Digital Wallet

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Digital Wallet

DIGITAL WALLET : DEFINITION

DIGITAL WALLET is the  medium of exchange of money in return of the GOODS AND SERVICES that are used by you. Besides DIGITAL WALLET, there are other types of money exchange like BARTER SYSTEM AND OFFLINE EXCHANGE.

BARTER SYSTEM is the medium of EXCHANGE OF MONEY where GOODS AND SERVICES are replaced by the OTHER GOODS AND SERVICES. There is no exchange of money takes place.

OFFLINE TRANSACTION OF MONEY- EXCHANGE OF GOODS AND SERVICES are replaced by the physical transaction of money at that particular moment of time.

DIGITAL WALLET: EXPANSION

DIGITAL WALLET  is one of the most efficient method for the online transaction for any GOODS AND SERVICES. DIGITAL WALLET transactions are very fast in nature. Some of the BIG E- COMMERCE  likes AMAZON, FLIPKART AND MYNTRA use the PAYTM , a largest mobile payments company of the world. PAY TM is one of the finest example of DIGITAL WALLET that allows the CUSTOMERS to pay online through NET BANKING,DEBIT CARD  etc . Transactions of any type can be done through PAYTM. Even CUSTOMERS avails the opportunities of the 100% INSTANT CASHBACK and DISCOUNT on GOODS and SERVICES.

DIGITAL WALLET- MAJOR BOOST TO G.D.P ( GOODS AND DOMESTIC PRODUCTS ) OF INDIA

After, the ERA of DEMONETIZATION in NOVEMBER 2016, INDIA ECONOMY has suffered the major setbacks. The end of  RS.500/- and RS.1000/- currency notes led to declination of G.D.P of our country. The G. P D. of INDIA fell from  7.1% to 6.1% in one year. This can incur a huge loss, if DIGITAL WALLET was not there in INDIA. DIGITAL WALLET encourages the CASHLESS transaction. DIGITAL WALLET drastically improved the aftermath of DEMONETIZATION, which helps to maintain the INDIAN ECONOMY.

DIGITAL WALLET: PERKS

CASHLESS TRANSACTION has its own advantages-

  1. INSTANT MODE OF TRANSACTION

  2. RELIABLE AND EASY MODE OF TRANSACTION

  3. TRANSPARENT MODE OF TRANSACTION

DIGITAL WALLET: UPCOMING YEARS

DIGITAL WALLET shall become the one of the best mode of ONLINE TRANSACTION. It has the ability to overpower the other modes of TRANSACTION.

 

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