04 Best Mobile Wallets in India
Are you looking for Best Mobile Wallets in India?
India has seen exponential growth of internet users after JIO launches its cheap internet services. According to Economic times, Internet users in India reach 627 Million in 2019.
Thanks to JIO and other Gov initiatives, Internet now reach far-fetch villages in India. You can now access 4G connection anywhere in the country.
As the Internet becomes available to every household, most of internet users prefer to use the Internet in their mobile. Mobile business gets a fresh breath of air with cheap internet.
All most every business now portraited to mobile, so as to increase the reach of the audience. All online forms become available to mobile users as people can now access almost all website on their mobile.
With every increase in the internet in mobile, the need of the hour arises to handle all financial deals on mobile. To carter that needs all banks has launched their mobile wallet or mobile bank apps which can be used for any financial transaction.
Apart from Mobile Bank apps, there are few third-party apps which are working great for any online transaction. With free bonus and other free offers on every transaction, these third-party apps become a handy tool to send and receive money.
Today we will review some of the best Mobile wallets which can be used to send or receive money without any hassle.
What is a Mobile Wallet?
A Mobile Wallet is a kind of virtual wallet to store your Money on mobile devices. You can use these wallets to send or receive money or to purchase any item. Mobile Wallet can store Payment Card information or can connect directly to your Bank.
There are two Types of Mobile Wallet
- A wallet which requires Top-up (to send money or to purchase any items)
- A wallet which is connected to the bank and did not requires any Top-ups
Why should you Use Mobile Wallets?
It is not mandatory to use Mobile Wallets; you can use the old method of the online transaction by Bank. But as we entered the mobile age, everything is under our finger and on the mobile screen.
You can find many useful features which are associated with Mobile Wallets, which will encourage you to use them.
- Mobile Wallet is easy to use and did not take time
- Enjoy caseless economy (no need to carry any money in your pocket)
- Nil risk of robbery or thief as compare to real money
- Never run out of money (link your bank with mobile wallet)
- You can send money at any given time (in midnight also)
- Purchase anything online with a mobile wallet
- Ease of doing business with a mobile wallet
- Send receive money without giving any transaction amount (as compare to NEFT and IMPs
- No top up requires in many mobile wallets
- You can use bank wallets and get virtual Credit Cards, worth for only one transaction
- Tap and go Mobile Wallets (tap and pay)
- Secure, faster and more reliable than offline money transfer
Best Mobile Wallets in India
One of the biggest, most trusted Mobile Wallet brands in India, which was founded by Vijay Shekhar Sharma in the year 2010. It became famous when it started associated with cricket tournaments in India.
Earlier people were skeptical of using this third-party Mobile wallet, which can connect with your bank account. But gradually, Paytm win the confidence of people, and they start using this online app.
Paytm started giving discount coupons and other freebies with every transaction, which boost its user base considerably. In the year 2017, Paytm touches 184 Crore in revenue and stood as no1 mobile wallet company of India.
With Paytm, you can do many online transactions, and you can avail a wide range of shopping. Some of the features of Paytm are as follows
- Send to receive money to your mobile wallet
- Pay various prepay or post-pay mobile recharges
- Pay DTH recharge
- You can pay Gas and electricity bill online
- Pay petrol pump payment
- Pay Grocery and other small shops bills
- Book flights, Train or Bus tickets
- You can book Movies tickets online
- Book hotels and other events online
According to RBI guidelines now it is mandatory for all Mobile Wallets to has digital KYC verify of customers to stop any fraud.
One of the second biggest mobile wallets of India is FreeCharge, which was founded by Kunal Shah and Sandeep Tandon in the year 2010.
Although Paytm and FreeCharge have started in the same year, Paytm stole the lead in terms of the user base. Due to poor campaigning of FreeCharge, it remains on the second spot and could not counter the exponential growth of Paytm.
Nevertheless, FreeCharge is great mobile wallet similar to Paytm and did not have anything negative about it. In fact, freebies and discount coupons on every transaction, which was a brilliant idea were started by FreeCharge.
FreeCharge is good Mobile Wallet when it comes to ease of doing business. It has neat and easy navigation, and people can send or receive money on this wallet. You can purchase different items and pay you online bills using FreeCharge mobile wallet.
3. Amazon pay
Recently Amazon India has started its mobile wallet service called Amazon Pay. As Amazon is a trusted brand with the customers, its mobile wallet becomes hit among the users.
Amazon has built its reputation as a band which can be trusted for not providing duplicate items and its refund policy. This becomes quite a hit among online shoppers as many times customers receive defective products or wrong products which Amazon happily refund the money.
Now Amazon riding high on Trust factor, it launches Amazon Pay, which gives out cashback and other gifts when you do any transaction using its wallet. Amazon Mobile wallet is like another mobile wallet, where you need to top up your wallet from your bank.
You can pay an electricity bill, gas bills, mobile recharge or pay DTH or broadband using Amazon Mobile Wallet.
PhonePe (Phone Pay) is another mobile wallet founded by Sameer Nigam, Rahul Chari, and Burzin Engineer in the year 2015. It is a subsidiary of Flipkart, and recently it started to gain a user base.
PhonePe is little different from other mobile wallets in term of Top-ups. One of the best features of PhonePe is nil top up from the bank account. You can directly send money to anyone using this app without Topping up your mobile wallet.
PhonePe can be used to send or receive money, pay bills, or purchase any items online. with more than 25million user database with PhonePe, it will soon compete with Paytm and FreeCharge.
There are more than 36 mobile wallets in India now, but we have reviewed the most popular and trusted brands of India. Comment below which you think should be included in our reviews or which mobile wallet miss the top 4 spots.