It’s 2022! Do you really carry a physical wallet wherever you go? Since the onset of digitalization, many tasks around us have become effortless. Undoubtedly, we Indians have been embracing digital at a rapid pace, especially since the Covid-19 outbreak in March 2020. 

Since the technology of Digital Wallet has come into existence, physical transactions have taken a back seat. It’s been around one and a half years that I hardly did any transactions via cash as I’ve everything I need on my smartphone. From paying electricity bills to buying goods for personal use, everything can be done simply via your smartphone only. 

What is a Digital Wallet?

Also known as an e-wallet, it refers to an online service that enables any individual or business to make transactions electronically. It is used by downloading any e-wallet app on a smartphone, or one can even access it via a desktop. However, due to the mobility and flexibility that comes with smartphones, it is the most popular version. 

Furthermore, it allows you to pay safely and smoothly as it secures your payment information and passwords. These electronic wallets are not only convenient to carry and use but also safer than your traditional physical wallets. 

In my personal experience, I’ve been using the Bajaj Finserv application, and it effortlessly solves my purpose for all kinds of digital transactions. 

What are the benefits of using a Digital Wallet app?

• Top-notch security

You’ll always be in a tussle if you carry cash that might get lost or stolen. Sadly, one has zero resources to recover it. However, if you have an e-wallet, all you have to do is take care of your smartphone. Further, more importantly, all the information of your e-money is taken care of through an untouchable provider. 

• Saves time & effort

Instead of searching for your wallet and then for the cash in it, one just has to take out their smartphone. Then, by simply scanning the QR code, you are good to go. This way, the entire transaction is completed within a few seconds, unlike the physical ones, which generally take longer. 

• Access to rewards or cashback

When you use an e-wallet, you welcome rewards and cashback. Now, these can be in the form of points or cashback. Not only this, but one may also find discount coupons for fuel, food, or even travel. 

• Helps small-time traders

Gone are the days when people used to skip small payments or even postpone them when it comes to small-time traders. With a digital wallet, you can even make a payment of as low as Rs 1. So this has helped the traders to keep a proper track record and plan accordingly. 

How to set it up?

In the current era, there’s no point in carrying cash. As I mentioned above, it’s been a while since I’ve been using an e-wallet. Trust me, it is a savior! Here’s a step-by-step guide on how to set it up – 

1. 1. Download the Bajaj Finserv application from the Play Store or App Store.
   2. Sign up after entering all the personal information
   3. On the home page, you’ll see the column of ‘Bajaj Pay.’
   4. Tap on Wallet & Set up your digital wallet. 

(Note: This is not promotional content. I’m just sharing my personal experience.)