Mobile wallet is a new concept in India and has surpassed credit card usage and is slowly becoming a traditional form of payment. Mobile Wallet in simple terms is a wallet where one can store cash for digital transactions. Wallets are increasingly becoming popular because of the speed of transactions.
If you directly use net banking for your transaction you may be asked to enter information related to your pin code. This is not the case in mobile wallets. 1-click and you are done. And that 1-2 second lead makes way for mobile wallets in India.
Here is a list of some of the popular mobile wallets in India.
PayTM
PayTM is the larget e-Wallet in India offering it’s customers to make quick digital payments. Launched in 2010, PayTM is owned by One 97 Communications Pvt. Ltd and is backed by companies like Alibaba Group, Softbank etc. PayTM allows you to load money and make payments to merchants who have tie-ups with the company. Apart from e-commerce PayTM wallet can also be used to make prepaid mobile recharges, shop grocery, pay mobile bills, buy clothes, laptop and more.
Also, Paytm has numerous features related to travel, entertainment and food. For example, you can book a bus tickets, movie tickets, flight tickets, train tickets or even hire cars & bikes. The app allows to book event tickets, hotels, amusement park tickets, movie tickets and food delivery options.
Another great feature of Paytm is the Paytm mall shopping. Starting at Rs 1 you can shop your way out inside the Paytm application. Various products like shirts & trousers, grocery, home appliances, electronics, beauty & grooming etc. can be purchased inside the application.
Further, another useful feature in the Paytm app is the Deals section. If you want spa or salon deals open the application, click on more and then go to deals you will find numerous deals. These deals give significant price cut to the customer.
MobiKwik slowly went on to become the 2nd largest E-Wallet in India behind PayTM. MobiKwik has around 1.5 million merchants and 55 million customers. The good thing about MobiKwik is its cool user interface. Also, the company gives free cash in the form of Super Cash for some purchases. I personally prefer MobKwik and mostly do my transactions through MobiKwik E-Wallet.
FreeCharge is another mobile wallet company in India. This company is growing but has fewer merchants. One good thing about FreeCharge it gives free cash discount for certain transactions like Mobile Recharge. Overall the App is good and user friendly.
Phone Pe is a payment wallet which was later acquired by Flipkart. The app gives good cash discounts on online Bill Payments. If you are frequent Flipkart customer do use this App.
One of the important features of the Phone Pe app is the money transfers. You can transfer money to a contact, to self, and to another bank.
Also, Phone Pe can be used to recharge and pay bills. You can recharge your mobile phone, pay electricity, post paid, landline, broadband , gas, water, data card, insurance, municipal tax bills using the Phone Pe application
BHIM EWallet is an Ewallet developed by the National Payments Corporation of India. BHIM app can be used to transfer money between various bank accounts. BHIM App supports 13 languages currently.
This is wallet system by the largest bank in India, the State Bank of India. This wallet is good for SBI customers. However, non SBI customers can also use this App.
7. Ola Money
Ola Money is a wallet offered by the Ola Cab Booking App. This wallet makes it easy to pay for Ola Cab Rides. However, this app can also be used to pay for phone bills, electricity bills, prepaid recharge and so on.
Airtel Money is an e-Wallet by telecommunications company Airtel. This app can be used to pay for phone bills or prepaid recharges if you are an Airtel customer.
Jio Money is an wallet by Reliance Jio. This app can be used to store some cash for online payments like recahrging a Jio mobile or paying a postpaid bill.
Amazon Pay is an wallet of the e-Commerce giant Amazon. Like Phone Pe this App can be used to get discounts if you are a Amazon customer.
Amazon Pay is slowly becoming one of the most preferred application. Thanks to it’s marketing team. With a great marketing and reach out Amazon Pay has started giving numerous discounts. Amazon Pay has tied up with many vendors that give discount if the bill is payed through Amazon Pay wallet.
