Types of Online Wallets

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Hefty wallets filled with cash are a rare occurrence in today’s world. People have started transitioning to a cashless and burden-free mode of payments. The stress of getting robbed or having their pockets picked is also completely eradicated. When it comes to money, the world is moving towards digital currency. So, whether you have any cash in your pockets or not, you are never really travelling without money. This has been made possible through a variety of e-wallets. This article aims to help you understand about the various e-wallets available online and their advantages:

What is an online wallet?

A program which allows the users to store and access digital money, online wallets can be used for making payments for goods and services without using physical cash. These wallets are essentially pre-loaded with cash, either from your linked account or via a debit/credit card. While some of these wallets manifest physically in the form of a card, there are others which are used as a mobile app.

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What are the different types of online wallets?

  • Application-based

These wallets allow money to be transferred from a linked account, digitally. The money can be added to the app wallet using a debit card, credit card or an online transfer directly from your bank account. This amount can then be used for transactions with retail stores that are also connected via the same application. Alternatively, the app can be linked directly to a bank account and behave similar to a debit card, where the money gets debited straight from your account. The transaction gets registered with the preferred medium without any physical interaction with cash.

The advantage of these apps is that you can travel light and still make any required payments by making use of a phone application. A lot of people these days have completely stopped carrying wallets and completely depend on their mobile phones to carry out daily transactions.

  • In the form of Cards

Gist cards that are pre-loaded with an amount of money are the go-to last minute birthday gifts! Wallet cards are similar to using a debit card, until the money loaded is all spent. This card becomes disposable after that. There are other cards, which can be topped up from your account as many times as you want, as long as it is linked to the account. One such card is the PayPal Prepaid card.

Where Can I Get PayPal Prepaid Card?

If you have a PayPal account, you only need to apply for it online from the PayPal portal. Once the card is approved, it will be delivered to you. You can then top it up with the amount you would like to keep in your card, which can then be used to make transactions at the outlets which accept PayPal.

The advantage of electronic wallets is that you can limit the money you spend. Since you can only spend what you have in the wallet, it can help you stick to a budget and limit unnecessary expenses.

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