Best Mobile Wallets In India For Easy Payment Option
Here are the best Mobile Wallets in India for you to make your Payment with just one click.
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- UPDATED ON: 11 Nov 2020
Online payment has made it easy for everyone due to the Best Mobile Wallets In India For Easy Payment Option, as the shopping guides continue to evolve, so does the payment platform. In this article, we have mentioned the Top 18 Mobile Wallets in India - Best money Transfer App 2020 for you.
It's no mystery that India is progressing quickly to a digital marketplace. And mobile wallets in India are making this digital payment action taken by the Indian government, banks, Non-Banking Financial Companies and other objects.
Undoubtedly, you too may have the best mobile wallet in India. If not, you may consider downloading one of these top mobile wallets in India and become part of the country's digital marketplace.
With cash crisis going on in today’s Indian economy, mobile wallets can get to your performance in this crucial time. In fact, rather of using credit or debit card purchases, India has favoured mobile payments as an alternative answer for buying online or even offline as these mobile wallets in India are of good use.
Gone are the days when personalities used to bring cash in order to shop. Now mobile wallets (m-wallets), or virtual wallets, have grown pretty popular. With these mobile wallets, you can pay just by using your smartphone. After the demonetization, more people have commenced using m-wallets.
Top 18 Digital Wallets In India For Online Transactions | Go Cashless is one of the best discoveries in the domain of technology. Millions of people are making repayments from these e-wallets, which are comfortable to use.
Paying your bills with Mobile digital wallets has surpassed credit cards, debit cards usage and is slowly beginning to replace the traditional payment methods.
There are many best e-wallet in India 2020 through which you can easily make payments and live in cashless time. The E-Wallets in India also helps you to pay your utility bills, recharges, food items, and much more.
Mobile Wallets are evolving quickly as they help in growing the speed of transaction, particularly for e-commerce groups and all e-commerce marketplaces have combined with such mobile wallets too.
So keep reading to know the best Mobile Wallets In India For Easy Payment Option through which you can make secure payments.
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The particular performance of the online transaction will be like:
- The card is keyed at the retailer.
- The sender sends data to the processor, which is normally a bank.
- Receiving bank routes performance through proper card system ex. Visa net
- The transaction gives the card holder’s issuing bank.
- The issuing bank accepts or decline purchase
- Approve/ Decline sent bank through the network to the dealer to perform the purchase.
- Acquiring bank settles with issuing bank.
- Acquiring bank settles with the merchant.
Top 18 Digital E-Wallet Apps In India
With that being said, now we are here with some of the most widespread and advanced Top Mobile Wallets in India - Best money Transfer App 2020 assistance in India which you can rely on. So without any additional ado, let's begin with our list of Best Mobile Wallets in India. All the Mobile Wallets which we have mentioned helps you in making your payments easy and comfortable with many other benefits. So, Keep reading to know more about it.
Here we have mentioned the Best Mobile Wallets In India For Easy Payment Option for you to make your payments using them and also save money with the digital wallets. A mobile wallet is a pragmatic wallet which is accessible online, using which you can make the cash. To store cash in the mobile wallet, the user can make the amount from their banks using online banking, or via credit/debit cards. The user can also demand their friends to transfer the money to their mobile wallets using other pocketbooks.
Best Mobile Wallets in India 2020 [Cashback + Discount]
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Bhim Axis Pay
Canda, London, and United Kingdom
1. Future Pay
Future Pay is an online payment app. It is India's most accessible Top Digital E-Wallet Apps In India | Android & IOS Apps to buy over Future Group outlets such as Big Bazaar, Brand Factory, Central, fbb, Food Bazaar, and Ezone. It also lets you control all your loyalty accounts at your fingertips.
It also helps you by letting you buy groceries, clothes, and much more. Future Group that runs D-Mart, the famous line of shops and online. Future Pay app enables you to shop at pay at stores served by the Future Group, including D-Mart, fbb, Brand Factory, Central and others.
2. Airtel Money
The Airtel Money mobile payment program is a member of the Airtel Thanks app. To obtain the service, you have to fill in a few of your features, and by choosing the Get Wallet option on the app.
The sign-in method asks you to give validation records such as Aadhaar card, PAN card, or any other ID. The digital wallet enables you to pay bills, do recharges, and of course, transport money to other personalities.
One thing deserving noting is that the app doesn’t let you send money without recording for Airtel Wallet. However, you can recharge your mobile number and give for bills via the Airtel app. One downside of the app is that it goes more valid for Airtel users in India. However, others can also use the app.
Additionally, the app gives you coupons, UPI-based payments, and the experience to watch movies and TV programs as part of your Airtel prepaid or postpaid plan.
Airtel Money is a semi-closed Top Mobile Wallets in India for Online Payment that does not allow cash withdrawal or retrieval by the buyer. It can be done to do recharges, make money transfers to connections, to make bill payments and for online purchasing.
It can be used to reserve train tickets as well. It enables us to make payments without storing money in the wallet first. The app also lets you break bills and payments with friends by registering their phone numbers.
Cash can be placed into the wallet via any Airtel money outlet. It has also joined up with many other allies like Uber to make the cash.
Paytm is one of the largest mobile trade platforms in India, offering its consumers a digital wallet India Government to save money and make fast payments.
Paytm was launched in 2010, and it is the best e-wallets in India as Paytm runs on a semi-closed form and has a mobile market, where a user can load money and make payments to retailers who have operational tie-ups with the business.
Paytm wallet is a mobile wallet online which can be used to transfer money, bill payments, and get all the services from dealers from travel, entertainment and retail industry and more. Unlike other banks where you can walk in and demand KYC finish, Paytm has selected certain retailers. And often, these retailers charge a little assistance free for developing your KYC.
PayTM is one of the fastest-growing business and has been mounting on the flow of change. PayTM is performed by One97 Communications, which has its office in Noida. Paytm has
took the mobile wallet service permission from Reserve Bank of India in 2014, and within the end of this year, it has tried to cross the 100-million user's record, although it has now passed the mark of 158 million enrolled users.
With its mobile-first approach, Paytm does more than 30 million orders digitally and the logistics of material assets every month. Paytm wallet is India's dominating mobile payment assistance program. It has grown in demand, and the Twitter tag #PaytmKaro has been trending quite a lot now and back then.
PayTM also allows its users to transfer money to their bank accounts reserves to your bank account or in your friend's bank account using Paytm on mobile at a low charge. This process which is also known as IMPS (Immediate Payment Service to get the payment within a bank account using your mobile) offers more security than cash.
MobiKwik is one of the best Mobile Wallets in India, which connects 25 million users with 50,000 retailers and much more. It is an independent mobile payment network which has a mobile wallet.
MobiKwik was one of the leading digital payment wallets to appear in India and was initially useful for discounts on mobile phone account recharges. It remains to enjoy public recognition, though it's been dominated by other opponents in the market in recent years.
For some purpose, MobiKwik hasn’t been competitive in the Indian market, notwithstanding its great features. In fact, MobiKwik was one of the first digital payment wallets to arrive in India and was originally helpful for discounts on mobile phone account recharges. It remains to have a general agreement, though it’s been managed by other professionals in the business in recent years.
MobiKwik is added great mobile wallet app for Android and iOS; hence, it ought to be on the best mobile wallet list in India. The app shares all the facilities as other apps, such as to send and receive money, make payments for bills, recharges, DTH, and more. I would count as one of the most suitable bills pay apps due to the level of comfort it gives.
The app enables you to shop and presents you with masses of offers and opportunities to go for. One highlight of the app is the ability to utilise for immediate loans and follow your expenses, which acts as a differentiating representative from other mobile payment apps.
There’s a Records option to review the history of your purchases. Additionally, the app introduces UPI-based payments, and much like other digital wallets, your Mobikwik account needs to be KYC-verified to levy all the advantages.
It lets the users add money using debit/credit card, net banking and even doorstep Payment collecting services, the digital wallets can, in turn, be used to recharge, pay utility bills and shop at marketplaces. It is in the list of Top 5 trending mobile wallets in India because of several reasons, and for most of the people, it is Safe!!
Freecharge is the best e-wallet app in India, and it is one of the most popular apps right now when it comes to digital payment, and has been known to target the teens in all their advertisements.
Kunal Shah and Sandeep Tandon established Freecharge in 2010, to make it easier for oneself to buy through their digital wallets in India.
Freecharge proceeds to offer marvellous discounts on cell-phone call and data recharges. This is an excellent app that enables you to save money through their numerous promos and special offers.
FreeCharge was established in 2010 and was originally providing the mobile recharge assistance. It was started as a mobile recharge program and not as a mobile wallet.
The users can still accept it as a wallet with the cash to be used for chosen assistance only. Every time the users take their mobile renewed, they get amazing reduction coupons to use.
SnapDeal acquired the business in April 2015, and after which it has developed its assistance. You can now spend electricity bills, can perform mobile recharges, DTH recharges, data card renews and payments on various gates like SnapDeal.
With a comparable amount of coupons given for every recharge you make, it's an excellent option to save while paying your bills online.
FreeCharge e-Wallet enables you to join credit and debit cards which make it simple to make payments. It is the fastest-growing digital payment program enabling you to pay electricity bills, mobile, and DTH recharge and more.
Use FreeCharge mobile wallet and dodge long queues. It performs it simple to make online and digital payments securely using mobile. FreeCharge is accessible for Android, iOS and Windows Phone.
The Freecharge digital wallet in India can be used to make both online as well as offline payments. Similarly, you can also use Freecharge to make amounts at dealers like Hypercity, McDonald's, Cinepolis, Shoppers Stop, HomeStop, Crosswords, and more.
6. Amazon Pay
Amazon Pay is an online payments processing service that is owned by Amazon. Begun in 2007 globally and India in 2017, Amazon Pay uses the user base of Amazon. It concentrates on allowing users to pay with their Amazon accounts on external merchant websites and apps like BigBazaar etc. You also get to shop on Amazon using Amazon Pay digital wallets.
There're innumerable things you can do with an Amazon app such as mobile furthermore DTH recharge, online shopping, paying eatery bills and booking air tickets from Amazon Travels too.
This as an outstanding mobile wallet for two reasons: it’s reasonable to use the cashback you receive from Amazon India for making purchases at engaging merchant vents. Secondly, you can get astonishing discounts and cashbacks from Amazon itself for using your Amazon Pay balance.
There’s no want to download the Amazon Pay app individually: it’s a member of the Amazon app. It has all characteristics of a mobile wallet, but for bank transfers. Do full avail assistance, and you will need full KYC, which can be done online. And an Amazon spokesperson calls at your door to actually check your KYC records at the time and venue of your preference.
There’re many things you can do with an Amazon app such as mobile and DTH recharge, online shopping, giving restaurant bills and scheduling air tickets from Amazon Travels too.
Amazon Pay makes it simple for users to buy goods on Amazon and pay for it through affordable monthly instalments. So, this could be the Best Mobile Wallets in India 2020 for you as it opens up to many discount and offers!!
In the list of top 8 e-wallets in India then next is PhonePe which was started in 2015 and in just four years it has been able to cross the 100 million download mark.
As we understand that PhonePe is now a bit of Flipkart. So the authenticity of the app has automatically extended. The app began in 2015, and the app passed 100 million downloads in just 4 years of time. It is trouble-free to make instalments through UPI on PhonePe.
The app has become a high-quality UI and is one of the most trustworthy and provides the most reliable ever online payment activities in India.MobiKwik
From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. It's got a very excellent user interface and is one of the most reliable and fastest Best Mobile Wallets and Digital Payment Apps in India experiences.
This wallet out of the Top 18 Best Digital Wallets in India includes many other characteristics, like Sending and receiving money via UPI / Bank transfer / direct wallet to wallet transfer. You also get an opportunity to Split bills with your friends or family, which is not feasible in Paytm or most other E-wallets.
Connecting various bank accounts, including Savings and Current account as well as List of Best Mobile Wallets in India to Make Online Payments is likely only with PhonePe. Excellent protection of PhonePe is that you can link a bank account even if the bank doesn’t give its own BHIM app, for making or receiving payments. PhonePe offers beautiful raises daily. And you can send or earn money using QR code, VPA or even net banking.
Also, you can complete your mobile / DTH recharges, pay electricity, data card, landline, gas, water, and broadband bills, and much more. You can also pay for Municipal tax, Insurance policies, and buy Gold with this best E-Wallets. It is way forward of Paytm when it proceeds to the number of benefits you get for trading with household chores.
8. HDFC PayZapp
PayZapp is the best e-wallets in India, and it is a complete payment explication giving you the power to pay in just One Click. PayZapp digital wallets let you recharge your mobile, DTH and data card, pay utility bills, compare and book flight tickets, bus and hotels, shop, buy movie tickets, music and groceries. It helps you to avail great offers at SmartBuy, and send money to anyone in your phone book.
It is one of the Top 18 Mobile Wallets in India for Online Payment because it is easy, safe, reliable, and brings discount and offers for you.
PayZapp card isn't a real debit card. Alternatively, it resembles on the PayZapp app, finished with the 16-digit debit card number and three-digit Card Verification Value (CVV) along with vital features such as your name and date of expiry.
You can store cash directly from any bank account, demand cash or even link a bank account with PayZapp. It also gives fantastic discounts for in-app shopping and different retailer terminals that sign-up for improvements.
PayZapp is widely believed at most dealers that allow mobile wallet payments. Additionally, they sometimes offer discounts and distinctive offers on mobile recharge too.
PayZapp from HDFC Nabk is accessible to buyers of all banks and permits you to make payments with just a single click. Make payments simply by combining credit or debit card features. Your card details are secure with the bank and no need to bother about that. PayZapp mobile wallet does three safety checks for every purchase. It is accessible for Android and iOS.
9. ICICI Pocket
Pockets by ICICI is a digital bank that offers a Mobile Wallets in India 2020 for its customers and one of the best e-wallet in India 2019 and now too. It gives the advantage of using any bank account in India to fund your mobile wallet and pay for purchases.
With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. These best payment app in India 2019 uses a virtual VISA card that allows its users to transact on any website or mobile application in India and gives private deals or packages from associated brands.
For a little fee, you can also get a real debit card for your Pockets mobile wallet. This Visa-branded debit card can be done at brick-and-mortar stores and online shopping. It gives various app-based discounts and exclusive offers too.
A major improvement with Pockets: you can get massive discounts and allowances from online stores such as Amazon and Flipkart, among others and make the online payment in India.
That's because these online stores often begin developments with ICICI Bank. You can get the best discount when you pay from your ICICI Bank or its debit card of the mobile wallet.
Well, the app ICICI Pockets is driven by ICICI a digital bank that offers a mobile wallet or digital e-wallet app for all clients. The app also gives the option of joining any bank account in India to promote your mobile wallet and make purchases.
Like other apps discussed, the apps also offer comprehensive payment decisions on a variety of platforms. One thing that gives this app different from others is that the wallet uses a virtual VISA card that enables its users to send out any payment method on any website or mobile application in India. The app gives special deals to its users from time to time.
10. Yono SBI
Yono SBI is another type of digital wallets in India. It is a mobile wallet application, and it was begun by State Bank of India to let you do the money transfer to your friends, family or anyone and bank accounts. With the Yono SBI, you can pay bills, recharge, book for movies, hotels, shopping as well as travel, and much more.
This Digital Wallet is a semi-closed prepaid wallet that allows its services in 13 languages and is available for non-SBI users too. This digital wallet India government also enables you to set reminders for dues, money transfers and view the mini-statement for the activities carried out.
Yono app was started by SBI (State Bank of India) that encourages users to give money from one account to another using bank accounts. Like other apps in the list, this digital e-wallet app is also used for payment of bills, recharge, hotels, shopping, book for movies and much more.
It is a semi-closed variety of mobile e-wallet that allows assistance in approx 13 diverse languages and can be utilised by other bank customers as well. With this app users can also set notes about their continuing payments, money transfers sent out.
11. BHIM App
Bharat Interface for Money is the well-known mobile wallet online, and it is based on the Unified Payments Interface and helps all Indian banks on all mobile devices.
Prime Minister Narendra Modi launched BHIM e-wallet for Android and iOS users. The BHIM App is the most notable example of Make in India which is based on the Unified Payment Interface and has crossed 10 million downloads on Google's PlayStore.
This BHIM app allows you to attach with all your bank accounts and make instant payments using the VPA or by scanning a QR code. BHIM also allows balance enquiry of your bank account.
With this digital wallets, you can make payments for your groceries, shopping, Bill Payment, and much more.
12. Google Pay
With Google Pay, you can use digital cash and make payments for your shopping, completing mobile bills, electricity bills, and much more. It is fast gaining popularity across India, and by now many people have downloaded the app and start using it. As it is the most accessible app for you to make your payments done!!
Google Pay is a digital payment app for the people you have a lot of Gmail contacts or know their mobile numbers. Through this mobile wallet, you can send money using the VPA. However, you'll have to attach your bank account linked with your phone number. It doesn't allow balance enquiry.
Using Google Pay, you can now pay and receive amount with accuracy from your bank account, and it runs with all banks which help UPI (most of the Indian limitations have already completed it).
Paying someone is super simple, you can either send payments overhead UPI to other personalities UPI address or by accessing their bank features. Two Google Pay users are free to immediately pay and receive payments by utilizing mobile number/ email address or by the QR code presented within the app.
All the transactions are securely transmitted by Google servers under multiple levels of protection. It is much more accessible to follow payments, due to its chat-like interface for each meeting where you can watch the money received and sent. Also, you can forward even text messages.
The app also highlights Request money from friends and family security. You can also recharge your smartphone using the related and even automate it.
13. Citi MasterPass
Citi MasterPass is one of the e-wallet payment systems in India which was launched by Citi Bank India and MasterCard. It is India's first global digital wallet which supports you to make the checking out process faster on e-commerce sites.
The co-branded MasterPass solution is the first of its kind Asia and Indian marketplace.
Users also get the advantages of assistance like storing all your credit, debit, loyalty cards, and shipping details in one place. Citi Bank credit and debit card users are able to shop with more than 2,50,000 online dealers.
Once you've collected all your pay and shipping details in your Citi Wallet, click on the MasterPass key and it will take care of the rest.
14. Oxigen Wallet
Oxigen wallet allows what it calls as a cash administration resolution. Oxigen wallet has the characteristics of a mobile wallet and mobile payments app. They also oxigen wallet offers an implicit debit card for online and offline shopping. Oxigen is growing pretty familiar with several retailers and shoppers in modern times.
Oxigen Wallet is powered by Oxigen Services (India) Pvt Ltd, India's leading and most comprehensive payment solutions provider. Every money transfer activity on the mobile wallet is achieved with a 6 digit OTP (One time password) sent to your enrolled mobile number.
Oxigen Wallet is India's first RBI allowed non-bank wallet to be combined with NPCI providing immediate cash transfer from the Wallet to 60+ banks and vice versa utilising the Immediate Payment Service (IMPS).
Oxigen is one of the well-known mobile wallets with a quick look interface with systems working on top along with the opportunities possible. A user can ask or send for money, get recharges, and pay bills. It guarantees users to feel confident with the Oxigen app as for every purchase it gives a six-digit OTP to the mobile number.
Oxigen has a happy looking interface with a standard on specific systems running on top, supported by the possible options. You can send or request for money, pay bills and get recharges. Users seem strong with Oxigen while doing performance because every time a six-digit one-time password (OTP) is sent to the designated mobile number.
According to the business website, it has a direct footprint of 1,00,000 outlets. It has prepared over 2 billion activities till date with a popular transaction amount rate of 720 million transactions per annum. It has a large consumer base of over 150 million. The Oxigen wallet app is accessible only to Android users.
The organisation maintains to have nearly 1 lakh outlets and has over 2 billion activities with a volume rate of 720 million events per annum. It has user support of over 150 million. The app is available to Android users.
JioMoney, started late in 2016 by Jio, is the best payment app in India 2020. The JioMoney app is motivated by the idea of digital wallets in India. Similarly, the JioMoney app allows you to get all the advantages of cash. Above all, without any of its conditions.
With JioMoney, one can get numerous discounts and offers. Users can also bookmark their regularly toured retailers, so purchasing can be made more agile than normal.
The most useful thing about Jio Money is that it can be utilized by somebody who does not have Jio as their telecom assistance provider. And if you have a Jio LYF mobile phone, you get privileged access to the Jio Money app that is preloaded with discounts and offers from chosen retailers.
JioMoney is a semi-closed prepaid digital wallet app by Reliance JIO mobile channels executive. This Pay App intends to provide cash-free purchases anytime and anywhere. This mobile wallet app allows basic and venerable accounts to the user.
In the primary account, the purchase limit is INR 20,000 per month and doesn’t need any documentation. And in the forward account, added users can keep up to INR 100,000 filed in their JioMoney account for any period.
You can utilise JioMoney to settle utility bills like post-paid mobile agents, utilities, gas, landline, and security added. Apart from prepaid and shopping amounts, you can also adjust for the entire Reliance assistance. This involves charity for National Association of Blind, Siddivinayak Trust, and CRY, etc.
The Jio Money offer digital wallet in India also allows you to make protected digital payments from everywhere. Along with that, the app is very simple for everyone to use and pretty manageable to operate.
JioMoney wallet by Jio is a simplistic interface with the details that are helpful to users made possible at once to users. It enables a user to recharge, send/request money, pay at a shop all the advantage on the main page. The mobile wallet app is free to download in Google Play Store and Apple Store.
16. Ola Money
Ola is one of the fast-growing app startups in India, and they started in 2015 its own digital wallet. They have formed one of the best digital wallets in India. Above all, Ola money is amongst the simplest, quickest, and most trustworthy way of buying through digital wallets in India.
All the users can use this digital wallet to pay for your ola trips. Ola money has made cashless travelling a dream come true. You can also use ola money to purchase your groceries, flight tickets, and much more. The Ola Money app lets you buy with your stored money on the Ola Money digital wallet at numerous online services.
The great thing about Ola Money's digital wallets in India is that you can remove your Ola Money to your bank account. And the app also lets you get offers with partner merchants like MyBusTickets. Similarly, Ola Money looks to associate with more and more merchants in the near future to give you more choices to scan through the app.
Ola Money enables you to make payments for all your everyday needs. Recharge Ola Money wallet using your credit/debit card or net banking. Keep a record of your purchases by looking at purchasing history. Paying for the Ola and other cabs also made simple using this mobile wallet. Ola Money mobile wallet assists you to give money to your friends. It is accessible for Android and iOS.
17. Bhim Axis Pay
BHIM Axis Pay is a UPI banking app that allows you to do immediate money transfers, Mobile Recharges, DTH Recharges quickly from the BHIM Axis Pay mobile app. Once linked, just request your UPI ID preferably of your bank account number and branch IFSC code for immediate money transfers.
All Axis Bank Buyers and non-customers can use the BHIM Axis Pay UPI app to send, receive or make payments. Users can send and earn money to anyone without comprehending their bank details.
Customers can add various bank Accounts on the BHIM Axis Pay UPI app. Immediate fund transfers 24*7, 365 days and free of cost. Consumers can also check the balance of your linked accounts.
You all can make your prepaid mobile number recharge from all the leading telecom providers like Vodafone, Reliance Jio, BSNL, Idea, Airtel, and others through the axis bank net banking. Also, you can make DTH recharge for operators like Tata Sky, Airtel DTH, DISH TV, Videocon D2H, SUN TV, and many more.
If you are querying why we are ranking Skrill India as the topmost mobile wallet in India, there is a strong reason. Skrill enables you to save money in US Dollars and foreign money too and transfer the same to your communications abroad.
However, there are the minimum and maximum limits on how much money you can transfer outside India.
You can make payments regionally with Skrill or remit to business associates or stores in India. This app is also useful for online shopping from foreign stores.
Therefore, this is a very helpful app for parents whose children are studying abroad and for entrepreneurs or freelancers that need to send and receive money from foreign experts. If you think that is skrill safe then it is totally safe for your online payments made in India and abroad.
What Is The Best Mobile Wallet in India or Digital E-Wallet App?
A mobile wallet or digital e-wallet is nothing but a digitized account of the virtual bank account with insufficient activity conveniences. Anyone can start a mobile e-wallet only just by downloading the app from the Android Play Store or the Apple App Store.
The mobile wallet can be combined with UPI payment assistance for P2P money transfer or NFC technology for contactless payment assistance. Some mobile wallet app in India gives a virtual Debit card, which you can use for any e-commerce website across India.
How to use Digital Wallets?
It is effortless to use Digital Wallet. Follow the measures given here to use an e-wallet for easy payments, online shopping, discounts, and more.
- Download the Mobile Wallets in India 2020 from the app store on the mobile device.
- Register using your email id & password. Some e-wallet also allows enrollment using a mobile number.
- Once you are logging to your account, you can select several payment options such as credit/debit card, net banking transfer, ATM transfer, and more.
- After adding money, you can make a purchase such as online shopping, DTH recharge, mobile recharge, send/receive money etc.
Type of Digital Wallets In India
As per RBI guidelines, three types of Best Mobile Wallets and Digital Payment Apps in India are accessible in India.
Closed Wallet – Closed wallet does not recommend withdrawal of cash or recovery. This types of wallets are used for particular goods, merchandise, and services of specific companies. Few examples are MakeMyTrip, Jabong wallet, and more.
Open Wallet – The wallet that enables users to withdraw as well as redeem cash are known as open wallets. Vodafone Powered M-Pesa, SBI buddy and HDFC chiller are examples of open wallet.
Semi-Closed Wallet – Semi-Closed Wallet is like closed wallet only. You cannot withdraw or redeem cash from these wallets. However, these wallets approved the acquisition of goods and services at multiple businesses. Few popular wallets in this category are Paytm, PayUMoney, MobiKwik, Oxigen etc.
Benefits Of Using Digital Wallet India Government
Mobile Wallets have been one of the most prominent advantages of the government's demonetization move, with India quickly waking up to the accessibility they offer.
- Easy Approachability –Using a mobile wallet for day to day activities is straightforward; to begin with. Downloading the app and generating a user ID and password is all you need to do here. It is as secure as logging in to your Gmail or Facebook account from your smartphone.
- Easy to load money– You can add money to your wallet in quickly via net banking, credit card or debit card. Being able to store these features saves you from the annoyance of recording these details every time you make a purchase and preserves time.
- Variety of uses– Beginning from bill payments for DTH, postpaid, data card and broadband to buying air, bus or train tickets, you can use an e-wallet for a kind of transactions. From paying at your local Kirana stores to funding for your services like gas, water and electricity, the reach of mobile wallets has spread far and wide.
- Split bill ability– Being able to split payments with friends is another significant advantage. Freecharge and Mobikwik users can split their bills only by recording the amount and the number of people who are required to pay their share. These wallets will automatically create a link which you can send to people who owe you money.
- Assures timely instalments– You can also make use of the auto-pay ability to make future bill payments automatically, from your wallet balance on a pre-determined time.
- Incentives and Advances– Each mobile wallet comes with its own set of reasons. E-wallets give lots of money-saving avenues for discounts, cashbacks, offers and gifts. You can avail the maximum by going into the offer section and making maximum use of promo codes.
- Immediate transfer of funds– Money wallets have made sending and receiving money fast and secure. And on the top of that, currently, there are no transaction charges levied for giving money anywhere, anytime, thus making it a better option.
Disadvantages Of Using Digital Wallets In India:
- You cannot recover your money back from the wallet you need to make shopping to use this money.
- If you misplace your mobile, your wallet is missed.
- You can use the wallet until your mobile battery lasts.
- It may be probable that you will end up paying more money using the wallet.
Features Of Best Mobile Wallets and Digital Payment Apps in India
- Anyone can open a mobile wallet by merely installing the app on your smartphone.
- As per RBI guidelines, minimum necessary KYC documents will need to determine any mobile wallet in a smartphone. You can not carry mobile wallet balance to the bank account if your mobile wallet is not KYC authenticated.
- Mobile wallet Interoperability for full KYC Accounts. (Allows performance between mobile wallet)
- Maximum balance of Rs. 10,000 (Nil KYC) and Rs. 1,00,000.00 at any point in time.
- Daily purchase limits Rs. 10,000.00.
- Fund Transfer limit (Changes with the different mobile wallet app provider)
- Mode of Fund variation – UPI Transfer, Scan & Pay QR Code or Contactless with NFC Technology.
- Virtual Visa or Rupay Debit card with an option to change into the physical card with an ATM withdrawal convenience.
- Various online offers and cashback option.
- Save your Debit card or credit card details or your social credentials features for ultimate online transactions.
KYC for Mobile wallets
The RBI raised the limit to Rs. 20,000 from Rs. 10,000 for which minimum specifications of the buyer is expected. The unusual amount in a wallet at any point of time should not exceed Rs. 20,000 during any given month.
For prices between Rs. 20,000- Rs. 50,000 valid official documents should be presented and will be published only in electronic form.
If an account is full KYC submissive, the limit on the wallet is Rs. 1,00,000 and the balance should not surpass Rs. 1,00,000 at any point in time.
So these are the 18 Best Mobile Wallet Apps in India  For Android & iOS for you to make your payment easy and reliable. Make the world digital with the digital wallets which have now gained a lot of attention for all kinds of mortgages.
Frequently Asked Questions
Q1. Which e-wallet is best?
A1. The best E-Wallets in India are the Paytm, MobiKwik, PhonePe, BHIM UPI, and many more are the best ones.
Q2. Is Paytm safe?
A2. Yes!! Paytm is safe and not just Paytm the other digital apps through which you do payments and transactions are safe to use. They all are reliable and easy to use.
Q3. What's the best online wallet in India?
A3. The best Online Wallet in India is Paytm, MobiKwik, FuturePay, PhonePe, Freecharge, Amazon Pay, and many more for you. All the E-Wallets in India are free to download and can get used while paying your grocery, Apparel Shopping, and man more payments through your phone in just a click.
Q4. Which is the safest payment app?
A4. The safest payment app in India are Paytm, Freecharge, MobiKwik, OlaMoney, Future Pay, Amazon Pay, PhonePe, BHIM UPI, and many more are there which allow you to have the safest payment on your shopping and more.