11 May, 2021

This Way, Your Pocket Suffers Less

Mobile wallets are taking over the way Indians pay

This Way, Your Pocket Suffers Less

Our days are punctuated by reaching for the wallet, paying, sticking it back, replenishing it. An urgent buy demands a faster draw. While an app-driven, post-modern life still involves grocery and lunch, movie tickets and gifts, more people are embracing a liberating cashlessness, some even discarding notes and plastic money altogether. The instrument of their lightness of being and freedom from change—mobile wallets, and it is taking the Indian payment system by storm.

Today, almost everything can be paid for through mobile wallets—gone are desperate gropings for the exact fare, or a frantic look-out for an ATM that would mercifully work. Mobile wallets, say votaries, are a secure and convenient method to make payments. Users have the flexibility of paying digitally by pre-loading their ‘wallets’ with money through the internet. As against 6-7 clicks in a credit card, mobile wallets is a one click payment system.

Two things have given this phenomenon a fillip: one, the phenomenal rise in the use of smartphones in India—while...

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