What is an E-Wallet?
E-wallet is an online prepaid account where one can stock money, to be used when required. As it is a pre-loaded facility, consumers can buy a range of products from airline tickets to grocery without swiping a debit or credit card.
How do you get one?
You can log on to sites ranging from telecom services, online grocery stores, recharge portals to even sites selling furniture that use e-wallet as an alternative payment option and get started on saving.
How to use an e-wallet
The sites where e-wallet services are available generally have the following few easy steps to get started.
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What are the benefits?
The sites where e-wallet services are available generally have the following few easy steps to get started.
Ease of use without having to enter your debit/credit card details for every online transaction.
For some sites there is no minimum amount and you can deposit an amount as low as Rs 10.
You can pass on the benefits of your e-wallet to your friends and family as well.
There is no chance of a decline of payment since e-wallet is a prepaid account.
What are the risks?
Revealed passwords can lead to theft.
There is no facility of refund; the amount is only redeemable against a purchase.
Where can you use E-Wallets?
Online Grocery Stores
Big Basket.com, a Bangalorebased online food and grocery store, offers an e-wallet facility for a simple payment option. The e-wallet on this site can be filled up with any sum of money, starting from as low as Rs 10. The maximum money that can be stored on Big Basket's e-wallet is Rs 10,000.
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