ARE DIGITAL WALLETS MAKING US SPEND THRIFT?

We use Digital Wallet for every small transaction either to pay for a Pencil, Golgappa, Momos, and anything else. Nowadays people don’t want to carry their wallets with them instead they prefer a digital wallet. Paytm has become one of the primary beneficiaries of the increasing digitization of payments after the announcement Indian Government on Demonetization policy on 8th November 2016.

These are the reasons why people spend more though E-Wallets-

1. It is very convenient – on your one-touch after scanning the barcode the payment is done, no worry about change, or even about decimal payment.

2. It is accepted at almost every shop – not only mega stores but it is available in fruits and vegetable stalls, grocery shops, dairy shops where earlier we use to carry small denominations but now it becomes very easy for us to pay exact amount no matter if it is 1.50 rupee payment.

3. To avail cashback and offers on Paytm- giving cashback is something which pulls students to their side another reason is that on every transaction we got some offers which excite people to use mobile wallets often instead of using cash payment.

4. We always carry mobile phones- there may be a possibility where we may forget to carry our Curriculum Vitae (CV) for an interview but nobody will forget their mobile phones this is how much we are into mobile phones nowadays so having an E-wallet inside it means you are not going to face the challenge of shortage of money assuming you do have money in your bank account.

5. Connected directly with Bank A/C- Now one important positive factor of E-wallet is that it is directly connected to your bank account having one unique pin which is used for every transaction and hence it is very safe and secure as it is OTP based transaction.

Now even during this Pandemic COVID 19 when the entire country is lockdown and no shops are open except few but still we are not facing any issues do you know why because be it your mobile recharge, be your dish recharge be it your bills, food payments, income tax, insurance renewal and what not is all done through digital modes without hindrance and not only this but it also prevents us from exchanging cash with the shopkeeper which is not at all safe where few uncivilized people are spitting on currency notes to spread this virus so having this alternative with us is like a blessing for all of us. No wonder digital payments like Paytm, Phone pe, Amazon pay, Mobiwik, etc. are bringing a revolutionary change in this world now and are comparatively convenient and easily used by anybody using a smartphone.

KUNNAL GOSWAMI

Student- PGDM Batch 2018-20