What is a digital wallet? Keep these in mind when using it


Do you know what digital wallet or e-wallet is? Digital wallet has brought a big change in payment services. Now consumers can easily pay for anything and transfer money with the help of digital wallet or e-wallet.


Digital payments are viewed with utmost importance in today’s era. Since the launch of Iseva mobile wallet in Nepal ten years ago, 27 payment services have received approval from Nepal Rastra Bank. Countries around the world are calling for digital payments as much as possible.

Digital payments have gradually become a part of our lives as the use of e-wallets skyrocketed during the Covid-19 pandemic. Other economists and scholars believe that digital payment systems will become the most widely used payment systems in the future.

Now the question may come what are digital wallets or e-wallets and how it is making our life easier. This digital wallet is an electronic version of a physical or traditional wallet, with the help of which we can make payments easily.

When we use a digital wallet on our smartphone, it is called a mobile wallet. Today we are giving you complete information about what is digital wallet or e-wallet.

Are you of digital wallet?

The full form of a digital wallet is an electronic wallet, which refers to a wallet that has a digital existence rather than a physical one.

It is a type of electronic card, which is used for online transactions only through a computer or smartphone. The utility of this e-wallet can be used as a credit or debit card.

To avail or make payments like credit or debit cards, the e-wallet must be linked to an individual’s bank account. The main purpose of e-wallet is to facilitate paperless (cashless) money transfer.

Digital transactions are taking our country towards a cashless economy and a golden digital future.

Types of E-Wallets:

There are mainly three types of e-wallet.

  1. Closed e-wallet
  2. Semi Closed E-Wallet
  3. Banking e-wallet

Closed e-wallet Often used in e-commerce websites, where customers can easily shop for the goods they need. Example: Ola Money, Amazon Pay etc

Semi Closed E-Wallet We can use it to make payments on every platform. A certain amount can be deposited in it but we cannot withdraw any kind of cash from it. Example: Paytm

Banking e-wallet A very special e-wallet is where the amount in the consumer’s bank account is the total amount of the e-wallet. With this, the customer will be able to use their account based on the wallet. Example: Google Pay and Apple Pay

What is required to use e-wallet?

The four most important things for using a digital wallet or e-wallet are:

1. bank account

2. Smart Phone/Laptop/Computer

3. Internet (2G, 3G or 4G) connection

4. Wallet app (this one is free)

Points to note while using e-wallet:

To receive regular information about every transaction through SMS, you definitely need to register your mobile number with the bank.

Be careful not to let anyone else know your PIN. By doing this, you can protect yourself from hackers or scammers to a great extent.

Shop only with trusted merchants or e-commerce websites.

When using an ATM, make sure that no one is watching your PIN.

Do not rush in any transaction.

Try to use your own device for online payments as much as possible.

(with help from agencies)


Images mentioned above related to are either copyright property of ICT-Samachar or respective image owners.

Rabins Sharma Lamichhane

Rabins Sharma Lamichhane is the owner of RabinsXP who is constantly working for increasing the Internet of Things (IoT) in Nepal. He also builds android apps and crafts beautiful websites. He is also working with various social services. The main aim of Lamichhane is to digitally empower the citizens of Nepal and make the world spiritually sound better both in terms of technology and personal development. Rabins is also the first initiator of Digital Nepal.

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