Cashless India? Know your Digital Wallet — FreeCharge, Paytm, MobiKwik

Key Notes

· Digital wallets are soon becoming handy option

· Paytm, MobiKwik, and FreeCharge are well connected offline

· Most wallets are also accepted for food deliveries, and groceries

Post demonetisation of the Rs. 500 and Rs. 1000 notes, there is no doubt that mobile wallets and digital payment conglomerates have cashed in a huge profit. These wallets are becoming a great alternative for cashless India. Not just settling the chaos that had been created due to the calling back of the new notes, rather there are a huge lot of benefits to using digital wallets and electronic cash instead of paper money. Primarily, it helps you from the large costs involved printing and transportation of huge amounts of paper money. It simplifies logistics as well as provides protection from theft and counterfeiting.

Right now, the wallet companies are rejoicing. Many e-commerce platforms have already closed the COD option. Well there can be no harm in putting your trust on the digital economy. Things will look better as you can upload your money into virtual wallets in a jiffy. Moreover, now wallets are being accepted payment options in a wide variety of places both online and offline.

So, if you have made up your mind to join the digital wallet bandwagon here are some of the most popular wallets to consider. Although real world implementation of wallets is still fairly limited across the board, picking the best wallet depends upon the services you use.

Paytm
 With a user-base of 150 million this digital wallet service can help you with sites such as BookMyShow, IRCTC, book train tickets, recharges, Instant Online Mobile Recharge, DataCard Recharge, Online Shopping of Mobile Phones, Home Décor, Bags, Shoes to supporting all recharge/ bill payment option etc. The growing popularity and online presence of Paytm has made it a good option at petrol pumps and stores. It is also one of the well-liked payment options on Grofers, Swiggy and Zomato delivery services. You can also use it as a payment option with Uber. Paytm also has an e-commerce store that offers pretty good discounts in the form of cashbacks.

FreeCharge

Owned by Snapdeal, FreeCharge offers lots of deals on recharges. It has focused on fast and easy transactions. All modes of payment can be refunded to your FreeCharge balance. You can complete a recharge or a money transfer under 10 seconds. The company has partnered with fast food outlets such as McDonald’s and Cafe Coffee Day to allow you to pay using the mobile wallet. The company is also focusing a lot on offline partners now.

MobiKwik

After Paytm, MobiKwik is now trying harder to earn popularity. One of the ardent reasons to love MobiKwik is that it converts your cash into digital money. It has started cash pickup service in most metros where an agent will come to your house to collect cash, in order to load your wallet.

The wallet has partnerships everywhere even at local deliveries. It has also tied up with several offline chains, and through Ezetap is available at several retail locations as well through the point of sale machines. MobiKwik seems to be much more prominent where there is a growing number of restaurants who avoid aggregators. It also offers cashbacks and deals for offline shopping.

Ola Money

Ola Money started off as a way to pay for your Ola rides. Later, it became a famous digital wallet that got accepted across a variety of partners, both online and offline. Not just the pay your cab fare, but now you can use it for recharges and P2P transfers to your contacts.