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7 Reasons to Switch to Digital Wallets - The Smarter Way to Pay

By Finserv MARKETS - Nov 8,2021
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7 Reasons to Switch to Digital Wallets - The Smarter Way to Pay

Digital Wallets or Mobile Wallets have been around in India for quite some time now. But the real surge in digital payments was seen post the momentous announcement of “demonetization” in 2016. Indian citizens at large were forced to move to digital wallets due to the scarcity of actual cash in the country.

This historic move paved the way for many digital wallet companies to set foot in the Indian markets. These mobile wallets not only proved a fool-proof solution during a cash-strapped economy but also made transactions convenient, transparent, secure, and seamless – all with just a smartphone.

With new digital wallet companies cropping up every day, here are some of the top reasons to make a switch to digital payments now:

1. Contactless Payments:

One of the top advantages of using digital methods of payments is that they are an end-to-end contactless way of payments. Considering that this is especially a blessing during COVID times, where digital wallets eliminated the probability of people interacting with surfaces. It also removes the need for people to carry physical wallets making it an easier way to conduct transactions.

2. Convenience:

With all your bank accounts linked to your mobile wallet, digital payments make point-and-pay a very convenient mode of transacting. The hassle of getting to ATMs, queuing up for cash can be completely avoided. Online transactions from the comfort of your home or on-the-go also become easier with digital payments

3. Faster Payments:

Digital wallets make payments extremely easy and quick and just take a matter of seconds. They don’t need you to key in card details, ATM pins, bank account numbers, etc. every time you need to pay. Once you set up your wallet, you can be you can start your transactions without having the need to revisit your banking details.

4. Enhanced Security:

With all your payment details on mobile wallets, you need not worry about theft of your cash. The security and encryption that digital payments offer make monetary theft or loss of cash and cards less likely. The dedicated PINs for these payments ensure that only you have access to your own funds. And even if you end up losing your phone, you can always continue your digital wallet from a new phone, making it the most secure option.

5. Automated Payments:

Most digital wallets offer the option of auto-debits, which in turn prove extremely useful to pay your outstanding bills on time, without having to worry about due dates. This option, if used, can render missed payments a thing of the past, ensuring timely adherence to due dates.

6. Offers and Rewards:

Many mobile wallets have recurring offers, rewards, and cashback for making digital payments. With multiple retailers and businesses coming on board the digital payment gravy train, you can end up getting the best of offers for a wide range of products and services. From food orders to electronics, almost every other thing is available with discounts and if made use of smartly can end up saving you a lot of money.

7. Easy Tracking of Expenditure:

Mobile wallets have the greatest advantage when it comes to tracking your spending. With a comprehensive digital footprint and real-time timestamps for all transactions, you are better equipped to manage your money. It’s almost too easy to lose track of cash in your wallet and where you’ve spent it, but with detailed digital records, you can effortlessly keep an eye on your spending habits and also create more robust budgets.

The digital revolution in India has begun, and with every passing day more and more customers and businesses are turning to digital modes of payment. The upsides to digital wallets are innumerable and can significantly turn your day-to-day spending into hassle-free transactions

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522