The concept of the virtual wallet is very simple. It is a place where you can hold some money online. Some of the wallet services of popular sites such as MobiKwik, Paytm enables you to do recharges for your phone or pay your DTH bill easily and quickly. You just have to store the money in the wallet and after that use it to make payment to the wallet provider or third party services. There are basically two main types of virtual wallets, namely single-purpose closed wallet, and versatile semi-closed wallet. Users can simply use these wallets to make payments at other websites such as BookMyShow, Big Bazaar and much more. These wallets services also give great offers, deals, discounts and free top-ups to their users. Have a look at this article to know more about virtual wallets.
Overview of Virtual Wallets
Making payment using these wallets is quite safe as these wallets provide the same level of security as your credit card. Earlier, the whole process of paying online using a credit card or debit card was extremely a cumbersome job. But now it is easy to make payments with the help of money stored in the virtual wallet.
Even RBI has also ordered to secure all the transactions by a one-time-password, and verification code. In India, the mobile wallets are limited to maximum account value of Rs. 10,000 and meant to be used for small payments. You can simply use these wallet services to make payments from your mobile phone after putting cash into it. The payment is also a lot easier that credit or debit card procedure. You can perform many tasks using these virtual wallets, some of the important functions are mentioned below:
Phone & Dth Recharge
Today, a large number of people is using the mobile wallets for recharges. These mobile wallets help in saving money and also provide promotional offers time to time to their users. Some of the websites also gives 50-100% cash back on all recharges. You just have to add money simply to your cash wallet and use the money for future recharges. Some prominent sites such as MobiKwik, freecharge provide good recharge discounts to the users. You can download MobiKwik App & Enjoy recharge services.
While shopping by using a virtual wallet, you can get a chance to enjoy various offers and deals. In fact, a site like MobiKwik is available for use at more than 75,000 online and offline avenues. You can earn big cashback and discounts by using these wallets. You can save a lot of money and do shopping by sitting at home.
It is very easy to put cash to these wallets. You can simply add money to your wallet through cash deposit in a bank. So if you are tired of using cards and net banking then go for these wallets to pay amount effortlessly.
Types of Virtual Wallet
In a closed wallet, the money flow is unidirectional. It is quite easy to put money into these wallets, and you can withdraw it later whenever needed. These wallets are not used for making payments to third parties. Making payments with the closed wallet is automatic just like a prepaid card but balance get subtracted when you use the service.
A semi-closed wallet basically allows you to take money out of it and place it back into the back account. You can have full control over your own money and can easily pay for a broad range of services. Some top-notch companies that use semi-closed wallet are MobiKwik, Paytm and much more. These wallets are much more pliant than fully closed wallets.
These are some features and benefits of virtual wallets. So if you are planning to use these virtual wallets for Vodafone deals and Vodafone wallet offer then don’t forget to the security policies and discounts offers before using these wallets.
This article includes information on types of virtual wallets. Read more to know the types of and benefits of virtual wallets.