Having a low bank balance? This is one of the worst nightmares a person can have at the end of the month. Brooding over that New Year’s resolution to save money and stay away from the unwanted online purchases, you land on the same boat all over again! But, do not fret because you are not alone as many of us have, at some time, bought something quirky and useless.
The intelligent online marketing and advertising that runs 24×7 around us carries a complete capability to drive us crazy and almost force us to make unwanted purchases. The offers such as ‘50 percent cash back,’ ‘it’s raining promo codes,’ and ‘flat discounts’ are something very common to witness these days. And, yes, those are very tempting too. But, wait a while; there is something fishy about these offers! Let’s delve into these.
The changing face of online Commerce has given birth to a new fad—eWallets. According to the Worldpay, one of the world’s largest payments processing company, “e-wallets are the fastest growing payment type around the world with its share in payment market rising to 41 percent by 2017.” This increase roots to the significant convenience and security that the e-wallets offer. But, often, there is another dark side to the story, as well, i.e. the small star mark (*) that says “conditions apply”.
Let us consider an instance. Rajini, 23-yr-old girl, decides to leverage the services of a reputed online florist to get a bouquet delivered for her best friend. She subsequently loads a sum of Rs.500 from her bank account to the website’s eWallet for the transaction purpose. To her disappointment, the florist faces inability in tracing the delivery address and consequently returns the fair sum of Rs.500 back to her personal eWallet. Now, after a few days, Rajini has to unwillingly use the services of same florist—all over again—as her money is stored only with the website’s eWallet and cannot be used else-where. Such restriction on liquidation of eWallet leads to unwanted shopping and hence wastage of hard earned money. Similar is the case with cash-back offers where the users get returns only on website’s wallet thereby propelling them to make additional transactions and purchase more.
Hence, let us not forget to consider the restrictions on our eWallets before actually loading money in it. Do read the conditions of the e-Wallet and let’s use our e-money wisely. Happy Savings J