![]() From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million download mark. Next in the list of top online payment apps in India is PhonePe. Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store 2. Since the introduction of UPI, wallets have become passé with users preferring account to account transfer via UPI. Now you can also recharge your mobile or monthly utility bills. You can also earn scratch cards and other rewards, with the cashback directly being transferred into your bank account. There's no need to worry about reloading wallets and you don't need to do additional KYC - which is required for all the other apps. Since Google Pay works with your existing bank account, which means your money is safe with your bank. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone - all via UPI and directly from your bank account. ![]() It is currently the No.1 digital wallet and one of the top online payments apps in India. Google Pay (formerly known as Tez)Īs its part of the Google ecosystem, they have scaled up their user base quickly, despite being a late entrant. Our top pick is Google Pay, which is also the No.1 digital wallet and UPI payment app right now 1. Here are some of the top 10 digital wallet and the top online payments apps in India and what they offer to their customers. With the launch of UPI, it has become even easier, as the transfer happens directly from the bank account rather than from a wallet. Wallets are growing rapidly as they help in increasing the speed of transaction, especially for e-commerce companies and all e-commerce marketplaces have integrated with such mobile wallets too. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed - depending on the type of usage and payments that can be made. With UPI making payments seamless, mobile wallets and digital payment apps have been surpassing credit card usage and are slowly beginning to replace the traditional payment methods.Ī mobile wallet or digital wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. In the long run, it believes the service can benefit India by “increasing rural participation in the digital economy and delivering financial services to those who have never had access before,” the company said in a press release.As shopping patterns continue to evolve thanks to Covid 19, even mobile and digital wallets in India small-time have evolved with it. “The central problem of the industry is the hidden risks of cybersecurity that mainly include data breaches, third-party security threat, malware risk, application security risk, cloud-based security threat, and also digital identity risks,” Simpl’s Sharma said.īut WhatsApp is optimistic. Many people don’t trust digital platforms. “A lot of users are still unsure how easy it is to use digital payment modes for all their daily use cases like money transfers, bill payments, recharges, offline and online shopping, etc,” a PhonePe spokesperson said. ![]() While Internet connectivity and data penetration have gone up, a knowledge deficit is hindering adoption. Any innovation in its initial days of establishment faces the question of credibility, and fintech space is no different.” ![]() “People in India are religiously, culturally, and emotionally attached to using cash. “The fintech industry is trying to create a cashless economy in a country that loves cash,” said Nityanand Sharma, co-founder and CEO of fintech platform Simpl. “WhatsApp’s integration of a UPI payment feature into its messaging app in India will put it on track to provide a myriad of services and build its own digital ecosystem,” a report by S&P Global noted. The launch of WhatsApp’s payment facility will enable the app to offer more such services. Even insurance policies can be bought through the app. “From online buying to ordering at retail or food outlets, WhatsApp will be able to offer a seamless experience for consumers from its messaging platform, which offers great convenience and ease-of-use for end-users,” said Frost & Sullivan’s Kumar.Īdditionally, big banks such as HDFC, ICICI, and Kotak Mahindra have also started offering services such as checking account balances, generating statements, and applying for credit cards, through WhatsApp. Many small offline businesses swiftly moved online via the instant messaging app. During the coronavirus-triggered lockdowns in India earlier this year, WhatsApp emerged as an effective tool for digital commerce.
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