Any progress is the result of constant evolution. Any man, machine, service, the process is in most up to date form and user-friendly because of constant improvement. If you take a peek at the past, a lot has changed in the way we shop, use the internet and more.
Similar changes have been seen for how we pay too. From Debit and Credit cards, the world has evolved to payment platforms like Mobile Wallets which store money virtually for online and offline payments, thus increasing the speed and ease of transaction.
1) Paytm
It is one of India’s largest payment platforms offering its customers, services to make and receive payments. Apart from regular merchant transactions PayTm users can also pay their regular bills like electricity. To make life better, PayTm also has institutional tie-ups which help both provider and user to receive and make lightning-fast payments.
2) Amazon Pay
It is an online payment service owned by Amazon Inc. It uses the consumer base of Amazon and gives its users the option to pay from their Amazon account. Amazon also has a large number of tie-ups. It is rather new in India, and offers a lot of cashback offers, especially if you shop from Amazon itself.
3) Google Pay
Being part of the biggest search engine Google, Google pay has quickly gained a large number of users in very less time. With Google Pay you can send money, pay bills, recharge your mobile and do as Google pay is connected to your bank account one does not have to worry about loading money in this payment platform. But questions have been raised over its privacy of the application from time to time.
4) PhonePe
This is Flipkart’s answers to mobile wallets and is one of the fastest and safest payment platforms. Here you can pay your bills, make payments, recharge in a few clicks. It has one of the best user-friendly interfaces. Just like Google Pay, Amazon Post and PayTm, Phone Pe also has UPI payments facility. Additional safety is a good feature of this mobile wallet.
5) Yono(created by SBI)
This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel.
This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out by the SBI.
6) Mobikwik
This mobile wallet is a utility wallet which basically is used to link a large number of customers with a lot of retailers of different services. It also has its own dedicated online marketplace like PayTm and Amazon from where users can buy different products. Other than the conventional ways to add money, Mobikwik also offers the doorstep cash collection service, with which money can be added to the wallet. There is also an expense tracker in this app.
7) Citi MasterPass
This wallet is launched by Citi Bank MasterCard users. It offers its users the facility to shop with over two hundred thousand online sellers with a faster and much more secure checkout system.
One doesn’t need a Citi Bank account to use this e-wallet. Rather, you can add money from any bank’s account in it. It even has a loyalty points system in itself.
8) ICICI Pockets
This mobile wallet, launched by ICICI bank is rather unique. It provides its customers with a unique virtual VISA card with which you can do transactions of the same kind which you could do with a traditional VISA debit card.
Any bank account can be used to add money in it. If your friend also uses this app, you can split your bill with them where you and him/her pay separately. A useful feature indeed.
9) HDFC PayZapp
This app by HDFC is a complete payment solution in itself. The application is very versatile. Whether it be recharging your mobile phone, DTH recharge, payment of bills, transferring money to someone from your contacts, this app offers all solutions in one place, and at one click of a button.
10) BHIM Axis Pay
This mobile wallet is a UPI based service launched by Axis Bank. With it, one can instantly transfer a sum of money, do mobile recharges, pay bills among other things. It offers the safety and ease of using UPI and has a lot of users.
Final words
India has the second-highest adoption rate as far as online digital payments go. Slowly, the economy of India and the rest of the world is moving towards a more cashless system, which means that the utility of mobile wallets is just going to grow with time. Right now, what we have witnessed is just the beginning of a digital revolution.
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