With UPI making payments seamless, mobile wallets and digital payment apps have been surpassing credit card usage and is slowly beginning to replace the traditional payment methods. A mobile wallet or digital wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments.
There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed - depending on the type of usage and payments that can be made.
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Wallets are growing rapidly as they help in increasing the speed of transaction, especially for ecommerce companies and all ecommerce marketplaces have integrated with such mobile wallets too. With the launch of UPI it has become even more easier, as the the transfer happens directly from the bank account rather than from a wallet. Here are some of the top 10 mobile wallet and payment apps in India and what they offer to their customers.
Our top pick is Google Paywhich is also the No. Google Pay formerly known as Tez As its part of the Google internet wallets list of earnings they have scaled up their user base really quickly, inspite of being a late entrant. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone - all via UPI and directly from your bank account.
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Since Google Pay works with your existing bank account, which means your money is safe with your bank. There's no need to worry about reloading wallets and you don't need to do additional KYC - which is required for all the other apps. You can also earn scratch cards and other rewards, with the cashback directly being transferred into your bank account.
PhonePe earlier part of Flipkart PhonePe started in and in just 4 years it has been able to cross the million download mark. From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe.
Chalmers Brown May 14, It finally appears that people have warmed up to the idea of digital wallets. We can thank the following best digital wallets of for leading the charge forward. Cash App Cash App was released in and allows users to make contactless buyers with their iPhone or iPad, only with the iPhone 6 or newer.
Its got a very good user interface and is one of the safest and fastest online payment experience in India. Dhani Dhani App is part of the Indiabulls group and has multiple features.
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It not only has a regular wallet like other apps, but it can also be combined with Dhani SuperSaver Card. Make online recharges to your prepaid mobile and DTH set-top boxes directly from the app.
Payment apps will have both the software and information component in it. Secure and fair electronic payment systems form an important issue. The software helps in providing security and encryption for personal information and for conducting the actual transaction. This revolutionary payment system has gained enormous fame across the country. Innovation in NFC payment encryption transforms your mobile into a safe and easy way to pay.
PayTM PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money and make quick payments.
Launched inPayTM works on a semi-closed model and has a mobile market, where a customer internet earnings myth reality load money and make payments to merchants who have operational tie-ups with the company.
Apart from making e-commerce transactions, PayTM wallet can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry.
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They also have UPI enabled payments now. Number of installs: Million or 10 crores on Android Play Store. Mobikwik MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50, retailers and more.
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- John Rampton October 3, As more people around the world begin to rely on their smartphones for all aspects of their lives, companies and financial institutions see the benefit of offering a way to carry payment information on those phones rather than carrying wallets.
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This mobile wallet lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces.
Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small time grocery, restaurants and other offline merchants.
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Another unique feature they have is their expense tracker which allows to set budget for your expenses across all payment instruments and it uses your SMS data to analyse and control spends. Yono by SBI This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel.
This semi-closed prepaid wallet internet wallets list of earnings its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.
With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends.
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This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands.
PayZapp lets you recharge your mobile, DTH and data card, pay utility bills, compare and book flight tickets, bus and hotels, shop, buy movie tickets, music and groceries, avail great offers at SmartBuy, and send money to anyone in your phone book.
Amazon Pay Amazon Pay is an online payments processing service that is owned by Amazon.
Launched internet wallets list of earnings globally and in India inAmazon Pay uses the consumer base of Amazon and focuses on giving users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar etc.
You also get to Shop on Amazon using Amazon Pay.
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Amazon Pay has also tied up with fintech companies such as ZestMoney to enable no-cost EMI payment options on its platform.
This makes it easy for consumers to purchase products on Amazon and pay for it through affordable monthly instalments.
Start-ups and huge corporates are constantly on the lookout for customer-friendly technology, thereby giving more power to the customer. Need a few financial tips to handle your money wisely? Follow our YouTube channel Paisa Pujari for more insights.
Here's a video to help you understand the smart ways to use a credit card: Thus, the day you will walk around without a physical wallet and pay your local dhobi and kirana store uncle using a mobile wallet is not so far. Do you use any of these mobile wallets? Have we missed out on something important? Write to us in the 'Comments' section below.