In today’s digital world, mobile wallets have become a convenient way to keep funds, make payments, and manage transactions quickly. If you are looking to create a wallet with Daman Wallet (or a similarly named wallet service), you will want to know how to set it up correctly and add money safely. This blog walks you through each step and shares the best practices for maintaining security.
What is a digital wallet?
A digital wallet (or e-wallet) works like a regular physical wallet but in a mobile or online format. You load money into it, link it with your bank account or card, and then use it for payments, transfers, or storing funds. According to a guide from Razorpay, you typically link a bank account or debit card and then add money to the wallet to make payments.
Before creating a Daman Wallet, understand what type it is (closed-loop, semi-closed, open), what you can do with it, and whether relevant authorities regulate it.