As more people can't use cash because of the government's demonetization, people have to use digital ways to pay, like cards or online transfers. E-wallets are a part of this digital trend. They're handy because once you set up your e-wallet account, you don't have to type in your bank details each time you pay. This makes paying faster and easier. In India, there are lots of mobile wallets to choose from, so it's important to know which ones offer the best benefits and rewards.

Top 5 e-wallets in India

Paytm –

This company is growing really fast in online shopping. They've become popular quickly. You can use it to pay for things online and in stores. Plus, you can move money from your wallet to your bank account.

Mobikwik –

Mobikwik has made paying bills and recharging online really simple and fast. It's one of the most popular e-wallets in India and has lots of cool features. Plus, it gives you different offers to choose from.

Airtel Money –

Using Airtel Money, you can do things like shop, recharge your phone, and buy tickets easily. You can also send money to any bank account through NEFT without any hassle.

Freecharge –

Freecharge, which is owned by Axis Bank, is a big digital payment platform. You can use it to send and get money right away.

Oxigen –

It's also a top digital payment provider in India, teaming up with VISA. They offer a virtual Prepaid VISA feature, which means you can use your Oxigen wallet to pay for things online.

Types of e-wallets

Open Wallets –

These wallets are not like closed or semi-closed wallets. You can use them to buy things, transfer money, and even withdraw cash. They work at stores where cards are accepted and at ATMs. But you can only take out a maximum of 1,000 rupees per day.

For instance, M-pesa by Vodafone India Ltd, in partnership with ICICI Bank Ltd, is an open wallet.

Closed Wallets –

These wallets are like special cards issued by companies for their customers. You can only use them to buy things from that particular company. They make it easy to pay for stuff you buy online or services you use. But you can't take cash out of these wallets. For instance, websites like Jabong.com, flipkart.com, and makemytrip.com have their own wallets for buying their products or services. Even cab companies and mobile companies have their own wallets. They often give you cashback when you use their wallets to pay, to keep you coming back.

Semi Closed Wallets –

These wallets are not the same as closed wallets. You can use them to buy things from businesses that have a deal with the company that made the wallet. You can use them online or in stores to buy goods, services, or pay for fees and bills. They're made by companies that aren't banks. These companies have to keep the money they receive in a special account with a partner bank until it's used.

For instance, Paytm is the biggest and quickest growing e-wallet. You can transfer money directly to your bank account using it. Freecharge is similar to Paytm in that it's also a semi-closed wallet.