The pros and cons of e-wallets like Paytm, Freecharge, and Mobikwik

The government demonetising Rs 500 and Rs 1,000 notes, has made day-to-day lives quite cumbersome. 
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The situation has led people to digital wallets to pay for their daily needs.Known e-wallets such as Paytm, Freecharge and Mobikwik have a great reach with the presence in local shops as well. 

We curated a list of what these wallets are offering you and why they are either a good or bad bet. Take a look and pick a side. 

ALSO READ: Money grows on trees, literally 


(Picture credits: Bloomberg) 

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Paytm can be used for a variety of services.

Paytm can be used to pay for autos, at local general stores, phone recharge, to pay electricity bills and even at smaller eat-out stalls.

All you have to do is sign up with your mobile number and e-mail address and put money in the wallet through a debit/credit card or net banking.

Anyone who has a Paytm account and the app on his phone can send or send Paytm cash by putting in the mobile number of the payee.

Mobikwik is quick-to-use.

Mobikwik works similar to Paytm in terms of recharge and payment.

MobiKwik has partners like, Grofers, Big Basket, Lemontree, Makemytrip, IndiGo, Cleartrip, and Yatra etc.

Freecharge is free-to-use.

This digital cash can be used at a number of places, including to pay for utilities such as bus tickets , train tickets, water, gas, electricity etc.

The upside of these digital wallets is that they offer cashback as well as discounts which can be used to pay for anything else. They add value to your money but giving it more value.

Cash is king?

The downside is that you can only put upto Rs 10,000 in these e-wallets. With e-KYC, you can put upto Rs 1 lakh which limits your shopping experience.

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