In order to move towards a cashless economy, it is imperative to get used to making cashless payments. One of the easier ways of making such payments is through e-wallets. When using e-wallets, it is very important to manage it well, and keep track of the transactions made, so as to minimise any risks associated with this mode of payment. Here's how to use your e-wallet.
To start, you have to download a mobile application prescribed by the e-wallet service provider. Once it is downloaded and installed, sign up and register your email ID and mobile number with the application, and set up a password for using the e-wallet.
Loading the e-wallet
After you have signed up, you can load the e-wallet by adding cash from your bank account. The e-wallet can also be loaded using other forms of payment such as credit cards and debit cards.
Spending through the e-wallet
Once the wallet has been loaded with cash, payments can be made using the balance.To make a payment, enter the recipient's mobile number or scan the QR code assigned to that person to identify them.Once the other person is recognised, the desired amount can be transferred to their wallet by simply entering the amount and clicking on the `Pay' button.
You can also receive money from a third party using your e-wallet. For this, the person who intends to transfer money to you needs to scan the your QR code or enter your mobile number and then pay.
After a payment is made using an e-wallet, it is important to check the status of the transaction and the remaining balance.E-wallet applications usually have a passbook feature, which shows all debit and credit entries for easy reference.
Log out of the e-wallet application after use, so that it cannot be misused by someone else with access to your phone.
Choose the e-wallet service provider who offers the best security features.
Keep in mind that money in your e-wallet does not earn any interest
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