The world banking and financial transactions have seen a sudden change in the way people make payments which are majorly due to the use of online payment gateway. This has become even more convenient with the use of Mobile apps. The e-commerce has laid a strong requirement along with many others which have made many people not just trust these apps but frequently use them. The online payments which required the use of credit card or debit card details are now replaced with these wallets which keep their own balance and directly make payments without having to look for additional information.
The number of such services has grown over the years and the government is also taking all efforts to regulate them so that the users are protected from any risks. This is the most popular reason why many users prefer to make payments using these wallets.
The top wallets which are popular in 2018 are listed here:
1) Paytm: This one is the largest mobile wallet which in use in India. Paytm started as a simple recharge platform which is now development into a full developed mall option. Currently there is no important service which is not provided on the platform which includes rail ticket bookings and every form of payment. It takes care of the security and asks for an OTP with the registered number whenever a transaction takes place. There are no transaction fees which makes it so popular with all kinds of users. Just to provide added security there is option to lock the paytm app on your phone.
2) Mobikwik: This one is the best self-governing platform so far for mobile payment network. This allows easy shopping on favorite platforms, payments of bills, easy recharge and all that with just simple click. Most of the users prefer this wallet for recharge as it offers many additional benefits with it. The money can be transferred from the bank account and easy inter and intrabank transactions are made. Mobikwik also allows friends and family who use the app to transfer money to each other.
3) PayUMoney: This is an online payment solution which provides easy payment option to the users. The main goal is to provide cashless payments with the use of credit and debit cards without having to actually swipe them each time the payments need to be made. It allows instant payment using the preferred bank details. There are many payment options one can choose from and uses the credit and debit card easily. It allows direct search for offers and even scans the OR codes to what has been the favorite of the users.
4) Oxigen Wallet: This wallet has evolved with the service that it provides. It is the oldest non-bank wallet which is registered since 2004. The users often make simple online payments and use it for recharge. There is an 128 bit SSL encryption which makes the use of the wallet highly secure. The wallet requires no minimum balance maintenance.
5) Freecharge: When you are talking about what the major population use then this is your answer. It allows a one tap transaction option and many other options. It allows an easy way of splitting the bills when the payments are to be made. There are easy recharges made along with payments for any shopping bills. This wallet not just provide easy payment ways but also provide many offer benefits like the freecharge coupons which have Cashback benefits, discounts and what not. Every online recharge which is made becomes beneficial when the right offer is picked. There is no delay in response if the transaction fails and an immediate rectification is made.
6) ICICI Pockets: This is an international bank and financial service app which entered the market following the growing need. This works on a very different format compared to other apps which also makes it even more secure. One is able to create iMobile smart Keys, there are added services like chat options, games and messengers along with the easy payment services. There are many ongoing offers for the users making it an interesting application.
7) BHIM: Post demonetization the BHIP app was launched to promote cashless India. It is Unified Payment Interface which facilitates the goal. This is a government developed and controlled app making it the safest option available. This is an app which runs offline as well which makes it highly reliable and it will not fail you in any situation.
8) Lime: Talking about standard banks providing wallet services this one is by Axis bank. It provides seamless transactions and works as a separate account that you hold. The security and the account is functional post certain verification which is standard to the financial institutions. It allows payments only after the 4 digit Pin is verified. Users can make easy online payments and share money when desired.
9) PayUMoney: The website owners prefer this payment platform because of the security and services it provides. It allows offline payments as well which makes it reliable. There is no limit to the number of accounts one can add to the wallet. It works without any monthly charges and the users can be assured of no hidden cost they would have to pay making it a very economical wallet for cashless transactions.
10) PhonePe : With the latest development and the involvement of the authorities Phonepe has become one of the UPI enabled apps. This is a wallet which keeps the money in the account and does not require the use of credit or debit card every time payments are to be made. The money can directly be used for the wallet and even banks as required. The security is ensured with the use of MPIN which will be required to complete the transaction. The money can be transferred to mobile numbers as well as bank accounts.
There are many reasons why one can use these wallets. Since they make payment simple and easy there is no reason why one should shy away. All these wallets make efforts to ensure safety and security of the use and thus users have nothing to worry.