As shopping patterns continue to evolve thanks to Covid 19, even mobile and digital wallets in India small-time have evolved with it. With UPI making payments seamless, mobile wallets and digital payment apps have been surpassing credit card usage and are slowly beginning to replace the traditional payment methods.
A mobile wallet or digital wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed - depending on the type of usage and payments that can be made. Wallets are growing rapidly as they help in increasing the speed of transaction, especially for e-commerce companies and all e-commerce marketplaces have integrated with such mobile wallets too. With the launch of UPI, it has become even easier, as the transfer happens directly from the bank account rather than from a wallet.
Here are some of the top 10 digital wallet and the top online payments apps in India and what they offer to their customers. Our top pick is Google Pay, which is also the No.1 digital wallet and UPI payment app right now
1. Google Pay (formerly known as Tez)
As its part of the Google ecosystem, they have scaled up their user base quickly, despite being a late entrant. It is currently the No.1 digital wallet and one of the top online payments apps in India. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone - all via UPI and directly from your bank account. Since Google Pay works with your existing bank account, which means your money is safe with your bank. There's no need to worry about reloading wallets and you don't need to do additional KYC - which is required for all the other apps. You can also earn scratch cards and other rewards, with the cashback directly being transferred into your bank account. Now you can also recharge your mobile or monthly utility bills. Since the introduction of UPI, wallets have become passé with users preferring account to account transfer via UPI.
Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store
2. PhonePe (earlier part of Flipkart)
Next in the list of top online payment apps in India is PhonePe. PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million download mark. From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. Its got a very good user interface and is one of the safest and fastest online payment experience in India.
Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store
3. Dhani
Dhani App is part of the Indiabulls group and has multiple features. It is not only a regular e-wallet app but it can also be combined with Dhani SuperSaver Card. Dhani also has a reward & loyalty program for Dhani customers wherein customers can play games and win cash to pay for mobile recharge, EMI payments, Insurance, and also for new Dhani products. This can be combined with Dhani Super Saver Rupay (physical and virtual card) which has assured 5% cashback on all purchases done via the card and its completely free for the first month.
Number of installs: 20,000,000+ (20 Million or 2 crores) on Android Play Store and iOS
4. BHIM Axis Pay
BHIM Axis Pay is a UPI banking app that lets you transfer money instantly to anyone using just your smartphone. Make online recharges to your prepaid mobile and DTH set-top boxes directly from the app.
Number of installs: 1,000,000+ (1 Million or 0.1 crore) on Android Play Store
5. PayTM
PayTM is one of the largest mobile commerce platforms and one of the top online payments apps in India, offering its customers a digital wallet to store money and make quick payments. Launched in 2010, this e-wallet app works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. It was originally the No.1 digital wallet in India before UPI being introduced. Apart from making e-commerce transactions, this e-wallet app can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. They also have UPI enabled payments now.
Number of installs: 100 Million (or 10 crores) on Android Play Store.
6. Mobikwik
MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This e-wallet app lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can, in turn, be used to recharge, pay utility bills and shop at marketplaces. Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small-time grocery, restaurants and other offline merchants.
Another unique feature they have is their expense tracker which allows setting budget for your expenses across all payment instruments and it uses your SMS data to analyse and control spends. No wonder it made to the list of top online payment apps in India.
Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store
7. Yono by SBI
This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel. This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.
Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store
8. ICICI Pockets
Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.
With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands.
Number of installs: 5,000,000+ (5 Million or 0.5 crore) on Android Play Store
9. HDFC PayZapp
PayZapp is a complete payment solution giving you the power to pay in just One Click. PayZapp lets 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, avail great offers at SmartBuy, and send money to anyone in your phone book.
Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store
10. Amazon Pay
Amazon Pay is an online payments processing service that is owned by Amazon. It is also a top online payment app in India and the global market. Launched in 2007 globally and India in 2017, Amazon Pay uses the consumer base of Amazon and focuses on giving users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar etc. You also get to shop on Amazon using Amazon Pay. Amazon Pay has also tied up with fintech companies such as ZestMoney to enable no-cost EMI payment options on its platform. This makes it easy for consumers to purchase products on Amazon and pay for it through affordable monthly instalments.
Number of installs: Undisclosed
Data on digital payments in India
And here are some interesting findings on digital payment adoption from the recent ACI Survey:
While these numbers indicate the growing need for secure, faster and efficient payment methods for the online marketplace, efforts to make payments to an individual or brick & mortar stores are also increasing. Start-ups and huge corporates are constantly on the lookout for customer-friendly technology, thereby giving more power to the customer.
Need a few financial tips to handle your money wisely? Follow our YouTube channel Paisa Pujari for more insights. Here's a video to help you understand the smart ways to use a credit card:
Thus, the day you will walk around without a physical wallet and pay your local dhobi and Kirana store uncle using a mobile wallet is not so far. Do you use any of these e-wallets apps? Have we missed out on any information in this list of top online payment apps in India? Write to us in the 'Comments' section below.
