#Virtual wallet verification#
Given the fact that all transactions need to be secured by a second verification code or one-time-password, and the process of paying online using your credit or debit card becomes extremely cumbersome, paying with a wallet can also be safer. Unless the site you want to make a payment on lets you save your credit or debit card details, you’re going to have to spend a fair bit of time typing them in every time you need to make a payment. Why would you want to do this? The biggest reason is probably ease of use – something that is particularly true for mobile users. You can also use these wallets to make payments at other websites. Some wallet services are built around their own stores where you can buy goods, and some let you buy recharges for your phone or pay your bills. Most services also come with a mobile app so you can easily check your balance and make purchases. Once you have stored the money in a wallet, you can use it to make payments – to the wallet provider or to third-party services depending on the type of wallet you have signed up for. Of course, adding money to the wallet still requires you to use one of those methods. You make payments using the money stored in your wallet instead of using a credit card, debit card or net banking, which means your bank account does not need to be accessed.
In case you are wondering what a virtual wallet is, or why you would want to use one, we have got you covered.Īccording to, a virtual wallet serves as a place to hold some of your money online. For most of us, those terms are pretty meaningless. After facing regulatory troubles, Uber India has now tied up with Paytm to handle its cashless payments while others like Ola have chosen to launch wallet systems of their own. Cash went out of fashion ages ago and instead of having to rely on a credit or debit card, companies now want you to pay for just about everything using a virtual wallet. Lately, it seems like most companies are falling over one another to find new ways for you to make payments.
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