Youth Incorporated Magazine

The news broke the internet. Rs 500 and Rs 1000 were now ‘illegal’. The sudden announcement by Prime Minister Narendra Modi sent the common man, including us in a tizzy. What were we supposed to do with the cash we had in our wallets? Banks were overcrowded, ATMs were shut or ran out of money by the time we could get to one, shops refused to accept our notes, the problems were endless.

Technology, thankfully, came to our rescue. We’re talking about digital wallets. Digital wallets are electronic platforms used to make payments online using a smart phone or a computer. While we were still peeved about the lack of hard cash on hand, we came to realize, that digital wallets can be very useful in helping us save money in the long run. Here’s how:

No longer withdraw more than you need

Picture this- you need Rs 750, but ATMs only allow withdrawals in numerals of 100s. You are forced to withdraw Rs 800 or even more. This extra money is more often than not unnecessarily spent, because we have it. With digital wallets, you pay the exact amount  and avoid extra expenses, which help you save money in the long run.

Convenient payment method

With digital wallets, you can pay bills, buy groceries and even book movie and flight tickets from the comforts of home at the click of a button

Discounts

More and more merchants are offering discounts and cash back to users who pay using digital wallets. So you see how much more you can save this way?

Easy transfer

If your friends or family ever run out of money, you can easily loan them money by transferring cash from your digital wallet to theirs in a matter of minutes.

Taking all things into consideration, we’re switching over to digital wallets. If you plan on doing the same we’d suggest Citrus Wallet, PayTM, SBI Buddy, Airtel Money, PayUMoney or HDFC’s PayzApp. It’s secure, easy to use and one of the best ways to save money.