As shopping patterns continue to evolve as a result of Covid 19, so, too, have mobile and digital wallets in India. With UPI making payments more convenient, mobile wallets and digital payment apps have surpassed credit card usage and are gradually replacing traditional payment methods. A mobile wallet, also known as a digital wallet, is a virtual mobile-based wallet that can be used to make mobile, online, or offline payments.
In India, mobile wallets are classified as open, semi-open, semi-closed, or closed, depending on the type of usage and payments that can be made. Wallets are rapidly expanding as they aid in increasing transaction speed, particularly for e-commerce companies, and all e-commerce marketplaces have integrated with such mobile wallets as well. It has become even easier since the introduction of UPI, as the transfer occurs directly from the bank account rather than from a wallet.
1. Google Pay
Despite being a late entrant, they have rapidly expanded their user base as part of the Google ecosystem. It is currently India’s No. 1 digital wallet and one of the top online payment apps. With Google Pay, you can send money to friends, pay bills and buy things online, and recharge your phone – all through UPI and directly from your bank account. Because Google Pay works with your existing bank account, your money is secure with your bank. There’s no need to worry about reloading wallets, and no additional KYC is required, as it is for all other apps.
You can also earn scratch cards and other rewards, and the cashback will be deposited directly into your bank account. You can now recharge your phone or pay your monthly utility bills. Wallets have become obsolete since the introduction of UPI, with users preferring account-to-account transfers via UPI.
Installs on the Android Play Store: 100,000,000+ (100 Million or 10 crore).
2. Phone Pe
PhonePe is the next app on the list of the top online payment apps in India. PhonePe was founded in 2015, and just four years, it has surpassed the 100 million download mark. PhonePe allows you to do everything from UPI payments to recharges, money transfers, and online bill payments. It has an excellent user interface and offers one of the safest and fastest online payment options in India.
Installs on the Android Play Store: 100,000,000+ (100 Million or 10 crore).
3. Dhani
Dhani App is part of the Indiabulls group and offers a variety of features. It is not only an e-wallet app but it can also be used in conjunction with the Dhani SuperSaver Card. Dhani also has a reward and loyalty program for Dhani customers where they can play games and win cash to pay for mobile recharges, EMI payments, insurance, and new Dhani products. This can be combined with the Dhani Super Saver Rupay (physical and virtual card), which guarantees 5% cashback on all purchases made with the card and is free for the first month.
Installs: 20,000,000+ (20,000,000 or 2 crores) on the Android Play Store and the iOS App Store
4. BHIM Axis Pay
BHIM Axis Pay is a UPI banking app that allows you to send money to anyone using only your smartphone. Recharge your prepaid mobile phone and DTH set-top boxes online directly from the app.
Installs: 1,000,000+ (1,000,000 or 0.1 crore) on the Android Play Store
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5. PayTM
PayTM is one of India’s largest mobile commerce platforms and one of the top online payments apps, providing customers with a digital wallet in which to store money and make quick payments. This semi-closed e-wallet app, launched in 2010, has a mobile market where a customer can load money and make payments to merchants who have operational tie-ups with the company. Before the introduction of UPI, it was the most popular digital wallet in India. Aside from e-commerce transactions, this e-wallet app can be used to pay bills, transfer money, and obtain services from merchants in the travel, entertainment, and retail industries. They also accept payments via UPI.
Number of installs: 100 Million (or 10 crores) on the Android Play Store.
6. MobiKwik
MobiKwik is a self-contained mobile payment network that claims to connect 25 million users with 50,000 retailers and others. This e-wallet app allows users to add money using a debit card, a credit card, net banking, or even a doorstep cash collection service, which can then be used to recharge, pay utility bills, and shop at marketplaces. MobiKwik has recently partnered with large and small-time grocery, restaurant, and other offline merchants in response to the growing need for convenience.
Another unique feature is their expense tracker, which allows you to set a budget for your expenses across all payment instruments and analyze and control spends using SMS data. It’s no surprise that it made the list of top online payment apps in India.
Installs: 10,000,000+ (10,000,000 or 1 crore) on the Android Play Store
7. YONO SBI
State Bank of India launched this mobile wallet application to allow users to transfer money to other users and bank accounts, pay bills, recharge, book movies, hotels, shopping, and travel. This semi-closed prepaid wallet is available in 13 languages and is also available to non-SBI customers. Customers can also use this app to set due date reminders, make money transfers, and view the mini-statement for the transactions they have completed.
Installs: 10,000,000+ (10,000,000 or 1 crore) on the Android Play Store
8. ICICI Pocket
Pockets by ICICI is a digital bank that provides its customers with a mobile wallet. It allows you to fund your mobile wallet and pay for transactions using any bank account in India.
Pockets allow users to transfer money, recharge their phones, book tickets, send gifts, and split expenses with their friends. This wallet employs a virtual VISA card, allowing users to transact on any website or mobile application in India, as well as provide exclusive deals or packages from associated brands.
Installs: 5,000,000+ (5,000,000 or 0.5 crore) on the Android Play Store
9. HDFC PayZapp
PayZapp is a complete payment solution that allows you to pay with just one click. PayZapp allows you to recharge your phone, DTH, and data card, pay utility bills, compare and book flight tickets, bus tickets, and hotels, shop, buy movie tickets, music, and groceries, take advantage of great SmartBuy deals, and send money to anyone in your phone book.
Installs: 10,000,000+ (10,000,000 or 1 crore) on the Android Play Store
10. Amazon Pay
Amazon Pay is an Amazon-owned online payment processing service. It is also the most popular online payment app in India and the rest of the world. Amazon Pay was launched in 2007 globally and in India in 2017. It focuses on giving users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar. You can also use Amazon Pay to shop on Amazon. Amazon Pay has also collaborated with fintech firms such as ZestMoney to provide no-cost EMI payment options on its platform. This makes it simple for customers to buy products on Amazon and pay for them in affordable monthly installments.
