Prime 10 Digital Wallets & UPI Fee App in India

As shopping patterns evolve thanks to Covid 19, mobile and digital wallets have also evolved. With UPI processing payments seamlessly, mobile wallets and digital payment apps have surpassed credit card usage and are slowly starting to replace traditional payment methods.

A mobile or digital wallet is, in simple terms, a virtual mobile wallet that can be used to store cash for mobile, online or offline payments. There are several types of mobile wallets in India such as: B. open, half-open, half-closed and closed – depending on the type of use and the payments that can be made. Wallets are growing rapidly as they increase transaction speed, especially for ecommerce businesses, and all ecommerce marketplaces are built into such mobile wallets as well. With the launch of UPI, it has become even easier as the transfer is made directly from the bank account and not from a wallet.

Here are some of the top 10 mobile wallet and payment apps in India and what they offer their customers. Our first choice is Google Pay, which is also currently # 1 for digital wallets and UPI payment apps

1. Google Pay (formerly known as Tez)

As part of the Google ecosystem, they have grown their user base very quickly, even though they came in late. With Google Pay you can send money to friends, pay bills and shop online, top up your phone – all through UPI and directly from your bank account. Because Google Pay works with your existing bank account, your money is safe with your bank. You don’t have to worry about wallet reloads, and you don’t have to run any additional KYC that all other apps require. You can also earn scratch cards and other rewards with the cashback deposited directly into your bank account. Now you can top up your cell phone or monthly electricity bills too.

Number of installations: 100,000,000+ (100 million or 10 crore) in the Android Play Store

2. PhonePe (former part of Flipkart)

PhonePe was launched in 2015 and has passed the 100 million download mark in just 4 years. From UPI payments to top-ups and money transfers to online bill payments, you can do everything with PhonePe. It has a very good user interface and is one of the safest and fastest online payment experiences in India.

Number of installations: 100,000,000+ (100 million or 10 crore) in the Android Play Store

3. Dhani

The Dhani app is part of the Indiabulls group and has several functions. Not only does it have a normal wallet like other apps, but it can also be combined with the Dhani SuperSaver Card. Dhani also has a Dhani customer reward and loyalty program where customers can play games and win cash to pay for cell phone recharging, EMI payments, insurance and also new Dhani products. This can be combined with Dhani Super Saver Rupay (physical and virtual card) which guarantees 5% cashback on all purchases made through the card and is completely free for the first month.

Number of installations: 20,000,000+ (20 million or 2 crore) in the Android Play Store and iOS

4. BHIM Axis Pay

BHIM Axis Pay is a UPI banking app that allows you to instantly transfer money to anyone using just your smartphone. Top up your prepaid mobile phone and DTH set-top boxes online directly via the app.

Number of installations: 1,000,000+ (1 million or 0.1 crore) in the Android Play Store

5. PayTM

PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet where they can store money and pay quickly. PayTM was introduced in 2010 and works on a semi-closed model. It has a mobile market where a customer can load money and make payments to merchants who are operationally connected to the company. In addition to e-commerce transactions, the PayTM wallet can also be used to make bill payments, transfer money and use the services of merchants in the travel, entertainment and retail industries. You now have UPI enabled payments too.

Number of installations: 100 million (or 10 crores) in the Android Play Store.

6th Mobikwik

MobiKwik is an independent mobile payments network that reportedly connects 25 million users with 50,000 retailers and more. This mobile wallet allows users to add funds with debit, credit card, net banking and even door to door collection services that allow them to top up, pay utility bills and shop in marketplaces. Due to the growing need for convenience, MobiKwik has also recently partnered with large and small grocery stores, restaurants and other offline retailers.

Another unique feature is the expense tracker, which allows you to budget for your expenses for all payment instruments and use your SMS data to analyze and control the expenses.

Number of installations: 10,000,000+ (10 million or 1 crore) in the Android Play Store

7. Yono from SBI

This mobile wallet application was launched by the State Bank of India that allows users to transfer money to other users and bank accounts, pay bills, top up, book movies, hotels, purchases and travel. This semi-closed prepaid wallet offers its services in 13 languages ​​and is also available for non-SBI customers. This app also allows its customers to set reminders for fees and money transfers and view the mini account statement for the transactions made.

Number of installations: 10,000,000+ (10 million or 1 crore) in the Android Play Store

8. ICICI pockets

Pockets by ICICI is a digital bank that offers its customers a mobile wallet. It offers the ability to use any bank account in India to fund your mobile wallet and pay for transactions.

With Pockets you can transfer money, top up, book tickets, send gifts and share expenses with friends. This wallet uses a virtual VISA card that allows users to conduct transactions on any website or mobile application in India and has exclusive deals or packages from affiliated brands.

Number of installations: 5,000,000+ (5 million or 0.5 crore) in the Android Play Store

9. HDFC PayZapp

PayZapp is a complete payment solution that allows you to pay with just one click. With PayZapp, you can top up your cell phone, DTH and data card, pay utility bills, compare and book airline tickets, buses and hotels, shop, buy movie tickets, music and groceries, take advantage of great deals on SmartBuy and send money to everyone in your phone book.

Number of installations: 10,000,000+ (10 million or 1 crore) in the Android Play Store

10. Amazon Pay

Amazon Pay is an online payment processing service provided by Amazon. Amazon Pay was launched globally in 2007 and in India in 2017. It leverages Amazon’s customer base and focuses on giving users the ability to pay with their Amazon accounts on third-party merchant websites, including apps like BigBazaar, etc. You can also shop on Amazon Pay using Amazon. Amazon Pay has also partnered with fintech companies like ZestMoney to enable free EMI payment options on its platform. This makes it easier for consumers to buy products on Amazon and pay for them in affordable monthly installments.

Number of installations: Not disclosed

Digital payments data in India

And here are some interesting findings on the adoption of digital payments from the latest ACI survey:

While these numbers indicate the growing need for secure, faster, and more efficient payment methods for the online marketplace, efforts to make payments to individual or brick and mortar stores are also increasing. Startups and large corporations are constantly looking for customer-friendly technology to give customers more power.

In need of some financial tips to help you manage your money wisely? Follow our YouTube channel Paisa Pujari for more insights. Here is a video to help you understand the smart ways to use a credit card:

Hence, the day you walk around without a physical wallet and pay your uncle in the dhobi and kirana store with a mobile wallet is not that far yet. Are you using one of these mobile wallets? Did we miss something important? Write to us in the Comments section below.

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