These e-wallets get most of the popularity during the time of demonetization of 500 & 1000 rupees currency notes in India. Some of these apps were already in use but others come into existence after demonetization. During the period of demonetization, Indian government promotes to use the available digital wallets as much as we can. This may have reduced the stress of changing currency notes with the present legal tender in India.
Let’s get familiar to these e-wallets and discuss in detail about their USPs: –
Top 10 Digital Wallet App In India:
PayTm: – is one of the most popular names in the field of e-wallets. Paytm was established in 2010 with the vision to be accepted as payment method everywhere. Today, if we see then this is true that Paytm is the widely used e-wallet app which has the most brand awareness and the largest user base. Their USP is their higher customer base and widespread acceptance.
Mobikwik: – is another famous name in the race of e-wallets. The USP of mobikwik is their focus. They have focused just on being the best e-wallet and they are doing it with high dedication. Unlike other mobile wallets, mobikwik has not emerged itself into e-commerce market. They just deal in payment options only. Mobikwik has the best deals of recharges and cash backs.
PhonePe: – is one of the UPI enabled apps. We need to load the wallet with money via debit or credit card transfer. It enables users to send and receive money from wallet and bank as well. The Unique Selling Point of PhonePe is that it has to work with MPIN. That means you need to enter MPIN to make a successful transaction. This MPIN is a four-digit security code. Every time you want to make payment, you need to enter MPIN, which is highly secured.
Another USP of PhonePe is that we can send money to the bank as well as using the Mobile number. The cost of sending money to others is zero. This is an amazing feature of PhonePe.
BHIM: – stands for Bharat Interface for Money. It is named after Bhim Rao Ambedkar. BHIM app is built on Unified Payment Interface (UPI) to facilitate cashless transactions in India after Demonetization. It is the only e-wallet app which government developed and controlled among all the other available options. Trust is the USP of BHIM app.
People trust it for securing their private information as they trust bank. The factor of trust is involvement of government. Another USP for using BHIM app is no internet connection required. We can run it offline too.
We need to dial *99#, a welcome screen will display on our phone and we can see options to send money, check balance as well as see the history of transactions. BHIM is also a good option for non-smart phone users as well.
Oxigen wallet: – is the oldest non-bank wallet of India, registered in 2004. Reliability is the USP of this e-wallet app. Firstly; it was mainly used to make small transactions of transferring money to ones account, bill payment, recharging prepaid or postpaid mobile numbers, etc. There is no limit of maintaining a minimum balance in the e-wallet. It is one of the secure methods, secured with 128 bit SSL encryption.
Citrus Pay: – is one of the best online payment options for B2B. Merchants like Myntra, Grofers, Faasos, TinyOwl, etc. are clients of CitrusPay and we can pay them directly through CitrusPay. Payments will automatically settle by Citrus. We can also use this e-wallet for recurrent payments to merchants for monthly or weekly billing. B2B model of accepting and transferring payments is the USP of CitrusPay.
PayzApp: – is a product by India’s most trusted bank, HDFC bank. HDFC bank itself has the largest customer base in India. They provided their customers the option to make payment to clients, bill payment, mobile recharge, buying movie tickets, booking tickets for bus, flight and hotel bookings along with online shopping all just in few clicks. The larger customer base and their trust and satisfaction from services provided by HDFC bank are the USP of PayzApp.
FreeCharge: – another name of trust by an e-commerce leader. This is an online payment e-wallet by Snapdeal. The USP of this app is that it is sound based online payment app. It can amaze you to hear this but it is true that the authentication of the transaction is based on sound.
Let’s get into the detail of this sound-based payment system. The customer has to select the sound payment method from the available options. As the transaction details of merchants are fill-up, it emits the sound signal to customer’s app. These sound signals replace the QR code scanning and OTP process. As the authentication process is done, then only the customer get Pay Now button to click on it. After clicking on Pay Now, the transaction is considered as complete.
JioMoney: – USP is the user base. As we all familiar with the revolution that Jio has to bring in the Indian internet market. It has tremendously changed the user’s trend, trust and usage of Internet in a short span of time. It has made a very big change in the market of internet users. As we know JioMoney is one of the products of Reliance Jio, users trust it for keeping their private information confidential. The JioMoney app comes complimentary with the pack of other Jio apps. Now it has hacked the growth of making payment for recharging the reliance Jio mobile numbers.
PayUMoney: – is the most trusted payment gateway used by the website owners. There is a tool available for receiving payments offline as well. We can connect as many accounts as we wish too with PayUmoney to receive money in it. There is no AMC, no Monthly fee and no setup fees involved in setting up for our online business. We can easily integrate this payment method with our website to receive money from customers. There is no restriction on minimum balance maintenance as well as no restriction on minimum monthly transactions. It is best suitable for startups.
Although there is so many application which could be used for online payment transfer, shopping, recharge and bill payment but we found these are the top & common 10 mobile wallet apps which come into the use of masses. If you find any growing app or if you are using any app which is having potential better than this app, you can let us know by comment below.
If you have any question, we are happy to assist you as well.