moneyview | Demonetization | November 30, 2016

Digital Wallets – Are They Here to Stay? #MoneyViewChat

Digital wallets

Considering that demonetization has put renewed emphasis on the use of digital wallets, we felt that this was a topic of relevance to our community. Sure enough, the responses showed that our community actively uses digital wallets and had many inputs to offer for all of us.

Without further ado, let us see a recap of the #MoneyViewChat:

Paytm is the hands down winner when it comes to which digital wallets our community use. It has a first mover advantage. It is also popular due to its cashbacks. Other digital wallets used are Ola Money popular with those who take Ola cabs, Airtel Money, Freecharge and Mobikwik.

It was clear that digital wallets were preferred for their convenience. Their integration with apps like Swiggy and Uber have made them preferable to cards when using these Apps. For expensive transactions though, credit cards still score. Another point that came out was the reluctance to store large amounts of money in the wallet.

Convenience is the single biggest reason behind the use of digital wallet. It is also useful in transfering money especially among friends. And in these times of scarcity of notes, wallets are useful when doing small transactions at merchants who do not accept credit cards.

Digital wallets seem to be secure. No one from our community seems to have had a bad experience with them so far. Apparently they are considered as safe as another cashless medium like credit cards.

Our community foresees a bright future for digital wallets, given the push that demonetization has given to cashless economy. Digital wallets still have a low penetration across the country. Hence the scope for their growth is enormous. They are also expected to add more features in the future.

With this we wrapped up another very interesting chat session on #MoneyViewChat. Do join us every Thursday between 7 and 8 pm to share some views, news and thoughts.