ere at India Today Tech we have written about e-wallets earlier, including a guide on how to use one. But given the way things are going and with many people, nay make it most people, still without cash, the time of e-wallets in the country is truly starting.
Even PM Narendra Modi is asking people to use e-wallets. So how do you use an e-wallet? Is it really simple or difficult? What all do you need to use an e-wallet. Here is an explainer using Paytm, although other e-wallets, including MobiKwik and Freecharge, also work similarly.
Requirements-- To use Paytm you need a compatible smartphone. Almost all smartphones sold in India currently are compatible although if you have a good phone, read something that costs more than Rs 5,000 to Rs 7,000 your experience of using the app will be better.
-- You need a debit or credit card. Although if you don't have it, you can still use Paytm but in that case you will have to get the money into your account through a Paytm retailer who can put in the money in your account using his own Paytm account. This is like top up or recharge for a pre-paid phone.
Download and install the Paytm app on your phone. The is available on Play Store, Windows Mobile Store and the iOS App Store.
Once the app has been installed tap on it to open it. Now you have to login and for that you need to create an account. The process is simple. Just use your phone number to sign up and follow the on screen instructions. During the registration process you will get an OTP through SMS. This will be automatically read. After that you can set a password for your account. Once the password is set, you can log in to the account.
The same login details can be used to login into Paytm via a web browser to make online payments
Once you have logged into your account, you need to put in some money into it. The limit is 20,000. That is the maximum amount of money you can have in the Paytm account, or for that matter any e-wallet account, at a time. This money can be filled into account using a valid debit or credit card.
Once you have the money in the wallet, you can use it for payment. You can make online payments, for example to buy air tickets or to recharge your phone, as well you can make payments at your local retail store if the store accepts Paytm.
To make the payment, open the app and tap on the pay. It's the first icon on the blue part of the app. This gives you three ways to make payment.
One, you can scan the Paytm QR code that a seller will have on his shop. This will give you the details of the shop and then you will have to put in the required amount in the app and tap pay. So, for example you bought grocery items worth Rs 320 from a retail shop that accepts Paytm. To make the payment, open the app, tap on the pay, then scan the Paytm QR code at the shop, fill in the Rs 320 once the name of the shop appears in the app and tap pay. The money will be immediately transferred to the Paytm account of the seller.
The other method is to use the phone number of the Paytm account holder. The third method to pay through Paytm is via the QR code in your app. In this case, the retailer will scan the code on your phone and then you can put in the money that you want to pay him.
Explore the app and see what all you can do. There is lot you can do, including online shopping. Although for online shopping we wouldn't recommend Paytm that much because the shopping experience, in our opinion and right now, is better on Amazon, Flipkart and Snapdeal.
But through the Paytm app you can do a money transfer, pay bills, pay for Uber cabs as well as buy tickets etc.
What about other e-wallets
We gave the example of the Paytm here because it seems to be popular and hence easier to use. There are more stores and services that accept Paytm. But you can use any other e-wallet if that serves your purpose. The process to use the one is similar, although in some cases the user interface, colours and buttons etc in the app could be different. But the basic idea is same: install the app, set up your account using the phone number, top it up with money and then use that money in the e-wallet to do cashless transactions.
