Use of Online Wallet
He have found that in recent years the use of online wallet has increased tremendously. Most of the big giants are now relaying on online wallet to earn money but have you though how they are earning even after giving you lots of cashback.
The two major giants in e wallet in India is Paytm and Mobikwik. These two companies started the revolution of e money and are now growing like anything. If you look closely about few of the important points like
1) These companies started from scratch and now if you are buying anything online you will find pay with wallet option on payment page. Now to make payment you have to load money in there wallet and then you can pay the same.
2) Once the amount is paid you will get wallet which can be used on future purchase or recharge but if you think the last time you used wallet the cashback amount which you received was not used on the same day. You might have used after few days.
3) Now if you leave that money for say 4 days and their are millions of user just think about how much money will be their and how much interest the company will be getting. This is the major source of their revenue,
4) Apart from this it also makes the transaction convenient as you need to have use your card again and again to purchase or recharge.
5) Coming to the security point of view, yes they are secure as for all the transaction it sends one time password(otp) to your cell phones which makes it more secure. Due to this you might seen that even many banks like HDFC, ICICI have also started providing these cashback and wallet facility. However you will find the increasing use of these facility in the upcoming time.
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