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Which is Better - E-wallets or Net Banking?

The recent rise of demonetization of the higher currency notes by the Indian Government has created quite an upheaval in the overall financial system of the country. You must have faced a lot of issues in the beginning by finding it difficult to handle the situation of a cashless market. As such, demonetization also observed a surge in the use of digital payments as a reliable means of transferring money from one system to the other. As the country moves towards a cashless, highly digitized economy, there is the ever-growing popularity of the digital means of payments including the e-wallets and Internet banking. The current era has observed the advent of high-end digital solutions with more people of the nation adopting digital means of making payments & transferring money.

There are several popular ways of adopting the cashless, digital technology in the current times. Right from the e wallets to the different modes of Internet banking, debit cards, credit cards, and so more –you, along with the Indian economy is looking forward to a brighter future with the increased use of the digital technology.

E-Wallets

E-wallets or the mobile wallets are the most useful and functional applications of the application technology when it comes to ensuring cashless transactions. Mobile wallet can be viewed as a virtual digital wallet wherein you can store your money or cash points that can be utilized towards making digital payments or transferring money from your system to the other system in a digital manner. There are several benefits offered by an e-wallet. Right from the grocery store shopping to booking tickets, transferring money, and so more –you can access all of these in a seamless manner with the use of a mobile wallet.

E-wallets account for the simplest and the safest means of making payments or transferring funds. To top it all, there is no minimum amount required to be deposited in your mobile wallet. By using an e-wallet, you get access to the fastest means of transferring money and making payments in an effective manner. The mobile wallets can be easily downloaded from the Internet to be stored on your smartphone for easier access. There are several, different types of e-wallets available out there on the Play Store from which you can go for choosing the most relevant and reliable mobile wallets as per your preference.

For getting access to the e-wallets, you would need a smartphone having an active Internet connection. Once you have downloaded the required app for the particular mobile wallet of your choice, you can move forward with filling the essential details including your name, contact number, bank account details, and so more.

Once you are done with filling the right information and setting up your account in the given e-wallet, you can transfer funds to the e-wallet balance through your debit card, credit card, or Internet banking. As per the recent RBI notifications, you are allowed to deposit a maximum amount of 20,000 INR into the desired e-wallet. Some of the most famous options for e-wallets in India are the Kotak 811 app, Paytm, MobiQuick, PayU Money, Airtel, Freecharge, and so more. The mobile wallets can be ideally used for paying your utility bills, cab rides, movie tickets, mobile recharges, and several other related transactions.

Internet Banking

The advent of the net banking option has led to the ease of completing almost any financial transaction online through some simple steps. Right from paying your utility bills to booking tickets for movies, flight, transferring money from one bank account to another, and so more –the concept of net banking or Internet banking has been observed to be one of the most convenient and the safest means of adopting the digital technology.

In context with the ever-rising demands for the Internet banking & its useful applications, most of the leading banks have released their respective net banking apps to make it a seamless experience for the end users. These Internet banking apps can be easily downloaded on your smartphone and you are good to go! With a few simple steps –right from downloading to linking your bank account to the respective app, you are enabled to access the benefits offered by these net banking apps.

There are several benefits offered by the Internet banking apps like the Kotak 811 zero balance saving account app. Banks allow you to register yourself on the net banking apps to make financial transactions directly from their smartphones without having the need to go to the respective bank branch. Right from paying your necessary utility bills to transferring money instantly through NEFT (National Electronic Fund Transfer), IMPS (Immediate Payment Services), and even RTGS (Real-time Gross Settlement) services in a highly convenient manner. You, as a user, are allowed to make “n” number of transactions depending on the particular bank transaction limits.

Difference Between e-Wallets & Net Banking

When you compare the following means of cashless transactions, here are some benefits of the e-wallets over net banking on a general basis:

  • Ease of Accessibility: With our smartphones in our hands almost all the time, e-wallets are undoubtedly way easier to access and complete the transactions like Instant Money Transfer, and so more.
  • Simple to Deposit Money: With an e-wallet, you are offered the ease of depositing money seamlessly with the help of net banking, debit or credit cards.
  • Timely Payments: Several e-wallets come with the auto-pay facility enabling the users to make instant payments at the stipulated time.
  • Offers: Digital wallets come with their own sets of offers providing lucrative cashback offers and others to the users upon every financial transaction.
  • Quicker Transfer of Funds: Instant Money Transfer facility with the help of e-wallets enables the users to transfer money seamlessly without any extra transactional charges.

Given the ease of e-wallets and net banking, you can make your life simpler in various ways! Avail the benefits of the Kotak 811 saving account through its Internet banking feature to help you with the ease of making financial transactions with a single click!

 

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