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Online Wallet Vs Digital Bank: Know The Difference

4 min read
Digital Wallet - Definition, How it Works, Types

With digitalisation permeating every aspect of our lives, it’s no surprise that it has significantly influenced the world of finance. The advent of digital platforms like online wallets and digital banks has revolutionised the way we manage money. However, many people are still confused about the difference between an online wallet and a digital bank. This blog aims to clarify this confusion and outline the dissimilarities between the two. Additionally, we’ll explore how Airtel users can buy FASTag using the Airtel Thanks app.

Key Differences Between Online Wallets and Digital Banks

  1. Functionality
    • Online Wallet: Primarily used for storing funds, making payments, and transferring money. They are designed for convenience in making quick, small transactions.
    • Digital Bank: Offers comprehensive banking services, including savings and current accounts, loans, credit cards, and investment options.
  2. Regulation
    • Online Wallet: Usually regulated as payment service providers. They often have less stringent regulatory requirements compared to banks.
    • Digital Bank: Operates under full banking licenses and are subject to stringent banking regulations and oversight by financial authorities.
  3. Interest Earnings
    • Online Wallet: Generally, funds stored in online wallets do not earn interest.
    • Digital Bank: Savings in digital bank accounts can earn interest, similar to traditional bank savings accounts.
  4. Security
    • Online Wallet: Offers secure transactions through encryption and tokenisation but may not provide the same level of financial protection as banks.
    • Digital Bank: Provides robust security measures, including deposit insurance (like FDIC insurance in the US) and comprehensive fraud protection.
  5. Access to Financial Products
    • Online Wallet: Limited to basic financial transactions such as payments, transfers, and sometimes credit facilities like buy-now-pay-later options.
    • Digital Bank: Access to a full suite of financial products, including loans, mortgages, investment services, and insurance.
  6. Transaction Limits
    • Online Wallet: Often have transaction limits imposed by the service provider, which can restrict the amount you can store or spend.
    • Digital Bank: Generally offers higher transaction limits, allowing for more significant financial transactions without restrictions.
  7. User Experience
    • Online Wallet: Designed for ease of use with quick setup processes and user-friendly interfaces for everyday transactions.
    • Digital Bank: Offers a more comprehensive digital banking experience, often with advanced features such as personal financial management tools.
  8. Integration with Other Services
    • Online Wallet: Can be integrated with various online services and platforms, including e-commerce websites, mobile apps, and even some physical stores.
    • Digital Bank: Integration often extends to a wider range of financial services and platforms, including bill payments, automated savings plans, and financial advisory services.
  9. Availability
    • Online Wallet: Widely available and can be used globally, but some services may have geographical restrictions.
    • Digital Bank: Typically operates within specific countries or regions, subject to local banking regulations.
  10. Customer Support
    • Online Wallet: Customer support is usually available through digital channels like chatbots, email, or help centres.
    • Digital Bank: Offers comprehensive customer support, including phone support, chat, and email, often with personalised banking assistance.

Online Wallets: Pros and Cons


  • Convenience: Easy to use for quick payments and transfers.
  • Speed: Instantaneous transactions with minimal processing time.
  • Accessibility: Can be accessed anywhere with an internet connection.


  • Limited Financial Services: Cannot offer the full range of banking services.
  • Lower Security: Generally less secure than banks for storing large amounts of money.

Digital Banks: Pros and Cons


  • Comprehensive Services: Full range of banking and financial services.
  • Security: Higher security standards and deposit insurance.
  • Interest Earnings: Savings accounts that earn interest.


  • Complexity: May have a more complex setup process compared to online wallets.
  • Availability: May not be available globally due to regulatory constraints.

Buying FASTag with Airtel Thanks App

Airtel users can conveniently buy FASTag using the Airtel Thanks app. Here’s how:

Step-by-Step Guide:

  1. Download the Airtel Thanks app on your internet devices.
  2. Next, ensure to log in to the app with the required credentials asked on the screen. 
  3. Select on the Pay tab
  4. Choose FASTag
  5. In the last step, follow the on-screen instructions provided to finish setting up FASTag with Airtel in just one click! 

Understanding the differences between an online wallet and a digital bank is crucial for managing your finances effectively. Online wallets offer convenience for quick and easy transactions, while digital banks provide comprehensive banking services with enhanced security. 

Depending on your financial needs, you can choose the one that best suits you. For Airtel users, the Airtel Thanks app offers an easy and efficient way to buy FASTag, adding another layer of convenience to your digital financial management. Embrace the digital revolution and make informed decisions to enhance your financial experience.

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