The advancements in technology ​have eliminated the traditional methods of performing transactions using cash and loose money. Now, mobile phones have taken the roles of cheques, credit and debit cards, etc. in a smart and digital manner. With the introduction of digital wallets, people have started using mobile payment applications such as CRED, Freecharge, Paytm and more such apps for performing everyday transactions. These transactions can include paying bills, recharging mobile phones, booking travel or movie tickets, to name a few. These can also be used to transfer money from one bank account to another.