Mobile Wallets have changed the outlook of best e-wallets in India. They have gained immense popularity in a short span of time and have lived to the tagline of ‘Digital India.’
The growth of mobile best e-wallets in India surged from 2017-18 and has helped people to go in a direction that doesn’t compromise with digital payments. If you have an e-wallet, you don’t need to be fed up with running out of cash or stand in those long ATM queues, as you can store your money in digital wallets and carry them out online as well as offline payments. In short, money wallets in India have made life a bit easier. According to the RBI guidelines, there are three types of e-wallet available in India. These three wallets are,
Closed Wallets- These wallets do not support the withdrawal of cash or redemption. Closed wallets are used for specific products and services for distinct companies. For example- MakeMyTrip, Jabong Wallet, etc.
Open Wallets- You can withdraw as well as redeem cash with open wallets. Examples of Open wallets are- HDFC chillar, SBI Buddy, Vodafone’s M-Pesa, etc.
Semi-closed wallets- Semi-closed wallets don’t allow you to withdraw or redeem cash. But, with these wallets, you can purchase goods and services at multiple companies. Some of the famous names that fall under the category of semi-closed wallets include Paytm, Mobikwik, PhonePe, etc.
In this comprehension, we will be discussing on 5 of best e-wallets in India that have gained immense popularity and introduced people to a new mode of payment.
It’s always better to start the list with the best e-wallets in India in the business. And, Paytm is indeed the best of the best. Paytm is a semi-closed wallet, which was launched with essential wallet services, but later turned into an e-commerce store, which offered all kinds of shopping for clothes, furniture, electronics, household items, etc. Some of the interesting features of Paytm include,
- Link your bank account and create BHIM UPI ID and UPI PIN.
- You can use your bank account to create a savings account with Paytm Payment bank.
- Utility bill payments (Gas, electricity, water, and much more)
- Paytm charges 1% when payment is made via Credit card, 0.9% when made via debit card, and Rs 12-15 via net banking.
- Different bank payments and transactions of up to 1 Lakh
Google Pay is one of the best e-wallet apps in India and has been making all the right noises. Google Pay was initially launched as Google Tez. It is known for making easy, fast, and secured transactions as you can quickly pay and receive payments using a mobile number, QR code, or using email id. Once your KYC is done, Google Pay is among the safest e-wallet apps to use. Some of the app’s leading features are,
- Send and receive the money from bank accounts as the app works with all banks and supports BHIM UPI
- Payments to anyone who has Google Pay or not
- Bill payments, mobile, and DTH recharge
- The app also allows you to buy and sell gold with just a click of a button
- Earn money by referring app to your friend via Google Pay’s referral program
PhonePe is a semi-closed mobile wallet with which you can transact up to 1 Lakh rupees 24*7. Like many other semi-closed mobile wallet apps, PhonePe also works on the principle of UPIs for a seamless payment experience. Apart from UPIs, you have the privilege of using debit or credit cards for making payments. Some of the other alluring features of PhonePe are,
- Send and receive money anytime, anywhere
- Bill payments including electricity, gas, water, and other necessary bills
- Manage multiple bank accounts at the same time and keep a check on your account balance
- Get instant refunds or cashback from merchants
- You can split funds and divide it among your friends easily
The next e-wallet app on the list is Mobikwik. Initially, it was launched as a mobile recharge app, but now it comes with various other facilities like shopping, bank account transfers, investments, etc. Some of the additional features of the app include,
- Mobile and DTH recharge
- Electricity and gas bill payments
- Small and instant loan facility
- You can transfer money from credit card to bank accounts, wallet to wallet, and bank to bank
- Investment in digital gold
BHIM Axis Pay
The last e-wallet app on the list is BHIM Axis Pay. With this app, you can do instant money transfers, mobile recharges, utility bill payments with ease. Both Axis bank and non-Axis bank customers can use this app. Some of the app’s eminent features are,
- You can transfer money from the app to any bank account via UPI ID
- Online mobile, DTH recharges, and other bill payments
- You can add multiple bank accounts with this app
- No transaction fee charged for sending and receiving money
Time to wrap up:
So this is it! The best money wallets in India, which have transformed the way people used to make payments. Which one is your favorite and reliable e-wallet app from the list? Mention the name in the comment section.
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