Top Digital Wallets In India & UPI Payment App — 2021

A mobile wallet or digital wallet is a virtual wallet where we can store cash for doing online or offline transaction. There are various types of mobile wallets in India like semi-open, semi-closed and closed — depending on the type of usage and payments that can be made. Digital Wallets are growing rapidly day by day. They are trying to help for increasing the speed of transaction especially for ecommerce companies and all e-commerce market who integrated with such mobile wallets too. After the coming of UPI wallet transaction has become even more easier, as the the transfer happens directly from the bank account rather than from a wallet.

Here some top Digital Wallets In India & UPI Payment App and what offer to their customers. Mostly I used Google Pay , Phone Pe & Paytm which have excellent payment gateway for digital wallet and UPI payment app right now.

1.Google Pay (Tez):-

Google Pay is the simple and secure digital payment app made by Google. It receive instant payments directly to your bank account, and allow new customers/person to discover your shop/friends/family etc with Google Pay for Business/person to person. With Google Pay People can send money to friends, pay bills and buy online, recharge your phone — all via UPI and directly from your bank account. It works with your existing bank account, there’s no need to worry about reloading wallets and you don’t need to do additional KYC.

• You can earn scratch cards and other rewards, with the cashback directly being transferred into your bank account
• We can recharge your mobile or monthly utility bills etc.
• You can earn money by inviting new users.
• Since the introduction of UPI, wallets have become passé with users preferring account to account transfer via UPI.

Use Google Pay for Business to manage all things money:-

• Accept payments from millions of customers, instantly
• Multi language support
• Easy and fast setup
• Supports multiple modes of payment
• Backed by Google security
• No additional fees
• Allow customers to discover your shop at no cost
• Get rewards directly in your bank account

Number of installations: 100,000,000+ (100 Million or 10 crore) on Android Play Store

2.PhonePe:-

PhonePe started in 2015 and in 2016 acquired by Flipkart. In 2017, it becomes 1st UPI based app to cross 10 million app downloads. From UPI payments to recharges and money transfers to online bill payments we can do it all by using PhonePe. It has very good user interface and one of the safest and fastest online payment experience in India.

The PhonePe ATM goes live across 10 lakh stores in 300 cities in 2020. It Launches Liquid funds, Super funds and 7 more curated MF category products& Travel Insurance, Coronavirus Insurance, Motor Insurance & more Insurance offerings.

Grow your business with PhonePe:-

• Help your business go cashless
• Enable fast, simple & secure online payments
• Meet your business goals faster
• Get new users with PhonePe Switch
• Advertise on India’s fastest growing payments platform

Number of installations: 100,000,000+ (100 Million or 10 crore) on Android Play Store

3.Paytm:-

Paytm is one of the largest mobile e-commerce platforms in India. It offers to customers have a digital wallet to store money and make quick payments. It was Launched in 2010 and worked on a semi-closed model and has a mobile market. In this platform a customer can load money and make payments to merchants who have tie-ups with the company.

Apart from making online transactions, PayTM wallet can be used in many ways :-

• We can Pay bill payments, transfer money and recharge ,movies.
• People can avail services from merchants from travel, entertainment and retail industry
• Paytm have own Paytm bank and its own UPI id where you can do all banking stuff like FD etc.
• Recently Paytm launched Mutual fund scheme
• In Paytm ,there is a separate shopping platform called Paytm mall

Number of installation: 100 Million (or 10 crores) on Android Play Store.

4.Amazon Pay:-

Amazon Pay is an online payments Transaction platform which is owned by Amazon. It was Launched in 2007 at global & In India in 2017.It is a service that lets you use the payment methods which is associated with your Amazon account to make payments for goods, services, donations on third-party websites and in apps & using Alexa. For making a payment, can be used any of the payment methods on file in your Amazon account.

.Amazon Pay offers a safe and secure complete transaction experience backed by Amazon’s technology, innovation, and robust risk management services.

Other benefits for using amazon pay:-

In Business categories it is beneficial for Small to medium businesses ,Large enterprises etc.

• A checkout that hundreds of millions of Amazon customers know and trust
• Seamless checkout across multiple channels and Voice commerce to keep customers engaged

5.Mobikwik:-

Mobikwik is founded by Bipin Preet Singh & Upasana Taku in 2009.It provides a mobile phone based payment & digital wallet .

It provides:-

• Phone Recharge & DTH
• Bill Payments
• Shopping in Local Stores
• You can boost your finances with MobiKwik & Get an instant ₹5,00,000 credit in your wallet in less than 5 Minutes.
• Transfer money to Bank
• Loan EMI and Credit Card Bill Payment

It has unique usp that they have is their expense tracker which allows to set budget for your expenses across all payment instruments. It uses your SMS data to analyze and control spends.

Number of installation: 10,000,000+ (10 Million or 1 crore) on Android Play Store

6.Yono by SBI:-

Yono is digital payment & mobile wallet launched by State Bank of India. It is SBI’s latest mobile banking offering is an extension of our trusted banking legacy which gave India secure digital products such as SBI Anywhere and SBI Net Banking. YONO SBI gives India’s largest range of products and services at your fingertips. YONO SBI is trying to make your bank digitally, invest, shop (be it groceries or from the latest fashion trends!), book movie tickets, vacations, flights and IRCTC train tickets with one single app.

Number of installation: 10,000,000+ (10 Million or 1 crore) on Android Play Store

7. BHIM Axis Pay:-

BHIM Axis Pay is one of the famous UPI mobile wallet/banking app which allows you to transfer money .It allows Mobile Recharges, DTH Recharges directly from the BHIM Axis Pay app.Anyone (Axis Bank customers and non-Axis Bank customers) will able to use the BHIM Axis Pay UPI banking app to transfer money right from their smartphone to any other bank account. We can linked multiple bank accounts & check the amount of your linked accounts on the BHIM Axis Pay UPI payment app.

Number of installs: 1,000,000+ (1 Million or 0.1 crore) on Android Play Store

DATA:-

As we know digital payment is rapidly increasing day by day after covi19.Here is some data insight from Statista.

Mode of payment since COVID-19 India 2020, by gender:-

some interesting findings on digital payment adoption from the recent ACI Survey:

On this Republic Day occasion I tried to put some digital insights about digital wallets.

Which platform do you use of these mobile wallets?

Write to us in the ‘Comments’ section below.

Lets make India to digital India.

Thank you.!!!

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