Digital wallets are referred to as a service that lets you carry out monetary transactions electronically. India has seen a phenomenal increase in the number of digital wallet users in the past 4 years, a sharp spike has been seen notably during the demonetisation period and now more recently during the Covid-19 lockdowns. With this increase in the use of digital wallets, the world is slowly moving towards being a cashless economy. The increase in the number of digital wallets has not only been because of demonetization but also the comfort, ease of use and how they affect the customer journey in a post-covid world.
Before moving to the best digital wallets in India, first, get clear that mobile wallets are different from the mobile payment apps. A mobile wallet is like your physical wallet where you store cash and spend at merchants. On the other hand, payment apps offer only to pay, it acts as an intermediate portal for payment from your bank.
If you are considering using a digital wallet, here’s a list of apps that may best suit you.
- Amazon pay
- Google Pay
- Future Pay
The apps may be different but, registering and using it is nearly same for all wallets.
- Download one digital wallet app from the app store on the mobile device.
- Register using your email id or mobile number.
- Once you are done logging into your account you can select various payment methods such as credit/debit card, net banking transfer, ATM transfer, etc.
- After adding money, you can perform a transaction such as online shopping, mobile recharge, DTH recharge, send/receive money etc.
Using digital wallets is that much simpler.
Paytm is the most popular and most used digital wallet in India. What makes it so popular in this short period of time,
- Payments made by Paytm digital wallets are accepted almost nationwide.
- It offers payment and transaction from both bank and wallets.
- Paytm offers a payment option to numerous online merchants.
- With Paytm you can transfer, travel, shop and much more
PhonePe is an all-in-one UPI based digital payment app, The App is powered by Yes Bank and launched by Flipkart.
You can do nearly anything through this app, from UPI payments to paying through the PhonePe wallet, from QR code payment to paying through your debit & credit cards. PhonePe is not like the other digital wallets in India, it is packed with many features that make your lives easier. Get great deals and cashback on bill payments, food outlets, shopping, etc… through PhonePe.
PhonePe assures data security against cyber-criminals. Along with this PhonePe is a multilingual app. The app has a multi-language interface that supports English, Hindi, Marathi, Tamil, Bengali, and more. Therefore making it easier for users to use the app seamlessly across the nation.
PayPal is most popular outside India as a mobile wallet. However, in India, its use as a mobile wallet is limited to businesses only. To use PayPal as a mobile wallet, you’ll need to provide a Goods & Services Tax Identification Number or GSTIN.
Else, it works only as a payments system that debits and credits the money to your bank account. PayPal mobile wallet is so popular among small businesses and freelancers in India, who can complete the necessary formalities.
Previously Amazon Pay was only used for the payments when you made a purchase in Amazon. Now Amazon allows you to make payments through Amazon Pay with selected merchants. Amazon Pay also offers add-on benefits like discounts and cashback.
Amazon Pay allows you to access data from the website of merchants in a coherent way. Therefore, helping you streamline your purchase process. Similarly, you can transact without entering information like credit card or debit card details, address, etc. While doing this you can be sure of security since Amazon has restrictions when it comes to data security, your data is safe and secured without losing integrity.
Users can easily compare flight and hotel tickets and even buy music or pay bills with Payzapp. Simply connect your debit or credit card once and forget to worry about making payments. It is probably one of the simplest one-click payment solution digital wallets in India. And PayZapp allows you to enjoy amazing offers at SmartBuy, you can use the app to transact money to anyone in your phone book through their digital wallet in India.
The digital wallet app is fast, secure, and convenient to make digital payments. Above all, you don’t have to re-load money again and again in your PayZapp digital wallets in India. Likewise, the app keeps your details secure with the bank and therefore the data isn’t stored on any phone or website. Consequently, PayZapp conducts three security checks for every transaction by using proprietary technology.
With an equivalent amount of coupons given for every recharge you make, Freecharge a great option to save while paying your bills online using Freecharge. With the inbuilt “Chat-n-Pay” service users can chat and pay their friends and merchants instantly. Freecharge offers exclusive deals and coupons to the customers who use Freecharge’ digital wallet.
The Freecharge digital wallet in India is often made to do both online and offline payments. Similarly, you also can use Freecharge to do payments at merchants like Hypercity, McDonald’s, Cinepolis, Shoppers Stop, HomeStop, Crosswords, and more.
Jio Money launched recently in 2016 by Jio, as a digital payment app. People using JioMoney, can receive great discounts and offers. Users also can bookmark their frequently visited retailers so shoppings are often made quicker than usual. The best thing about Jio Money is that it is often utilised by people who actually do not have Jio as their telecom service provider. And if you own a Jio LYF mobile, you get exclusive access to the app which preloaded with discounts and offers from selected merchants.
The JioMoney digital wallet in India also enables you to do a secure digital payments from anywhere. Along with that, the app is very easy for everyone to use and quite simple to navigate.
BHIM is backed by the Reserve Bank of India (RBI). BHIM is perhaps one of the simplest digital wallets in India platformed on UPI. This digital wallet in India supports all the banks nationwide. Along with that BHIM lets you send and receive money using a Virtual Payment Address (VPA) wherein you can transact without disclosing your bank details. Consequently, it also allows merchants to transact with customers by using a fingerprint scanner which is obtained through the Aadhaar database.
BHIM enables QR code scan-and-pay option. Likewise, users can generate your own unique UPI PIN and QR code through the app. Also, you don’t need to worry about security issues as your login expires after 90 seconds of inactivity to minimize inappropriate and fraudulent use of your data. Additionally, BHIM also provides you with a transaction history to make sure that you keep a check on your transactions through the app.
Google Pay is formerly known as Tez and It is actually a mobile payment app rather than the digital wallet. But because of its simplicity, nearly 25million people in India are using it.
People using Google Pay as their daily payment driver because users can send and receive money instantly in their bank account using Google Pay UPI. You can easily send money to your friends, recharge your phone, pay bills and even more through GooglePay. GooglePay is directly connected to your bank account and your registered phone number. This helps you save time on reloading wallets and doing additional KYC which is usually required for other digital wallets in India.
Future Group that operates D-Mart, the popular line of stores and online have created an app called Future Pay for digital transactions for a specific and few merchants. Future Pay app allows you to shop at pay at stores operated by the Future Group including D-Mart, FBB, Brand Factory, Central, big bazaar and others.
To Wrap it Up
There are countless other mobile wallets and digital payment methods in India. However, the digital wallets in India that I mention here are among the topmost and safest. They are widely accepted and work even at the place where you have weaker mobile Internet coverage. Furthermore, most of these digital wallets come up with special offers and promotions time and again, which makes them attractive to us. By using mobile wallets, we may save tons of money in India too.
Have we missed out digital wallets? Which ones are your favourite to use and why? Let us know in the comments below!
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