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

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.

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.

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.