How It Can Help You Save

*E - WALLET

*Meaning of E - Wallet*It is an online account, which is prepaid. A person

can fill money in their account.

*They can use it only for online shopping or online transactions.

*You can use as when you require.

*It has a pre - loaded facility.

*It provides the same security level as that of banks.

*Advantages*No tension of your wallet or your valuables getting stolen.

*You get discounts, cash back and other incentives.

*There’s no need of using credit and debit cards.

*The minimum amount is as low as Rs. 10.

*There’s no chance of decline of payment, since it is a prepaid account.

*You don’t have to enter any card details while making a payment.

*There is a lot of flexibility, while making the payment

*How Much You Can Save Using EWallet

Expenses Monthly (Rs.)

Annually (Rs.)

Paytm (%) Cash back

Savings using Ewallet (Rs.) (yearly)

Electricity Bill

3000/- 36000/- 5% 1800/-

Mobile Bill 1000/- 12000/- 5% 600/-

Grocery 2000/- 24000/- 2% 480/-

Shopping online

5000/- 60000/- 3% 1800/-

Movie Tickets

1000/- 12000/- 5% 600/-

Total 12000/- 144000/- 5200/-

*Disadvantages*If someone else comes to know the password,

there’s a chance of theft.

*You can’t get a refund. The amount is redeemed once you make a purchase.

*It is made for only online payments, that too on limited partner sites.

*How to get an E- Wallet

*There are online sites like furniture, recharge, grocery, etc, which you can log into. 

*Make sure that these sites have E Wallet as an option.

*Sign up with your email id. and look for the e wallet option.

*Create one for yourself and transfer money from your bank account to the E wallet.

*Then you can pay the amount required after purchase.

*If the amount is less in your e wallet, then you can use traditional ways of payment.

In the above table, we can see the example of Ramesh:

* The total expenses come upto Rs. 144000/- per year,

without using E Wallet.

* After the cash back offers, one can save upto Rs. 5200/- per year.

*So now your annual expenses will come upto Rs.138800/-

So with Ewallet, your expenses reduce, which allows

you to save more.

*Conclusion

E – wallet is a good option, as it saves the trouble of carrying around a wallet. There is easy access to the money. Since everything is online, this is one more option added to the list.

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