Top 20 Digital Wallets in India
Fed up of running out of cash from time to time and standing in those long ATM queues? Go cashless!! You don’t need to worry about such things anymore. Digital Wallets or mobile wallets are making it easier for users to make cashless transactions. The usage of the likes of digital wallets, e-wallets, and mobile wallets has rapidly increased over the past 4 years. Now you can store your money in digital wallets or mobile wallets and carry out online as well as offline transactions without using cash to meet ends. People use many digital wallets in India to make their lives easier.
The Digital movement in India is in full flow and it’s making our lives much easier. Digital Wallets are helping us in our quest to become a cashless economy.
Here’s a list of the 20 best digital wallets in India.
What is a Digital Wallet?
Digital Wallets or mobile wallets (e-wallets) refer to a device or service that lets you carry out monetary transactions electronically. Cashless payments for monetary transactions can be done through a Digital Wallet. And you can also link your digital wallet with your mobile phone number.
India has seen a phenomenal increase in the number of digital wallet users. The nation is slowly moving towards being a cashless economy. A Digital Wallet or a Mobile Wallet (e-wallet) makes your life easier by helping you to carry out transactions in a quick and easy way.
Here Are The Top 20 Digital Wallets in India by sumHR
Launched in 2010, PayTM is the largest digital wallet app in India. PayTM is one of the most used e-wallets in India with over 160 million people using PayTM across the nation. They’ve managed to raise around Rs. 2.2 Billion through funding by investors.
Why Should You Use PayTM?:
Payments made through PayTMs digital wallets in India are accepted almost everywhere across the nation. As a customer PayTM offers you various services through its digital wallets system. You can also use their e-wallet to make payments to numerous online merchants. One of the best things about this digital wallet is that it allows you to do much more than carry out your e-commerce transactions. Similarly, through their digital wallets in India, you can transfer money, travel, shop, and carry out many more transactions through PayTM.
With payments via PayTM being accepted almost everywhere, it’s hard not to simply switch to it completely. PayTM has recently partnered with selective educational institutes across India to make it easier for the users to make cashless payments of fees as well.
About Google Pay:
Google Pay has quickly made a name for itself as one of the best digital wallets in India. Even though Google Pay has been a late entrant in the market of digital wallets in India, it has quickly managed to make an impact on the users’ thanks to their hassle-free services.
Currently, Google Pay has more than 25 million a month active users of the digital wallet in India.
Why Should You Use Google Pay?:
Send and receive money instantly in your bank account using Google Pay UPI. You can easily send money to your friends, recharge your phone, pay bills and much more through Google Pay. Google Pay is directly connected to your bank account and your registered phone number. This helps you save time that you would rather spend on reloading wallets and doing additional KYC which is generally required for other digital wallets in India.
You can easily use Google Pay and send or receive money directly from your bank account.
About Amazon Pay:
The Global Giant i.e Amazon has developed its own digital wallet known as Amazon Pay. The digital wallet was launched in 2007 globally. However, Amazon Pay was launched in India a decade later i.e in 2017. More than 33 million people use Amazon Pays Digital wallet to make payments for various transactions.
Why Should You Use Amazon Pay?:
Previously Amazon Pay was only used to make payments when you purchase something from Amazon. Now Amazon lets you make payments through Amazon Pay while transacting with selected merchants. Amazon Pay also offers various benefits like discounts and cashback.
Amazon Pay allows you to access data from the site of the merchant in a seamless manner. 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.
Some of the major attractions of using Amazon Pay’s digital wallets is their brilliant general usability, mobile support along with a rich feature set.
PhonePe is an all-in-one UPI-based digital payment app. It is one of the most popular digital wallets in India. PhonePe has been able to cross the 100 million download mark within just 4 years since it’s existence. The app is powered by Yes Bank and launched by Flipkart, two giants in their respective industries. The app crossed the 100 million user mark in 2018 and is growing day by day.
Why Should You Use PhonePe?:
You can do everything through this app, from UPI payments to paying through the PhonePe e-wallet, from QR code payment to paying through your debit & credit cards. PhonePe is not just like any other digital wallets in India, it has many features in the app that make your lives easier. Get great deals and cashback on bill payments, food outlets, shopping, and much more through PhonePe.
PhonePe assures data security against cyber-criminals. Along with this PhonePe is a multi-lingual app. The app is available in English, Hindi, Marathi, Tamil, Bengali, and more. Therefore making it easier for users to use the app seamlessly across the nation.
Freecharge, one of the most famous names right now when it comes to digital payment in India, has been known to target the youth in all their promotions. Kunal Shah and Sandeep Tandon founded Freecharge in 2010, to make it easier for people to transact through their digital wallets in India.
Why Should You Use Freecharge?:
With an equivalent amount of coupons given for every recharge you make, it’s a great option to save while paying your bills online. Along with that their “Chat-n-Pay” service helps users chat and pay their friends and merchants instantly. Freecharge offers exclusive deals and coupons to the customers who use Freecharges’ digital wallet.
The Freecharge digital wallet in India can be used to make both online as well as offline payments. Similarly, you can also use Freecharge to make payments at merchants like Hypercity, McDonald’s, Cinepolis, Shoppers Stop, HomeStop, Crosswords, and more.
This digital wallet is backed by The Reserve Bank of India (RBI) and launched by The National Payments Corporation of India. BHIM is probably one of the best digital wallets in India based on UPI. The BHIM digital was launched in India by Prime Minister Narendra Modi for all the android users. BHIM has played an important role in the quest to make India a cashless economy.
Why Should You Use BHIM?:
This digital wallet in India supports all the banks across the nation. Along with that BHIM lets you send and receive money using Virtual Payment Address (VPA) wherein you can transact without disclosing your bank details. Consequently, it also allows merchants to transact with customers by using fingerprint scanner which is obtained through the Aadhaar database.
BHIM enables QR code scan-and-pay option. Likewise, you 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 a transaction history to make sure that you keep a check on your transactions through the app.
About ICIC Pockets:
ICICI is one of the leading Indian multinational banks. Currently, it is the largest private sector bank in India. ICICI Pockets is a digital-payment based app for mobile phones. The digital wallet in India service was started to make your lives easier by enabling you to make digital payments in an easy way. The app uses a virtual VISA card to enable users to transact on any website or mobile across the nation.
Why Should You Use ICICI Pockets?:
The ICICI Pockets e-wallet is not just limited to users of ICICI bank, you can fund your digital wallet through any bank account. The app’s digital wallet lets you transfer money, split expenses, book entertainment tickets, and do much more with one of the best digital wallets in India. And since this e-wallet uses virtual VISA, you can transact on any app or website in India.
The digital wallet app allows users to send money to any phone number, Facebook user, bank account number, and email ID. To make this process fun and social, ICICI Pockets uses your Facebook credentials to log in.While you might find a Pocket card useless, considering you’re opting for an e-wallet app to avoid using a card, they do have a pretty neat digital wallet app.
JioMoney, launched recently in 2016 by Jio, is a digital payment app. The app is inspired by the concept of digital wallets in India. Similarly, the JioMoney app lets you get all the benefits of cash. Above all without any of its limitations.
Why Should You Use JioMoney?:
With JioMoney, one can receive great discounts and offers. Users can also bookmark their frequently visited retailers so shopping can be made quicker than usual. The best thing about Jio Money is that it can be used by people who do not have Jio as their telecom service provider. And if you own a Jio LYF mobile phone, you get exclusive access to the app that is preloaded with discounts and offers from selected merchants.
The JioMoney digital wallet in India also enables you to make secure digital payments from anywhere. Along with that, the app is very easy for everyone to use and quite simple to navigate.
About HDFC PayZapp:
HDFC PayZapp is making digital wallets in India simplified. Consequently it is one of the top digital wallets in India with one-click payments. PayZapp is a complete digital payment solution.
Why Should You Use PayZapp:
Users can easily compare flight and hotel tickets and even buy music or pay bills with the app. Simply connect your debit or credit card once and forget to worry about making payments. It is probably one of the best one-click payment solution digital wallets in India. And PayZapp lets you enjoy amazing offers at SmartBuy, you can send money to anyone in your phone book through their digital wallet in India.
The digital wallet app is fast, secure, and convenient to carry out digital payments. Above all, you don’t need to re-load money again and again in your PayZapp digital wallets in India. Because once you link your Debit or Credit card, you won’t need to worry about reloading your e-wallet. Likewise, the app keeps your details secure with the bank and the data isn’t stored on any phone or website. Consequently, PayZapp conducts three security checks for each transaction by using proprietary technology.
About Citi MasterPass:
Citi MasterPass is one of the free digital wallets in India launched by Citi Bank India and MasterCard. It is India’s first global digital wallet which helps you make the checking out process quicker on e-commerce sites. The co-branded MasterPass solution is the first of its type Asia and Indian marketplace.
Why Should You Use Citi MasterPass?:
Users also get the benefits of services like storing all your credit, debit, loyalty cards, and shipping details in one place. Citi Bank credit and debit card users are able to shop with more than 2,50,000 online merchants.
Once you’ve stored all your payment and shipping details in your Citi Wallet, simply click on the MasterPass button and it will take care of the rest.
Mobikwik is a Gurgaon based e-wallet payment system in India that helps its users store their money. Their payment system of digital wallet in India was founded in 2009 by Bipin Singh and Upasana Taku. Mobikwiks large network connects more than 25 million users with approximately 50k merchants through their payment system of digital wallets in India.
Why Should You Use Mobikwik?:
Their e-wallet payment system enables you to recharge, pay bills, book travel tickets, and make third-party purchases through MobiKwiks digital wallet. Similarly, the digital wallet app allows you to buy digital gold, insurance, get a personal loan on MobiKwik, and you can also invest in mutual funds through one of the best digital wallets in India.
You can carry out transactions by adding money to your digital wallet through your debit card, credit card, net banking. Their service is not just limited until there, you can also opt for doorstep cash collection and use it to pay bills and shop through their digital wallets in India.
About YONO SBI:
YONO SBI is a digital wallet in India that’s available in 13 languages. Subsequently, YONO is also available for non-SBI consumers. It is one of the best digital wallets in India thanks to the national reach of The State Bank Of India. With YONO SBI your convenience is met by making digital payments a hassle-free process.
Why Should You Use YONO SBI?:
Users can send money via the digital wallet of YONO SBI to other bank accounts, book hotels or movie tickets and much more. You can set a reminder for money transfers and dues through this app. It is one of the best digital wallets in India as it offers an additional service of providing mini-statements for the transactions that you carry out through YONOs digital wallets in India.
The app puts some of India’s largest range of goods and services at your fingertips. Similarly, the app lets you invest and bank digitally, you can also book IRCTC train tickets, flights, and vacations through the app.
13) Ola Money:
Ola is one of the fastest-growing startups in India and in 2015 it launched its own digital wallet. They’ve developed one of the best digital wallets in India. Above all, Ola money is amongst the easiest, fastest, and safest way of transacting through digital wallets in India.
Why Should You Use Ola Money?:
You can use this digital wallet to pay for your ola rides. Ola money has made cashless traveling a dream come true. However, you can also use ola money to buy groceries, flight tickets, and much more. The Ola Money app lets you transact with your stored money on the Ola Money digital wallet at various online merchants.
The best thing about Ola Money’s digital wallets in India is that you can withdraw your Ola Money to your bank account. And the app also lets you avail offers with partner merchants like MyBusTickets. Similarly, Ola Money looks to partner with more and more merchants in the near future to give you more options to browse through the app.
Mswipe, the first mobile point-of-sale solution in India, founded in 2012 to help make digital payments hassle-free. They’ve managed to raise around USD 98 million worth of funds through various funding rounds and from various investors. Mswipe technologies plan to have around 1.5 million merchants using their platform by 2019-20.
Why Should You Use Mswipe?:
You don’t exactly get an app, but you get a machine that can be attached to your mobile device to accept card payments. This may not be a digital wallet app but it does support going cashless. Consequently, Mswipe is also planning to add new features in their app that make it easier for customers and merchants to carry out transactions. They’re planning to add features like UPI payments and payments made by using a QR Code.
With the newly added features, it’ll be easier for you as customers or merchants to keep a check on your transactions, record your sales, and manage notification in a single place. The secure mobile POS solution by Mswipe works with smartphones, computers, tablets, and links to the bank account.
15) Vodafone M-Pesa:
The use of digital wallets in India has increased year on year and mobile wallets like Vodafone M-Pesa have given users a convenient way of payments. Hence, it is one of the most commonly used digital wallets in India. With M-Pesa’s efficient digital wallets in India, you can make safe and hassle-free transactions through your phone.
Why Should You Use It?:
You can recharge your mobile phone, DTH and pay for various utility services through Vodafone M-Pesa. One thing separates Vodafone M-Pesa from all the other digital wallets in India is that it helps users collect cash from their outlets when someone transfers money into the users M-Pesa wallet. Vodafone M-Pesa has made this service available to users across more than 1,20,000 outlets.
M-Pesa gives you 5% cashback on your transactions. If you want to send money to someone, just enter their number along with the amount and the secret 4 digit code before sending. Once you send the money, the recipient can show the SMS along with an ID Proof at the nearest M-Pesa outlet to withdraw the money.
In 2014 Pramod Saxena founded Oxigen to offer digital payment services throughout their digital wallets in India. Currently, they’re one of the major providers of digital wallets in India. With around 20 million customers along with 15,000 registered merchants and more than 50,000+ outlets using Oxigens digital wallets in India.
Why Should You Use Oxigen?:
Along with making online purchases and paying bills, you can also send gift cards to your dear ones. You can also recharge your mobile, data cards, and DTH connections through Oxigens digital wallets. Enjoy paying and shopping seamlessly through Oxigens digital wallets in India.
The Oxigen e-wallet also lets you explore exclusive discounts and cashback offers under the ‘Deals & offers’ section of the app. Also, the app lets you get a consolidated view of your transactions in ‘My Wallet’. You can send money to any mobile number on any telecom network in India. Similarly, you can send money to any of the 170+ Banks in India through IMPS or NEFT.
About Citrus Pay
Citrus Pay is powered by PayU and it is one of the top digital wallets in India. Having been launched in 2011, they’ve quickly made their mark on the market of digital wallets in India. They’ve built a network that spans across more than 21 million customers along with 8,000+ merchants. They’re one of the leading digital wallets in India used by online merchants.
Why Should You Use Citrus Pay?:
They offer a Citrus wallet for customers as well as payment solutions to businesses. And you can send or receive money, share cabs, split bills, and do much more by just using your mobile number on the Citrus Pay e-wallet. Citrus Pay has definitely earned its spot as one of the best digital wallets in India.
18) Airtel Payments Bank:
About Airtel Payments Bank:
Bharti Airtel is one of the leading companies in the telecom industry. Airtel Payments Bank is a subsidiary of Bharti Airtel. It became the first live payments bank in India. Similarly, Airtel Payments Bank is also the first company to receive a payments bank license from the RBI. The company is a joint venture between Bharti Airtel Ltd. and Kotak Mahindra Bank Ltd. However, Kotak Mahindra Bank holds approx. 19.9% stake in the company.
Why Should You Use Airtel Thanks?:
With the Airtel Payments Bank app, users can easily recharge prepaid accounts or pay postpaid bills. You can also shop online if your digital wallet has cash loaded in it. It’s also extremely safe as every transaction or payment you make through Airtels digital wallets or mobile wallets requires a secret 4-digit mPin.
Airtel offers you two of the most important things when it comes to digital transactions i.e Quick transactions and Security. On top of that one of the best part using the app is you can enjoy your favorite movies and music on the go. Consequently, you also get free access to entertainment platforms like Amazon Prime, Netflix, ZEE5, Wynk Music, Airtel TV, HOOQ, Live TV, and Airtel Books.
PayUmoney is a part of PayU India. And it is a free payment gateway solution through digital wallets in India. Similarly, it is one of the most popular digital wallets in India thanks to PayU’s immense presence in the digital payment industry. Currently, more than 4.5 Lakh businesses use PayUmoney to carry out their digital payments.
Why Should You Use PayUmoney
PayUmoney provides award-winning payment gateway solutions to businesses by using state-of-the-art- technology. Along the way, it is very helpful for merchants to collect payments from customers via debit and credit cards or net banking, and more. They also offer SMS and email invoicing for merchants that do not have a website.
This mobile wallet offers rewards point on every transaction. The best thing about this wallet, it gives PayUmoney Buyer Protection.
MomoeXpress, a Bangalore based digital wallet in India, claims to have the fastest checkout system. Though they’re only available in Bangalore, they have a wide range of solutions they offer to residents in Bangalore. It is the future of cashless payments. MomoeXpress is working towards a goal where money will only be a number on your phone. No cash, No coins.
Why Should You Use MomoeXpress?:
Although it is only available in Bangalore, MomoeXpress is one of the fastest digital wallets in India. Because, with MomoeXpress, paying through a digital wallet is really fast, 0.3 seconds to be precise. You save approximately 5 minutes per payment you make. Plus it can be used in numerous places like paying for your rickshaw ride to salons & spas, there are over 3000 outlets available at your disposal.
If you’re looking to get on board the cashless India movement, these are some of the best digital wallets or mobile wallets (e-wallets) in India you must opt for.
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