Cards, cash, and piles of documents have started to feel like a thing of the past. Cashless financial inclusions are the way to go in today’s world. Still, there is a lack of technical assistance in many countries, which leads to various economic problems as there are hurdles in the processes. However, India has emerged as a rising digital paradigm, and almost all financial processes have been made digital.
Financial inclusions have paved the way to make processes more streamlined for users. One feature that has made even the older mobile payment apps more efficient is the e-wallet. Digital wallets and constantly evolving tech innovations have been nothing short of revolutionary in the world of finance. e-Wallets have woven everyone into an interlinking that allows them to access financial inclusions in the most streamlined way possible. As mobile wallets become more prominent in the transition to a cashless economy, users enjoy greater access to financial services, positively impacting economic growth and benefiting the financial sector.
This article will discuss why digital wallets are a path-changing feature for financial inclusion.
Role of e-Wallets
e-Wallets have emerged as a technology that has made financial inclusions as easy as a tap on your phone. Many mobile payment apps have incorporated this feature making transactions, payments, and money exchange easily accessible for their users.
Wallets make it easy to organise your documents in one place. Many mobile payment apps offer the option of “adding to wallet”, wherein you can store all your documents, tickets for movies and concerts, travel tickets and much more. The hassle of printing them out is fixed with just one tap!
Cashless financial inclusions are only one of the defining features of the e-wallet. Let’s discuss various other advantages of having digital wallets.
How do e-Wallets Ensure Financial Inclusion?
e-Wallet helps to ensure financial inclusion by providing users with a convenient and safe way to store their funds. By eliminating the need for traditional banking and financial services, e-Wallet facilitates access to resources and products all over the world. Below listed are some of the advantages of e-wallets for you to explore:
Easy Online Shopping
The digital wallet has made online shopping smoother than ever. Since the wallets contain all your card credentials and information, the payment process has become easy and efficient.
Easy Transfers and Exchange
With the money stored in your e-wallet, you can pay or receive money from your friends easily. Whether you need to pay some bills or pay for dinner, a digital wallet has made the exchange of money one tap away.
Safer Than Cards
What’s interesting to note is that a digital wallet is relatively safer than a credit card since every transaction has a unique code, and this protects your account credentials from being shared with anyone. Also, for additional security, they require special authentication like fingerprints, face ID etc.
Hassle-free
Digital wallets, as the name suggests, are all about online transactions. Now you do not have to carry around your heavy wallet loaded with cards and cash or stress about them getting misplaced. With a digital wallet, you can make secure and hassle-free transactions.
Cashback and Discounts
Cashback and discounts are like a cherry on the top feature of the e-wallet. Mobile payment apps will offer discounts and cashback any time you use a digital wallet.
User-Friendly
With daily evolving tech innovations, digital wallet platforms are becoming more efficient. One of the purposes that e-wallets serve is the user-friendly interface so that anyone, anywhere, can access it to make transactions or for any sort of financial inclusions.
Paying Bills and Recharge
By adding your details and money to your wallet, you can easily pay your electricity bill, water bills and even recharge your phone or net anywhere at any time. It’s just one tap away!
Final Thoughts
e-Wallets are transforming the way people think about, use and manage their money, making financial services more convenient and accessible. For people who may be previously unbanked and living in underserved communities, an e-wallet presents limitless opportunities for financial inclusion by enabling them to effortlessly store and access money, pay bills, and transfer funds in a safe and secure manner. Moreover, the increasing popularity and acceptance of e-wallets have opened new doors to previously excluded populations. With greater access to financial services, individuals can make and manage their money however they choose. e-Wallets, therefore, have the potential to revolutionise financial inclusion, eliminate the financial divide and empower millions of people to take charge of their own lives.
If you are wondering where you will find all the above benefits in one place? Bajaj Finserv is the go-to mobile payment app that you must download. With safe and secure transactions, a user-friendly interface, exciting discounts and cashback, the Bajaj wallet makes your financial inclusions one tap away! Use the Bajaj wallet to make instant and hassle-free transactions.
