Digital Wallets
Welcome to the third edition of the Finsnapper World!
We hope you all enjoyed the previous editions as much as we did!
We know this edition came after a long time, but nevertheless, we bring to you a topic of extreme relevance and importance in today's digital world- DIGITAL WALLETS!
So get ready for another ride across the Finsnap Ocean - a plethora of fun personal finance principles, terms as well as digital tips!
DIGITAL WALLETS We’ve come a long way since using cattle, cowrie shells and even salt, before moving to precious metals, coins, and paper currency. Today, our economy has a large portion of intangible digital money. As India aims towards transforming into a cashless economy, we at Finsnap figured we’d take you through the ins-and-outs of a digital wallet.
What is a digital wallet?
A digital wallet, or an "e-Wallet", refers to an electronic device, online service, or software program that allows one party to conduct electronic transactions - bartering digital currency units for goods and services.
How does it help you?
It records transactions so you can always have an overview of monthly expenses, thus encouraging financial mindfulness
Gives you the exact standing balance in your account at any point of time
No need to carry large amounts of cash, thus low physical risk
Payments can be made anytime, anywhere, provided the other person has a digital cash facility
Offer a variety of discounts, cashbacks, investment options and other financial advice
Precautions
Do not share sensitive account info with anyone eg. login passwords, one time passwords
Make sure your device is protected by a reliable antivirus software
Keep strong passwords that are hard to crack. Edward Snowden recommends you use the combination of a phrase, numbers and symbols to make it hard for online pickpockets
How does it help the economy?
Digital transactions help prevent money laundering, keeps income tax frauds etc at bay and reduce the usage of black money by keeping records of transactions, balances, etc. helps
Saves paper
Easier record keeping and data storage
We recommend : Paytm, Google pay, Phonepe and Amazon Pay With the lockdown in full swing, a digital wallet makes social distancing all the more easier! No more running around trying to break a 2000 rupee note. E-wallets are here to stay and let us Finsnappers lead the way!
So that was it for this time’s update folks!
We hope this helps you to take one step closer to becoming financially mindful!
Incase you have any queries, feel free to reach back to us at gofinsnapper@gmail.com
Until next time; Adios, Amigo! Team Finsnap