Payment applications or Digital wallets refer to payment services operated under financial regulation and performed using a mobile device. The concept of paying by cash, check, debit, or credit card is becoming obsolete recently. A new payment system that involves paying for a transaction using digital wallets or mobile money transfers is gaining momentum.
How to get it:
- Option to open Zero KYC or Full KYC wallet
- Choice of consumer and merchant wallet
- Mobile number
- Apps to be downloaded on a smartphone
Various Digital Wallets in India
Google Pay (formerly known as Tez)
As part of the Google ecosystem, they are quickly scaling their user base despite their late entry. It is currently the No.1 digital wallet and one of the best online payment apps in India. With Google Pay you can send money to friends, pay bills and shop online, and recharge your phone – all through UPI and directly from your bank account. Google Pay works with your existing bank account, so your money is safe in your bank.
PhonePe (earlier part of Flipkart)
Next on the list of best online payment apps in India is PhonePe. PhonePe was launched in 2015 and managed to cross 100 million downloads in just 4 years. From UPI payments to recharges, money transfers, and online bill payments, everything can be done on PhonePe. It has got the best user interface and is one of the safest and fastest online payment experiences in India.
Dhani is part of the Indiabulls group and has many features. It is not just a regular e-wallet application, but it can be linked to the Dhani SuperSaver card. Dhani also has a Reward & Loyalty program for Dhani customers where customers can play games and pay for mobile recharges, EMI payments, insurance, and new Dhani products. It can be linked with Dhani Super Saver Rupay (physical and virtual card) which offers 5% cash back on all purchases made through the card and the first month is completely free.
BHIM Axis Pay
BHIM Axis Pay is a UPI banking app that lets you transfer money instantly to anyone using your smartphone. Recharge online for your prepaid mobile and DTH set-top boxes directly from the app.
PayTM is one of the largest mobile commerce platforms and one of the best online payment apps in India, offering its customers digital wallets to save money and make quick payments. Launched in 2010, this e-wallet app works on a semi-closed model and has a mobile marketplace where a customer can load money and make payments to merchants who are functionally connected to the company.
MobiKwik is an independent mobile payment network connecting 25 million users with 50,000 retailers and more. This e-wallet app allows its users to add money using debit, credit card, net banking, and door-to-door cash collection service, which in turn can be used to recharge, pay utility bills and shop in markets. Due to the growing demand for convenience, MobiKwik has recently tied up with big and small-time grocers, restaurants, and other offline merchants.
Yono by SBI
Launched by the State Bank of India, this is one of the digital wallets that will allow users to transfer money to other users and bank accounts, pay bills, recharge, book movies, hotels, shop, and travel. This semi-closed prepaid wallet offers its services in 13 languages and is also available to non-SBI customers. The app allows its customers to set reminders for dues, and money transfers and view a mini-report of transactions carried out.
ICICI’s Pockets is a digital bank that provides digital wallets to its customers. It provides the facility to fund any bank account in India to your digital wallets and pay for transactions.
With Pockets, one can transfer money, recharge, book tickets, send gifts, and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile app in India and offers exclusive deals or packages from associated brands.
PayZapp is a complete payment solution that gives you the power to make payments with just one click. PayZapp Recharge your mobile, DTH, and data card, pay utility bills, compare flight tickets, bus, and hotels, book reservations, shop, buy movie tickets, music, and groceries, and get the best offers on SmartBuy, send money to anyone on your phone helps.
Amazon Pay is an online payment processing service owned by Amazon. It is the best online payment app in India and the global market. Launched globally in 2007 and in India in 2017, Amazon Pay leverages Amazon’s consumer base and focuses on giving users the option to pay through their Amazon accounts on external merchant websites, including apps like BigBazaar.