![]() ![]() Moreover, global development agencies and several governments have made concerted efforts to alleviate poverty through micro-credits, it said. MFIs to play leading role in India's economic growth: Study According to PwC, the global market size of the MFI industry is expected to grow by USD122.46 billion from 2021 to 2026 at a compound annual growth rate of 11.61 per cent.E-wallets for investing in mutual funds should be KYC norms compliant: Sebi The Securities and Exchange Board of India, in its circular dated May 8, 2017, allowed the use of e-wallets for investment in mutual funds within the umbrella limit of Rs 50,000 for investments by investors, especially the young generation - to purchase these instruments through both e-wallet and/or cash per mutual fund per financial year.Once the online payment is made, the consumer is not required to fill the order form on any other website as the information gets stored in the database and is updated automatically. To activate the E-wallet, the user needs to enter his password. After shopping online, the E-wallet automatically fills in the user’s information on the payment form. The information component is a database of details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc.įor setting up an E-wallet account, the user needs to install the software on his/her device, and enter the relevant information required. The software component stores personal information and provides security and encryption of the data. With the help of an E-wallet, one can make payments for groceries, online purchases, and flight tickets, among others.Į-wallet has mainly two components, software and information. An E-wallet is protected with a password. An E-wallet needs to be linked with the individual’s bank account to make payments.ĭescriptions: E-wallet is a type of pre-paid account in which a user can store his/her money for any future online transaction. Its utility is same as a credit or debit card. Definition: E-wallet is a type of electronic card which is used for transactions made online through a computer or a smartphone. ![]()
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