What are Digital Wallet and UPI payment?
A Digital Wallet or e-wallet is an online service or a mode of transaction which allows one party to pay to the other party through the mobile phone app. All the digital transactions are made to keep the funds and track payment histories through a computer or mobile devices.
Unified Payment Interface (UPI) under the National Payments Corporation of India has been developed for inter-bank transactions from one place to another through a mobile device. It is an instant real-time transaction that takes place through a few of the UPI payment apps in India.
Let’s quickly jump into top 10 Digital Wallets and UPI Payment Apps in India:
PayTM says that around 7 million merchants all over India make use of QR based UPI for their direct bank transactions. It has over 350 million active users which is the highest among all other UPI payment apps in India. You can directly link it with your bank account without any KYC needed. In this way, you can easily shop, book tickets, buy groceries, stock trade and invest in mutual funds very conveniently.
#2: Google Pay
Google has started with its own UPI system Google Pay which is the easiest mode of digital transaction. It has over 150 million active users and is supported by COVID 19 relief efforts by making it easy to donate at Charities Aid Foundation, Give India, PM Cares, Seeds and United Way. Just open Google Pay, click on the coronavirus info spot and select the NGO by making a donation. With Google Pay, Recharge, shop online, pay your friends and get referral rewards, make 24/7 bank transfers.
#3: Phone Pe
Phone Pe is today valued at $5.5 billion with 35% market share for buying digital gold. It is one of the largest platforms that gives seamless UPI payment options with 118 million active users. It has tied up with Flipkart and is very simple, fast and secure. You use Phone Pe for all your things and can book flights, order food and buy groceries by using Phone Pe Switch. Make use of all your favourite apps without even downloading it.
Pay your utility bills, insurance, prepaid or postpaid payments, mutual funds, tax, traffic challan, and many; using Mobikwik. It is India’s No. 1 prepaid recharge UPI payment app which makes the estimated small payments quite easy. It has 107 active users who make use of it. When you get minimal documentation process and quick bank transactions, how could you miss a chance!
#5: BHIM SBI
Once your mobile number is linked with your bank account and you have a debit card, just download BHIM SBI UPI payment app. Make postpaid, prepaid and DTH recharge, order food from restaurants, make bill payments and crack local deals all with the use of one app- BHIM SBI. It is simple, safe and secure. It has over 10 million active users.
#6: ICICI Pockets
It is a VISA powered digital wallet that customers use for mobile recharge, money transfer, paying bills, and a lot more. With this, you can shop and pay anywhere using mVisa pocket featured e-wallet. You shop at the physical store and get a Pocket Physical Card to shop at stores or you can shop from any other Indian website and pay online. It has over 8.3 million active users.
#7: HDFC PayZapp
The most secured and convenient payment gateway is ensured through HDFC PayZapp. You pay your utility bills, travel or shopping payments, purchase movie tickets, dining and home services, taxi service, grocery shopping, and other funds. You can get special offers and avail discounts and schemes from top brands using SmartBuy. It has over 10 million active users.
#8: Airtel Payments Bank
It has amazing offers that go like: Flat 50% cashback on first prepaid mobile recharge, 40rs and Rs 10 cashback on Airtel Prepaid recharges under terms and conditions applied. Your DTH, prepaid and postpaid bills, broadband connectivity, payment transfer, etc can happen in a fraction of seconds using Airtel Payment Bank. It’s quick, reliable, safe and trustworthy. It has over 9.8 million active users.
Shopping is made completely easier with the use of PayPal. From top brands to small boutiques, you can shop anytime and anywhere. Get refunded for any inconvenience caused. A 24/ 7 service is available with security against fraudulent transactions or unsafe malpractices. It has over 325 million active users.
#10: Amazon Pay
Amazon recently started with online payment services. You can pay credit card payments. LIC Premium payments, recharge and bill payments, travel and insurance, corporate giftings, booking bus/train/ flight tickets; and the list goes on. As amazon is the most trustworthy application meant for shopping, it became easier to gain a wider audience and active users of 33 million active users in a short period of time.
Hope these Digital Wallets and UPI Payment Apps-related information was fruitful. Thank you!
Diksha loves to write about the vast understanding of everything happening around her. She regularly contributes to F and B Recipes on Intuitive Energy Healing.