DIGITAL MONEY is one of those terms which received some serious prominence among the common people of India after the demonitization of notes of Rs. 500 & Rs. 1,000. It was existing before November 9, 2016 too but used only by the people belonging to high profile class of the society.
After the demonitization of notes of Rs. 500 & Rs.1,000, the country encountered some serious shortage of cash and meanwhile the government heroically promoted Digital Transactoins too. All these setted up a substantial number of people to go towards the existing Digital Money.
DIGITAL MONEY is such an innovative avtaar of currency whose monetory value remains exactly equal to the associated currency BUT it can only be stored electronically either in a Mobile Phones or Laptop-PC or in Digital Wallets.
This newly invented form of money can be achieved only by paying the equivalent amount of National Currency. That’s why, the monetory value of the digital money remains exactly equal to Offcial Currency and it becomes easily acceptable.
The most likeable thing about this virtual wealth is that it becomes very useful and very acceptable while Online Shopping. With this one can buy almost any sort of stuff at anytime. Apart from this, the circulation of money in the economy gets accelerated too.
Presently, the popularity of BITCOIN is increasing continuously. It is one of the best examples of digital money.
Many of the world famous Economists are declaring the performance of the Bitcoin as the best. Surely, it’s proving revolutionary.
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It’s not necessary to have credit cards, debit cards or bitcoins for making digital payments. The continuously evolving technology have invented such facilities which have enabled even our mobile phones to make digital transactions. One of such commendable facilities is E-WALLET.
It is basically a software which can reside within both the smartphones as well as computers and can be used effectively to exercise digital payments. It is also known as Digital Payment App and currently getting more and more popularity and praise, specially from the Internet Generation.
The user keeps (electronically) a certain amount of money in this application and at the time of requirement the stored money can be paid. It has removed the headache of going to banks or searching for ATMs for retrieving the money or carefully keeping the cheque books.
Using E-Wallets, one can do online payments while shopping Online, mobile recharge and can also pay electricity bills. The list doesn’t ends here, the users of E-wallets can also make payments to their respective merchants or shopkeepers.
Usually, upto Rs. 10,000 can be stored within these E-Wallet BUT if the account holder have concluded the KYC (Know Your Customer) procedure then he may also credit upto Rs. 1,00,000 in his E-wallet. The user need to submit the Identity Proofs like Driving License, Aadhar, Passport, etc for successfully completing KYC.
For more about E-Wallets click http://notionspick.com/5-best-digital-wallet-benefits-types-uses/