Abstract: Exemplary embodiments of the present disclosure are directed towards a system and method for facilitating online and offline financial transactions using the digital wallets. The method includes receiving a request of a user by a wallet service providing platform for creating a primary digital wallet, determining the authenticity of the credentials provided by the user for associating the financial account of the user with the primary digital wallet, transmitting a message to the data communication device to activate the primary digital wallet and for successful association of the base financial account. The method further includes allowing the user to top-up the primary digital wallet with a predetermined amount by transferring a balance available in the source financial account and to create one or more secondary digital wallets linked to the primary digital wallet to be used by the user specified affiliates.