Since the implementation of the lockdown due to the COVID-19 pandemic across the country, online spending is on the rise. You can adopt a simple strategy to curb overspending -- use prepaid instruments if you are among those who have been spending on credit card and going overboard.
You can use traditional prepaid cards or mobile wallets.
Prepaid Cards
Prepaid cards are not linked to any bank account. All you need to do is load the card with the required amount, and you can start using it offline (at the point-of-sale terminal) and online. Some cards allow you to withdraw cash at the ATM.
Wallets are more useful for online transactions. They are not as widely accepted at merchant stores as prepaid cards. However, the amount you can use on wallets depends on the KYC. Wallets verified with mobile number and government-issued identity cards have a limit of Rs 10,000 a month. Users who have completed full KYC can load up to Rs 1 lakh a month.
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