check your balance and make purchases. Some wallet services such as PayTM are built around their own stores where you can buy goods, and some let you buy recharges for your phone or pay your DTH bill.
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