V
V.Balasubramani
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There are umpteen options……and here is an alternative…..
Facing cash crunch? We tell you how to switch over to e-wallets
An e-wallet is a virtual wallet that holds money and can be used for online payments instantly.
With the government’s sudden decision to demonetise Rs 500 and Rs 1000 notes leaving people stranded without cash, mobile wallets also known as e-wallets present a suitable alternative.
What are e-wallets?
An e-wallet is a virtual wallet that holds money and can be used for online payments instantly. It works similar to a physical wallet except that you do not transact in solid cash. It can be used at physical stores or at e-stores.
How many types of e-wallets exist?
Open wallets: can be used at any merchant location for purchase of goods and services, including financial services and also at ATMs. These wallets can be issued only by banks. Eg. HDFC bank’s Payzapp.
Semi-closed wallets: can be used at specifically designated merchant locations or establishments that have a definite contract with the issuer to accept the payment. Eg. Paytm, MobiKwik.
Closed wallets: can be used for buying goods and services exclusively from a company that issues it. Eg. Flipkart, Snapdeal.
Some of the common e-wallet apps in the market
Read more at: http://www.thenewsminute.com/article/facing-cash-crunch-we-tell-you-how-switch-over-e-wallets-52963
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