As we all know, mobile phones have become an integral part of our lives. They have made our lives easier in so many ways and given us the power to do previously impossible things. One of the most essential and valuable applications of mobile phones is in the realm of payments. With the introduction of digital wallets, we have been able to do everyday transactions in a much brighter and safer way.
Digital wallets have been around for a few years now, and their popularity is only increasing. A digital wallet is a software program that stores your payment information and allows you to make electronic payments.
Some Facts about Digital Wallets in India
According to a recent report by the National Payments Corporation of India (NPCI), the total value of transactions made through mobile wallets in India has increased by over 70% in the last year. Mobile wallet transactions are now worth more than Rs 1 trillion (US$15 billion).
With that said, there are still some fascinating statistics about mobile payments and digital wallets in India that are worth taking a closer look at. Here are some of the most notable ones:
1. India’s value of transactions processed through digital wallets overgrows. It’s expected to reach Rs 5 trillion (US$45 billion) by 2022.
2. Usage of mobile wallets is exceptionally high among young people in India. A recent study found that nearly 60% of all digital wallet users are under 35.
3. Digital wallets are helping to drive the growth of cashless payments in India. It’s estimated that they will account for more than half of all digital payments in the country by 2023.
So there you have it – some of the most interesting statistics about mobile payments and digital wallets in India. As this sector continues to grow, we can expect to see even more impressive numbers in the years ahead.
What is a Digital Wallet?
Most people are familiar with the concept of a physical wallet – a small, portable case in which you carry your cash, credit cards, and other vital items. A digital wallet performs the same primary function, but instead of having physical currency and cards, it stores digital versions of them. In other words, a digital wallet is a way to carry your money and make payments electronically.
There are many different digital wallets, but most can be divided into two broad categories: those that store payment information (such as credit card numbers) and those that store cryptocurrency. Payment information wallets are typically linked to a specific payment processor or bank, while cryptocurrency wallets can be used to store multiple types of cryptocurrencies.
What are the Benefits of Digital Wallet?
There are many benefits to using digital wallets, including:
1. Increased security – A strong passcode protects digital wallets, and some apps require biometric authentication for extra protection.
2. Convenience – Digital wallets don’t require you to carry around lots of debit or credit cards. You need your smartphone and a stable internet connection.
3. Increased spending power – Many digital wallet applications allow you to spend more money than you would be able to with just a debit or credit card. This is because the digital wallet app houses all of your cards in one place.
4. Easier tracking of expenses – All transactions made with a digital wallet are automatically tracked, so it’s easy to keep tabs on your spending.
5. Earning rewards – Some digital wallets offer rewards programs that allow you to earn points or cashback on your purchases.
Overall, digital wallets provide a convenient and secure way to make transactions. They are becoming increasingly popular as more and more people adopt them into their everyday lives.
What are the Different Types of Digital Wallets?
There are three types of digital wallets. Read about them here:
A closed wallet is a digital payment system that allows customers to make transactions with only the issuer of the wallet. The money from cancellations, returns, or refunds is stored in the wallets, and closed wallets offer advantages for both businesses and consumers.
For businesses, closed wallets provide a way to manage and store customer funds. This can be helpful for companies that offer products or services online since it allows them to handle transactions without relying on third-party payment processors.
For consumers, closed wallets provide a more secure way to make online payments.
A semi-closed wallet is a mobile wallet that allows users to make transactions at listed merchants and locations. This type of wallet has a restricted coverage area, but online and offline buying can be done through it. Merchants need to enter into agreements or contracts with issuers to accept payments from mobile wallets.
An open wallet is a financial account that allows users to access their funds through various methods, including ATMs, transfers, and withdrawals. Banks or other financial institutions typically offer open wallets.
Open wallets offer several advantages over other accounts, including accessing cash and making transfers quickly. They can also be used at ATMs and other transactions, making them convenient for those who need to access their funds frequently.
Open wallets are also a popular choice for businesses. They allow companies to make payments and transfers and withdraw cash when needed quickly.
What are the Features of Digital Wallets?
The registration process is easy.
- Onboarding is easy.
2. QR-enabled technology
3. Payment processing is simplified.
4. The dashboard is user-friendly.
5. Chatbots for real-time support.
Why Choose Kryptova?
If you’re looking for a payment gateway that is both secure and user-friendly, Kryptova is a perfect choice. With our platform, you can process crypto and credit card payments quickly and easily without worrying about security. Plus, our team is available 24/7 to help you with any questions or concerns you may have. So why wait? Sign up today and start processing payments with Kryptova.