Gone are the days when people used to worry when they used to forget their wallets back at home. But in the digital era, If you have an internet-enabled smartphone, you don’t need to carry your wallet everywhere. This is where a digital wallet steps in. It is a well-known fact that, especially after March 2020, when the Covid-19 outbreak erupted, we are increasingly dependent on smartphones. PayFac is short for payment facilitator. A PayFac is a processing service provider for ecommerce merchants
Around a year ago, I was using three different applications for different kinds of payments. When one of my colleagues got to know about it, he suggested me an app named Bajaj Finserv. Trust me, once you start using this app, there’s no going back, as it is one of the most convenient and simple digital wallet app to use. From paying mobile bills to buying goods for personal use, everything can be done simply via your smartphone only.
What is a Digital Wallet?
It is an online service that enables any individual or business to make transactions electronically. One can use it by downloading any e-wallet app or can even access it via a desktop. However, due to the mobility and flexibility that comes with smartphones, it is the most popular version. Since this technology has come into existence in recent years, physical transactions have undoubtedly taken a back seat.
Further, it allows you to pay safely and smoothly as it secures your payment information and passwords. These electronic wallets are convenient to carry and use and much safer than your traditional physical wallets.
What are the benefits of using a Digital Wallet app?
Saves effort & time
Instead of searching for your wallet, you need to make sure that you have your smartphone with you. Then, by simply scanning the QR code, you are good to go. This way, the entire transaction is completed within a few seconds, unlike the physical ones, which generally take longer.
Carrying cash is risky, and there’s a chance that it might get lost or stolen. The sad part here is that there are zero resources to recover it. However, if you have an e-wallet, you just have to take care of your smartphone. More importantly, all the information of your e-money is taken care of through an untouchable provider.
Access to rewards
When you use an e-wallet, you have access to rewards and cashback after each transaction. Now, these can be in the form of points or money. Not only this, but you may also find discount coupons for fuel, food, or even travel.
Helps small-time traders
Gone are the days when people used to skip small payments or even postpone them when it came to small-time traders. With a digital wallet, you can even pay as low as Rs 1.
How to use it?
In the current era, there’s no point in carrying cash. As I mentioned above, it’s been a while since I’ve been using an e-wallet. Trust me. It is a savior! Here’s a step-by-step guide on how to set it up –
- Download the Bajaj Finserv app from the Play Store or App Store
- Sign up after entering all your required details
- On the home page, you’ll see the column of ‘Bajaj Pay’
- Tap on Wallet
- Set it up and enjoy seamless digital transactions