Virtues of Virtual Wallets

India Infoline News Service | Mumbai | June 16, 2015 08:14 IST

Some e-wallets also offer a mobile app to help you check purchases and wallet balance.

Virtual wallets, or pre-paid mobile wallets, are here to stay. They provide you with an innovative option of holding online funds that can be used to make payments without having to access your bank account through plastic money. Your bank account comes into account only at the time of loading the virtual wallet with sufficient funds in line with your requirements.

The types of third-party services offered depends on the type of wallet you have signed up for. Some e-wallets also offer a mobile app to help you check purchases and wallet balance.  For example, virtual wallets like Paytm have their own stores for recharge, value purchases and bill payments as also allow use of third-party services like JustEat.in and BookMyShow.

Unlike conventional payment modes, you don’t need to enter bank or card details while using virtual wallets. Ease of use is their biggest value prop especially when the RBI’s latest mandate of additional OTP verifications for online transactions. Once you load the wallet with funds, your mobile device becomes your virtual payment bank. 
 

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