Mobile Wallets in India: Best Money Transfer App in 2020

There is a continuous evolution in the shopping pattern and it has led to an evolution in the payment platforms and payment industry as well. This is propellent of the shopping industry. The mobile point of sale machines is not a new phenomenon and has existed for years but mobile wallets have come up in the industry in recent years. It is a relatively new concept for Indians which is trying to surpass the credit cards used as well. The traditional payment methods are getting replaced with these newer ones.

A virtual mobile-based wallet is termed as a mobile wallet. Mobile money transfer app enable us to store money and pay money online, through mobile or offline. Depending on the types of payments and usage there are various types of mobile wallets available to users in India. Like open, closed, Semi-open, Semi-closed. Mobile wallet apps make speedy transactions which is one of the reasons behind their rapid growth. These apps have been of great help yo the eCommerce companies and marketplaces. They have integrated with the help of these mobile e-wallet apps.

This article consists of the top ten mobile wallet companies in India. These are revolutionizing the present and future as well.

1. Table of Contents

   Paytm

One of the largest commerce platforms of India is none other than PayTM. It allows users to make quick transactions, store money, load and pay money to the merchants along with E-commerce transactions, bill payments, money transfer, travel services, entertainment, and retail industry are all provided through Paytm clone script software.

It also capitalizes on the growth of India’s Education Market segment by building partnerships with premium educational institutions in India. Thus cashless fee payments, bills, and other expenses are possible with payTM.On Google Play Store there are a hundred million payTM installations.

2. Amazon Pay

It is an online payment processing service owned by Amazon. It was launched globally in the year 2007 and in 2017, it was launched in India. People can use the Amazon pay option to pay not only on Amazon but to the outside merchant’s websites as well. Big bazaar is an example. The number of installations is undisclosed.

3. Google Pay

Although it entered late in this field the Google ecosystem has helped Google pay in its rapid prosperity and user base. It was formerly known as Tez. It has a hundred million installations on Android Google Play Store. Sending money to friends, paying bills online, making phone recharge are all done under the same roof. Google pay works with your bank and keeps your money safe. Unlike other apps, it does not ask for additional KYC registration.

4. PhonePe

This has become a part of Flipkart started running in 2015. It took only four years to cross the hundred million downloaders mark. Money transfers, rechargers, UPI payments, online bill payments are all done under the same roof through PhonePE clone script software. Its user interface is also good.

5. MobiKwik

Next comes Mobikwik down to the line of mobile wallets. Mobikwik is an app similar to the payTM app. This independent Mobile network connects millions of users to thousands of retailers. The users get to add their money in the Mobikwik wallet through credit cards, Debit cards, net banking process, and doorstep cash collection service is also available. It has tie-ups with both large and small offline merchants. 

There is an expense tracker feature that allows you to set a budget for all payment instruments by analyzing controlling your spends SMS data. It has 1 crore installs on Google Play Store

6. Yono by SBI

State Bank of India launched this application. It lets users transfer their money to other SBI users and bank accounts. Bill payments, recharge, hotels, movies, and travel bookings are all done through the same medium. The service is provided in thirteen different languages. It is a semi-closed prepaid wallet and the non-SBI users can also use it. There is a reminder option for money transfer and dues. Around 1 crore people have installed this online wallet app.

7. Citi MasterPass

This has been launched recently by Citi Bank of India and MasterCard.It is India’s first global digital wallet for secured and faster online shopping. It secures your details in one place and allows you to shop at around 2,50,000 merchants.

8. ICICI pockets

ICICI pocket is a digital mobile wallet for its customers. It gives you the convenience to fund your wallet and make transactions from any Indian bank. Like all the recharge and booking features it has an add on feature which allows you to split expenses with your friends. There are exclusive packages and deals from associated brands. You can transact to any mobile app or website. 

9. HDFC PayZapp

It is an ultimate payment solution that allows you to make bill payments, transfers, bookings, music, and grocery purchases and amazing offers at SmartBuy and send money to your phonebook contacts.

10. BHIM Axis Pay

It is a UPI banking app. You can use your smartphone to transfer money to anyone. You can make your DTH recharges and mobile recharges online through the app.

Conclusion

India ranks second highest in Asia for opting for digital payment mode. Mobile e-wallets app like PayTM, PHonePE, PayZapp clone script and apps similar to payTM are very useful for both the ends. There is more than forty percent of respondents who use mobile wallets in India. Soon India is going to become a fully digital country. So go Cashless!