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    Top 10 Digital Wallets & UPI Payment App in India

    E-Wallets are changing the way we spend & transfer money to retailers or friends. Here's our pick of top 10 mobile wallets in India.

    Top 10 Digital Wallets In India & UPI Payment App – 2021 Edition

    Krithika Ramani | Published Date : 22 January , 2021 | Updated Date : 24 May , 2021 |

    6 MIN READ

    As shopping patterns continue to evolve thanks to Covid 19, even mobile and digital wallets in India small-time have evolved with it. With UPI making payments seamless, mobile wallets and digital payment apps have been surpassing credit card usage and are 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. Wallets are growing rapidly as they help in increasing the speed of transaction, especially for e-commerce companies and all e-commerce marketplaces have integrated with such mobile wallets too. With the launch of UPI, it has become even easier, as the transfer happens directly from the bank account rather than from a wallet.

    Here are some of the top 10 digital wallet and the top online payments apps in India and what they offer to their customers. Our top pick is Google Pay, which is also the No.1 digital wallet and UPI payment app right now

    1. Google Pay (formerly known as Tez)

    As its part of the Google ecosystem, they have scaled up their user base quickly, despite being a late entrant. It is currently the No.1 digital wallet and one of the top online payments apps in India. 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. 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. Now you can also recharge your mobile or monthly utility bills. Since the introduction of UPI, wallets have become passé with users preferring account to account transfer via UPI.

    Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store

    2. PhonePe (earlier part of Flipkart)

    Next in the list of top online payment apps in India is PhonePe. PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million download mark. From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. Its got a very good user interface and is one of the safest and fastest online payment experience in India.

    Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store

    3. Dhani

    Dhani App is part of the Indiabulls group and has multiple features. It is not only a regular e-wallet app but it can also be combined with Dhani SuperSaver Card. Dhani also has a reward & loyalty program for Dhani customers wherein customers can play games and win cash to pay for mobile recharge, EMI payments, Insurance, and also for new Dhani products. This can be combined with Dhani Super Saver Rupay (physical and virtual card) which has assured 5% cashback on all purchases done via the card and its completely free for the first month.

    Number of installs: 20,000,000+ (20 Million or 2 crores) on Android Play Store and iOS

    4. BHIM Axis Pay

    BHIM Axis Pay is a UPI banking app that lets you transfer money instantly to anyone using just your smartphone. Make online recharges to your prepaid mobile and DTH set-top boxes directly from the app.

    Number of installs: 1,000,000+ (1 Million or 0.1 crore) on Android Play Store

    5. PayTM

    PayTM is one of the largest mobile commerce platforms and one of the top online payments apps in India, offering its customers a digital wallet to store money and make quick payments. Launched in 2010, this e-wallet app works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. It was originally the No.1 digital wallet in India before UPI being introduced. Apart from making e-commerce transactions, this e-wallet app can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. They also have UPI enabled payments now.

    Number of installs: 100 Million (or 10 crores) on Android Play Store.

    6. Mobikwik

    MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This e-wallet app 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.

    Another unique feature they have is their expense tracker which allows setting budget for your expenses across all payment instruments and it uses your SMS data to analyse and control spends. No wonder it made to the list of top online payment apps in India.

    स्रोत : www.socialbeat.in

    Best Mobile Wallets in India

    Read to know all about working of Mobile wallets in India. Here are listed Top 13 mobile wallets in India. They are the best payment wallet apps.

    Top 13 Mobile Wallets In India To Make Online Payment Easy

    Avantika Bhardwaj Jun 7, 2022 — 13 min read

    The globe is slowly paving its way towards a cashless society. From invoices to cards and now to mobile wallets, this significant transformation has reduced the weight of bulky wallets. We can pay for any product, transfer money, make bill payments, and almost everything to do with money from the comfort of our home. Payment wallets in India have made online transactions of money easy and fast, with their one-tap feature and quick processing, all at one go.

    What is a Mobile Wallet?

    How Does A Mobile Wallet Work?

    Types Of Mobile Wallets In India

    Are Mobile Wallets Secure?

    Top 13 Mobile Wallets In India

    Advantages Of Mobile Wallets

    Mobile Wallet vs Digital Wallet

    Limitations Of Mobile Wallets In India

    What is a Mobile Wallet?

    A mobile wallet is a digital wallet that uses a bank account or credit/debit card to make payments seamlessly while securing the data of the user. They are designed to enable secured transactions with a hassle-free process, with reduced fraud. This method of online payment has proved to be more economical as compared to other physical wallets. These wallets are easily accessible as well from the play-store or app store.India ranks 2nd highest in the Asia Pacific for digital payment adoption.Digital payments in India are set to account for 71.7% of the total payments volume by 2025, leaving cash and cheque transactions at 28.3%, according to a report by a US-based payment systems company.

    Since Demonetization hit the Indian Economy harshly, the Government promoted the use of these wallets and since then the user base of these e-wallets has been increasing significantly. Many digital wallets by the Indian Government has been given to citizens like UPI, BHIM, Aadhaar Pay and Payment Banks.

    How Does A Mobile Wallet Work?

    Start by downloading the mobile app of your choice onto your smartphone. Then, load the card information you want to store, from debit, and credit cards to loyalty cards and even coupons.

    When you want to make a purchase with your mobile wallet, you can either:

    Choose your app and select a card at the checkout screen when you’re shopping online with your smartphone.

    Tap your phone to a digital payment-enabled terminal at participating merchants when checking out. Mobile wallets use what is called a Near-Field Communication (NFC) chip that lets you use contactless payment with a physical card.

    Types Of Mobile Wallets In India

    Closed PPI Semi-Closed PPI Open PPI

    Definition Issued by a company to buy goods and services only from that company; it does not permit cash withdrawals or redemptions. Can be used to buy goods and services from merchants that have a contract with the Issuer to accept the payment instrument; it does not permit cash withdrawals or redemptions. Allows a user to buy goods and services, withdraw cash at ATMs or banks, and transfer funds.

    KYC Requirement No KYC required No As Such compulsion for KYC KYC is Required

    Examples Makemytrip Wallet Mobikwik PayTM Payment bank

    Are Mobile Wallets Secure?

    One security concern when using a mobile wallet is losing your phone or having it stolen. That’s why it’s smart to use something like two-factor authentication, which could include setting up a personal identification number or a fingerprint requirement to unlock your phone.

    You can also protect your data by installing apps that will help you locate your phone if you lose it or remotely wipe the data so a thief can’t reach the sensitive information in your phone. If you see any suspicious or unauthorized charges on your account(s), it’s a good idea to immediately change your password and call your bank to let them know.

    Top 13 Mobile Wallets In India

    Paytm Google Pay BHIM Axis Pay PhonePe Mobikwik Yono (SBI) Citi MasterPass ICICI Pockets HDFC PayZapp Amazon Pay Samsung Pay Apple Pay WhatsApp Pay

    Top 10 Mobile Wallets In India 2020

    Paytm

    Number of installs: 100 Million+ on Google Play Store

    Paytm - Mobile Wallet in India

    Paytm is one of the largest online commerce platforms in India offering its customers a mobile wallet to store money and make quick transactions. It is considered by many the best mobile app in India. Paytm was launched in 2010 and basically works on a semi-closed model. Users can load money and make payments to merchants. E-Commerce is an added benefit of it, but despite that, you can make bill payments, transfer money, and avail yourself of services of entertainment, travel, and cashback. Payments through Paytm are accepted almost everywhere.

    Google Pay

    Number of installs: 100 Million+ on Google Play Store

    स्रोत : startuptalky.com

    Top 10 digital wallets and UPI platforms

    Sending and receiving payments is now easier than ever, thanks to e-wallets and UPI platforms that enable digital transactions via smartphones and computers.

    India’s Top 10 Digital Wallets And UPI Platforms

    Date : 28/12/2021 Read: 5 mins Read in हिंदी:

    भारत के टॉप 10 डिजिटल वॉलेट और यूपीआई प्लेटफॉर्म्स

    You may or may not be using one. But either way, it is important to know the top wallets and UPI apps in India today.

    A digital wallet or e-wallet is a software program that enables users to conduct easy purchases and make payments through their smartphones or computers. It is a virtual wallet in which cash can be stored to make online payments, and you can receive money in it as well.

    What is a UPI App?

    A Unified Payment Interface app or UPI app is an authenticated smartphone application designed to cater to the needs of users by allowing the transfer of money between bank accounts. UPI transactions amounted to Rs 7.71 trillion in Q3, 2021 as per the Worldline India's India Digital Payments Report. In the same period, UPI transactions saw a 103% increase in the number of transactions. Apparently, there is a growing demand for digital wallets in India in the e-commerce sector as well as in everyday transactions.

    Here are ten top digital wallets and UPI payment apps in India:

    Also Read: Tired Of Manually Tracking Your Money? These Apps Can Help

    1. Google Pay (GPay)

    A part of the Google network, this is today one of the best UPI apps in India. As GPay connects with your bank account, no additional KYC or wallet reloading is required. You can recharge your phone, send money to others, pay utility bills, and make online purchases.

    Charges and AMC: Applicable fees (if any) are intimated to the user before the transaction is completed.Play Store rating: 4.2

    2. PhonePe

    This presently stands second in the UPI app list with 100 million downloads. According to user reviews, PhonePe gives one of the fastest and safest UPI app experiences. You can make online bill payments, phone recharges, and money transfers.

    Charges and AMC: A nominal Rs 1-2 per transactionPlay Store rating: 4.3

    3. Dhani

    Dhani, from the Indiabulls group, is not limited to being an e-wallet. It can be combined with Dhani SuperSaver Card, a physical and virtual card. Along with phone recharge and EMI payments, you can play games and win cash to pay for the same.

    Charges and AMC: A maximum of Rs 10 per monthPlay Store rating: 3.8Also Read: The Best Apps To Help You Track And Save Money

    4. BHIM Axis Pay

    This UPI banking app allows instant money transfer to anyone through your smartphone. You can recharge your phone and DTH set top boxes online, and conduct regular online transactions.

    Charges and AMC: NonePlay Store rating: 4.0

    5. Paytm

    Paytm is one of the pioneers of UPI payment apps in India. It offers customers a digital wallet to save money and to make quick payments when necessary. Account holders of Paytm Payments Bank also get a free digital debit card at the time of account opening.

    Charges and AMC: No one-time or recurring chargesPlay Store rating: 4.6

    6. MobiKwik

    This unallied payment network allows users to add money to its e-wallet using credit cards, debit cards, or NetBanking. A convenient home cash collection service is also available to make life easier.

    Charges and AMC: No wallet-to-wallet charges; 3.45% on bank transfers (excluding taxes)Play Store rating: 3.9Also Read: 5 Buy now Pay Later Apps That Make Shopping Easy And Help You Build Credit

    7. Yono by SBI

    This e-wallet from SBI offers services in 13 languages. In addition to the regular payments and money transfers, it allows customers to set helpful reminders to pay their bills and also issues mini statements.

    Charges and AMC: A nominal Rs 1-2 per transactionPlay Store rating: 3.4

    8. ICICI Pockets

    Users of ICICI Pockets can avail of a virtual Visa card that allows them to transact with any website or phone application in India. It also offers packages and deals from associated brands.

    Charges and AMC: Rs 20 per financial transaction (first five transactions in a month are free)Play Store rating: 3.6

    9. HDFC PayZapp

    PayZapp from HDFC Bank offers a complete UPI payment solution. From financing your bills and recharges to booking flight and movie tickets and hotel rooms to shopping for groceries, you can do it all very easily.

    Charges and AMC: NonePlay Store rating: 3.9

    10. Amazon Pay

    This app allows customers who have Amazon accounts to make payments on external websites such as Big Bazaar. They can also shop on Amazon and pay via easy monthly instalments. It is integrated with the Amazon India Shop and Pay app.

    Charges and AMC: 1.95% per transaction (excluding applicable taxes)Play Store rating: 4.3

    These, in no particular order, are the top ten wallets and UPI platforms in India right now. Go on and make your financial transactions easier with one of them!

    Tags : UPI,

    स्रोत : www.tomorrowmakers.com

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