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Last Updated Friday November 24 2017 07:05 AM IST
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Banking on a phone

Roby Ribu
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Banking on a phone An encryption software app, digital wallets help you keep documents safe and also transact with money. Photo: Onmanorama

A wallet is a purse in which we can keep our cards, money and other important documents. While the wallet is a convenient place to keep all things in one place, it also allows one to lose all important documents at one go. However, the digital wallet is one such service that offers much more than a digital wallet and is secure too.

An encryption software app, digital wallets help you keep documents safe and also transact with money. The app, which can be installed in mobile phones, can be used for transferring money as well as completing online shopping chores. You do not need to key in the 16-digit number of cards, a net banking password or online shopping forms, which can get quite repetitive. Enter a password of the digital wallet and all your chores are done for you. Since your digital wallet is linked to your account, the money is transferred seamlessly. Only RBI approved firms can start a wallet and currently 40 such companies are operating in India.

It is believed that digital wallets are secure and usually do not charge a commission for transactions. It incorporates special services to prevent piracy and new forms of secure layers, such as biometric layers, are being added.

There are three kinds of digital wallets

Closed wallet: Only for online shopping. You cannot withdraw money with it.

Semi-closed: You can transact without KYC (Know Your Customer) for up to Rs 10,000.

Open wallets: You can withdraw money with such wallets.

(In arrangements with Sambadhyam)

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