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  • Category: Club House Discussion

    Digital Wallet - what do you think about them?

    Digital wallets have been on the rise these days. Instead of carrying cash, people have been using digital wallets. PayTM is one of the prime examples.
    There has been an entry of a new entrant in the field. Nucleus Software - a banking and financial firm has recently launched PaySe which aims at making digital cash as efficient as the physical cash. They have a few unique plans up their sleeve planned for the future.

    Have anyone of our Techians used digital wallets? What are the benefits associated with them? Share your views with us.
  • #24412
    I personally find it very risky. The reason being I have recently noticed that Godaddy employees who manage the accounts of customers are stealing the data. And then using that data for their own freelance purpose. So similarly you can imagine if our digital wallet is being exposed to people who manage the tech support side. They could sell this information to other companies. Also could hack into the database and use the balance. Its tricky. And even banks don't push digital wallet much these days. In india only ICICI is actively pushing pockets app. Rest of the others like paytm are there for customer retention but security in india is serious issue.

    I'd say india needs to step up into their business in order for people to trust such products. I'd not even trust bitcoin wallets much because companies that have it, often claim bankruptcy and hacking attempt and run away with money.

  • #24413
    Well, I use a lot of those wallets, but never faced any issues with them. I have been using them extensively for over four or five years now and find them quite useful.

    There is a new addition to the list of digital wallets available in India. PaySe has been making inroads into Indian market as the offline digital cash. I do consider it as a good option as it has some unique features.

    Live....and Let Live!

  • #24415
    Well on individual basis things may not appear but when security issues occur they happen for all users. Just like how recently the wallets from one of the cashcard site was stolen and the balance info was rigged. So unless company is reputed and serious with their development efforts, it's hard to say when such issues will occur. So I just like being cautious. I'll checkout PaySe wallet. Hopefully it's secure enough.

  • #24420
    PaySe is different from the regular digital wallet. It is the real digital cash. You can handover the same to anyone as you would do with the physical cash. Read more about it in the article I pointed out above.
    Live....and Let Live!

  • #24422
    Looks like a good app. Though I prefer precaution on the digital cash transaction, i'd say if it has multiple authentication options then it'd be safe enough. Have to check out some of it's features. I'll see if it fits my use case. Safety would be priority for me. I'll be taking a look at the article you posted.

  • #24424
    The app is soon coming up with smart card based digital cash. Though it may not be as secure as the device based Purse system, yet it can do away the need to carry physical cash. However, unlike digital wallets, the digital cash does not have accountability as to who is carrying it.
    Live....and Let Live!

  • #24429
    I too use online wallets quite extensively especially of Paytm and Freecharge since they are accepted at a lot of places. Freecharge also provides feature of Virtual Credit Card that means use it online anywhere you want. I feel they are somewhat simpler to use since you only need to remember your mobile number. Local shopkeepers too have started accepting it which helps in minimizing change (small denominations) related issues.

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