World today is quickly leaping towards becoming a digital epoch. It covers all the things right from groceries to smart phones these days with a single and simple click. No really, it is only possible with the latest advancements and developments in information and technology which gave birth to e-commerce and changing all the perspective we used to have earlier when we used to shop.
Understanding the ever increasing online trend of shopping is relevant to the idea of digital wallet or e-wallet came into existence, this not only made the concept of online sopping a much more cozy but get elucidated the need of having cash all the time we used to go shopping. And with the help of the latest e-wallet addition and advancement one could simply make a cash transfer from shoppers account to the shop owner’s account. The only thing needed is that the receiver and sender should be using one and the same wallet.
Understanding the concept of Digital Wallet
In simpler words, it is an electronic device which allows a person to make money transactions online. And is possible only with smartphones and computers. As and when the concept came into the picture, one just needs to make a transfer from the bank account to the e-wallet account in the similar way we do make online payments to other merchants. Nevertheless, now there is availability of the convenient option to get the bank account linked to the e-wallet account and jump off the tiring process.
Table of Contents
Server Side Digital Wallet (SSDW)
The e-wallet which an organization creates for you is called a server service digital wallet. It holds the basic information such as billing address, name, payment mode which has information such as the debit/credit card information, date of expiry etc. And because of this comfort when it is about shopping online, SSDW comes into the picture and bags the attention of all the retailers where the company can keep the information of data submitted by user.
No doubt it is highly secure and has the perks of end to end satisfaction of the users. Right after some famous retailers along e-wallet, Flipkart also made a historic decision to determine that including e-wallet in the app itself is a smart choice. Flipkart wallet is also known as Flipkart Money.
Flipkart Money by Flipkart
The Flipkart money wallet was powered by an innovative service named Flipkart money which is supported and endorsed by the FX Mart, an organization in which Flipkart has a huge stake of 4.8 billion. It has acquired the license and approval coming right from the RBI to inculcate a pre-payment mode till this year 2019.
This advancement by the top player in the e-commerce market of India, Flipkart introduced this in contrast with the MobiKwik and PayTm who are already ruling the market when it comes to digital wallets. As and when the Flipkart Money was introduced it was solely made available for the Android smartphone users, but when the de-monetization motivated being a major wave for the development of e-wallets the Flipkart money sifted the wallet to PhonePe.
Flipkart powers the PhonePe App
When the demonetization struck India, Flipkart did not waste even a moment in coming forward with the application which worked in collaboration as Flipkart wallet for the huge base of customers that it has. And this was the time when they introduced the application which was suitable and compatible both for iOS and Android as well.
The most recent Flipkart wallet which rolled into the collaboration with YES bank and is supported by the FX Mart. The application permits to adjoin the bank accounts to the smartphone in a secure manner with encrypted or secured software framework of NPCI also known as National Payments Corporation India.
The prime features of the PhonePe App
Said to be one of the revolutionary techniques accredited by the Flipkart wallet PhonePe which will help to change the way a country with such a massive population carries money along. The major features are as follows
1) First in the segment
PhonePe is the pioneer to being accredited by the UPI platform by government of India. Crafted and designed by the IMPS which is Immediate Payment Service, as the UPI authorizes the monetary transactions among the 2 different parties via the bank accounts making use of unique details such as account number better known as VPA. It is not dependent of details such as account details and IFSC.
2) Independent of Bank account details
The most remarkable factor that makes it even more preferable when it comes to Flipkart wallet is there is not at all any need of sharing the critical details like IFSC code, bank details which has turned the dealing guarded and heavily fortified. Nearly there are over 28 banks that appear as UPI platform active along the government certified banks such as Central Bank, SBI or private sector banks such as Axis, Citi, HDFC, and HSBC.
Every user needs to get the account linked with UFI and get it verified against the details with the mobile number associated with the account. Then UPI will pull up the information of the account with the medium of fortified channels every time transaction takes place. It should be brought to notice that the bank is not with the UPI at present moment coordinated, hence you cannot link up the PhonePe UPI application with the bank account. Nevertheless, you will be still allowed to accept the Flipkart wallet refund.
3) One-time authentication.
The PhonePe platform gets rid of the numerous authentications. But with this application, money can be easily transferred directly from the bank account to the recipient’s account, without needing the geed in the details and the OTPs for accomplishing the transactions. The same is applicable to paying online as well as the offline vendors.
4) No more need of continuous Top-Ups
The leverage of getting the account linked with the application which is consistently need of getting the application of topping up the account does not exist any longer. And when the account is linked, there is no need of worrying in the least about running out of money which comes directly from the bank account.
5) Easy Recharge, Transfer and Payments
As and when the account gets linked to the PhonePe application, there is no need of worrying about taking care of your physical bills payment. Just open up the application, pick the icon which indicates the specific merchant or vendor and complete the transactions.
6) Increase of Per Transaction Limit
As the application is adjoined to the bank account, it is quite simple that the payments can for sure be of higher monetary value and continue to make payments whether it is hundreds, thousands, lakhs and so on which will be directly related to the nature of your business. And just for this reason the limit for single transaction on PhonePe has been raising up the bar up to one hundred thousand. This adds to the longevity of the balance in e-wallet. It doesn’t matter even if you do just a few transactions in a year the account is still going to remain active.
Conclusion
E-wallets are accepted as one of the fastest and hugely preferred mode of payments. With the governments approval of being backed and ease of transactions. It finally has transformed into one of the most liked mode of payments for the ones who prefer not carrying cash everywhere they move around the money and time saving transactions. There are many ways in which one can learn how to earn money in Flipkart wallet?