The payment gateway industry has undergone a significant change in the past decade or so. Mobile wallet payment is gradually replacing the age old methods. So, it’s worth learning about some of the Best Mobile Wallets in India.
I am very sure this would be the early memory of most of you, “Searching your purse or wallet for an exact change to give to a shop-keeper”. I can’t believe within a few years, we have moved from a purse scavenger hunt to payment via a click.
Through “Digital India” moment launched in India and the demonetization regime spread by our Government, we have seen a shift from cash payment to online transfers. Further, transfer and pay money just by waving our card. The biggest benefit of this shifting paradigm has been for all the online payment system developers and platforms.
Don’t mind me saying, mobile is becoming everyone’s first love. The online payment portals and platforms are accessible through mobile and are generally and most popularly known as “Mobile Wallets”.
What is a Mobile Wallet?
A mobile wallet, or virtual wallet is a cloud application which helps an individual to store their payment card information on their mobile device. These applications help you and me to make payments just by a click or a wave. Apart from storing credit and debit card details, these apps can store coupons, or reward cards information.
Simply stating, it is a money transfer app used for making online and offline payments with much ease.
How to access a Mobile Wallet?
Being virtual or cloud application, one needs to provide their KYC (individual identification details) to open and access such a wallet application. Currently for using such a portal in India, one needs to provide either of the following documents; PAN, AADHAAR, Driving license, Passport, voter id, which provides the name, photo, residential status and address details of the user.
With the increasing popularity and attractive discount and coupon facility, a mobile wallet is one of the most popular applications which most of us happen to use on our phone.
From flight booking to grocery and vegetable shopping, everyone uses wallets to pay their bills. So, just imagine the reach of these wallet applications. Every mobile wallet functions are more or less the same. Its primary function is to store card details so that payment is operated by a virtual repository and is done just by a click.
Best Mobile Wallets in India
Now, let me take you through the top 5 popular wallets in India.
1. Paytm:
It’s a one-stop-shop for all ones needs, as it provides an option from banking to shopping through the wallet. One can access and pay for all their utilities, mobile, making a donation, shopping and other related payments through this digital wallet. This company has been expanding enormously over the years and has become one of the largest and most popular platforms in India. Besides e-commerce, Paytm wallet is a handy tool for bill payments and cashless transactions.
2. Google Pay:
The (formerly known as Tez) wallet launched by Google is one of the most user-friendly apps which is gaining popularity among all their users in India. Google Pay works with all major banks which support UPI.
3. Amazon Pay:
Amazon pay was launched to satisfy only the shopping requirement earlier, wherein you can upload cash to amazon pay wallet and shop through. But currently, the also have expanded to many utilities and necessary payment options which help their user to navigate and pay easily.
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4. PhonePe:
It’s the platform which was launched for mobile and generic utilities. You can send or receive money, recharge, or shop online. Much like other mobile wallets, you can scan QR codes and do UPI based payments through this app. This has recently been acquired by Flipkart, and integrated it as their own wallet.
5. PayUMoney:
A yet another mobile-based online payment solution that has gained popularity. An easy to use and affordable gateway service to ensure digital payments.
That’s not all! The list of mobile wallets is pretty long.
Mobile Wallets in India:
- MobiKwik
- Freecharge
- BHIM
Wallets by Banks
- PayZapp by HDFC
- Pockets Wallet by ICICI
- YONO by SBI
This was our exclusive list of leading mobile e-wallets in India. Which of the payment apps do you like? Do you wish to add any other popular wallet above? Feel free to discuss.
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