Gone are the days when people used their phones just to talk or message; in fact, more and more people are turning to their phones for everything from paying electricity bills to shopping.
eWallets or digital wallets help in making business transactions and cash transfers easier and safer. With eWallets, shopping, bill payments, recharging, ticketing has become easier and less cumbersome. eWallets use technology to store online purchase-related information such as credit card details on their app in your phones. With this information, eWallets make it easier for you to make digital transactions with just a click of the button!
A report released in 2015, mentioned that even though mobile payments contribute marginally to the overall digital payments industry in India, this figure is expected to see a drastic 30% hike by the year 2020.
By helping consumers make the transition from a cash-centric society to a more cashless one, it has almost become mandatory to integrate eWallets in your website.
Why is eWallet a popular option these days?
- Although banks have been offering internet banking services for a few years now, eWallets have been able to make online transactions, regardless of the amount involved, accountable and stress-free.
- eWallets offer better customer-centric responses and are able to solve a number of issues almost instantly unlike traditional banking systems.
- Since eWallets deal in small amounts and do not go through layers of security, transactions are faster and less cumbersome.
- Certain companies also provide amazing cash back offers, discounts and the ability to redeem card points making eWallets an attractive choice.
According to another report, mobile payments have grown from a mere $86 million in the year 2011 to nearly 1.15 billion in 2016 – a huge surge of 68%.
These are some of the most popular eWallets:
Paytm is probably the most visible eWallet player in the market today. Having started as a mere mobile recharge site, Paytm has increased its services to include shopping, ticketing, paying utility bills, and most importantly it acts as eWallet.
Paytm’s digital wallet services help users load money to their wallet and pay for various services to companies that have pre-existing operational collaboration with Paytm.
According to a survey, Paytm had close to 20 million active users in the year 2015 – this figure was more than the total number of credit cards available in India.
PayUMoney started its eWallet services in the year 2014. In addition to helping users load cash into their wallets and make online payments for various services and products, it also offers great discounts and cash back offers on almost every successful transaction.
Boasting of having on the upwards of 50,000 retailers, Mobikwik’s eWallet service helps customers add money to their wallets using the credit and debit cards. Additionally, Mobikwik has also collaborated with a number of grocery stores and restaurants.
Although Oxigen is probably one of the first companies to enter the online payments market, it started its eWallet service as recently as 2014. In addition to being a regular eWallet where you can save money on your wallet, pay bills, recharge, and shop, it also offers users the ability to transfer money from their wallet to other users using any of their preferred social media platforms.
eWallets have overtaken the credit card usage for financial transactions thanks to the exponential growth in eCommerce and the availability of reliable internet connectivity.
If you are having the vision of setting up your own eCom website or mobile app, consider including the eWallets feature to boost sales. As we are marching towards a cashless economy, digital wallets will play a key role in any business.
To know more on eWallets and building your own eCom site, visit here.