Digital wallet or you may say e-Wallet is nothing just an online service that conveniently lets you send and receive payments digitally. As of now, digital payments trend is booming in India and as a result many financial such as banks and non-financial firms have been entering in the industry. To safeguard your hard-earned money, it’s advised that always install and use a trustworthy mobile wallet. In this post, I’m going to take you through some of the best digital wallets in India.
Cashless payment systems could play a significant role in achieving targeted GDP growth by eliminating illegal way of cash flow. That’s why, Indian government emphasizes on the use of cashless payment systems.
Apart from fund transfer, nowadays, you can use your e wallet to pay for your hotel bills, grocery bills, supermarket-shopping bills, toll charges and even to pay for auto rickshaw or taxi fare.
Furthermore, many roadside food stalls also started accepting payments electronically. These things certainly insist an individual to use e-wallets.
But as mentioned above, there are many digital wallets in India and one should choose a wallet wisely because you would be required to link your bank account for payments.
After making a search pertaining to mobile wallets in India on your mobile’s app store, you can find a number of digital wallet applications for your smartphone. But this thing might put you in dilemma that which one should you install.
Bearing this in mind, I’ve come with this listicle of best e wallets in India.
You can trust these wallets when it comes to your financial security because all are backed by renowned companies such as Google and financial institutes for example HDFC Bank.
Many renowned banks are also offering UPI (Unified Payment Interface) enabled mobile applications to send and receive payments through electronic channels.
But all mobile wallets apps work on the same platform and offer almost same security features which is why majority of users prefer to use apps that offer more user experience and, of course, lucrative cashback on payments.
Are digital wallets safe?
Of course, they’re. Even many believe them safer than physical wallets. Electronic wallets use highest level of security to make sure users’ financial and personal information and credentials are encrypted and protected.
To accomplish a transaction user needs to prove his/her identity through an OTP (one time password) or authentication passwords; which makes digital wallets’ cashless payment system more reliable.
However, like all other financial transactions, digital wallets in India are also subject to some risks for instance if you lose your phone then other person may misuse it. But this drawback can be overcome by setting up password to access your phone and by enabling anti-theft features such as wipe my phone in Samsung smartphones.
Also, all mobile wallets lets you enable PIN protection to access sensitive information and spend money.
Advantages of mobile wallets:
There are enormous benefits of using digital wallets. Some of them are listed below:
- You don’t need to carry cash along with you all the time if you have installed a digital wallet app into your phone because you can almost pay for anything through it.
- Less vulnerable to theft.
- Real time fund transfer facility makes your life easier than before. You can transfer money to your loved ones from anywhere, anytime.
- You get lucrative cashback offers on electricity bill payments, for purchasing and making other payments.
- No need to stand in bank or ATM queues to perform a banking activity. Using e wallet, one can check account balance, mini statement and initiate fund transfer.
- Quick grievance redressal team available most of the time to resolve unsuccessful transactions issues. Recently, my Google Pay payment transaction got failed but my balance was deducted but I got my refund within few days.
- Many digital wallets in India pay you interest on your wallet balance as banks pay on saving accounts.
Here are my picks for Digital Wallets in India
I’ve been actively using all listed e wallets. These are secure, backed by prominent brands and companies, run under the supervision of Reserve Bank of India, and when it comes to cashback on payments, no other wallet comes close to them.
|Digital Wallet Name||Downloads||User Rating|
|BHIM UPI||50 Million Plus||4.4|
|Paytm||10 Million Plus||4.4|
|MobiKwik||Over 10 Million||4.4|
|HDFC PayZapp||10 Million Plus||3.8|
|Google Pay||100 Million Plus||4.3|
|Amazon Pay||More than 100 Million||4.3|
|Paypal||100 Million Plus||4.4|
|ICICI Pockets||More than 5 Million||4.0|
|Freecharge from Axis Bank||Over 10 Million installs||4.1|
|Oxigen Wallet||5 Million||3.4|
Note: This list does not represent any ranking.
Let’s begin with parent app, BHIM UPI developed by National Payments Corporation of India (NPCI), of all other UPI app in India. All Unified Payment Interface (UPI) enabled digital wallets in India use payment system developed by NPCI.
Bharat Interface for Money (BHIM) is an official government app for digital payments backed by NPCI and government of India. This payment system has changed Indians way of making payments. Most of the Indians, used to prefer cash payments over digital due to lack of trust and awareness.
But after the launch of UPI platform, country has noticed a great adoption of digital payments. The app is so secure that other apps use the same UPI technology platform for their payment system.
Important: Do you know if you would have invested ₹100000 on 21-May-2020 in State Bank of India stock then your ₹1 Lakh would have become ₹124000 on 05-June-2020 (24% retuns in less than 1 month)? This is the power of investing. Open your Demat and Trading account with Angel Broking by clicking on this special link and start investing in good stocks. To learn the basics watch this video.
BHIM App does not offer cashback and incentives on payments but when it comes to security it is almost as secure as physical transactions.
If you’re not biased toward cashback and only seek reliable and secure payment channel then BHIM UPI is you’re looking for.
Indians favorite digital wallet, Paytm. It hardly needs any introduction. Be it fund transfer, bill payments, recharges, and even toll charges, Paytm is a one stop shop for all these things.
Not limited to mentioned things, Paytm can be used for payment of credit card bill and insurance premium.
When it comes to cashback offers, Paytm is at the forefront. I earned a significant amount of cashback from this app. My recent cashback was ₹50 on payment of my dish recharge. You can also do the same without putting your money at risk.
The app is secure, trusted by millions and backed by parent organization, One97 Communications.
MobiKwik is an Indian payment system and mobile wallet allows its users to send/receive money electronically. It offers cashless payment facility for shopping, recharge, and ticket booking and the like.
MobiKwik is enduring to expand its business by allowing customers to pay income tax returns. It offers cashless payments options to everyone ranging from an individual to a medium firm.
After demonetization of higher currency notes, the company has noticed huge hike in its users, about 5 million.
If we talk about best digital wallets in India then MobiKwik is something that we can’t refrain from. Their mobile wallet app is quite user friendly and fast.
MobiKwik lures new customers by offering full cash back offers on payments and recharges. And also, existing users get periodic cashback opportunities.
PayZapp backed by HDFC Bank is one of the safest e wallets in India. Users get all the facilities that e wallets supposed to have along with trust and security from renowned Indian bank, HDFC.
PayZapp is not only for HDFC Bank customers but others too. Anyone can install and use this mobile wallet to become a part of digital India. The app lets you link your bank account using UPI Platform.
After linking your account, you can make payments and pay your bills and can earn incentives in the form of cashback.
PayZapp offers 5 percent cashback on your all spends along with other incentives.
Install PayZapp and use to referral code: sukuia9w
Google Pay is one of the top ranked digital wallets in India. To reach Non-English customers, Google Pay has included many Indian languages in its app and web channels.
Soon after its launch in the country, the app has emerged as a very strong mobile wallet company and has been extending its roots in each and every corner of India.
It has been seen that some small shopkeepers and roadside food stalls accept payment through this channel which apparently describes popularity and usability of the app.
Google Pay offers real-time money transfer along with all other stuff like recharges, bill payments, ticket booking, shopping, and the like. Its app is secure, fast, and quite simple to use. Users get worth considering cashback offers on money transfer.
The brand name Google itself is sufficient to prove its authenticity and security.
Try Google Pay using this link and use Google Pay code 17hr8m to get ₹21 cashback on your first payment.
When all giant companies jumping-in then how can Amazon stay behind. Amazon has launched its own digital wallet in India, Amazon Pay.
Amazon Pay mobile wallet has been accepted by many users delightfully. Upon linking your bank account to the app, you can earn decent cashback. And of course, on online payments and recharges too.
Amazon is a global giant eCommerce company and this thing helped Amazon Pay become one of the best e wallets in India with no or very less effort.
Many other online shopping websites too accept payments through this wallet. You can certainly install this mobile wallet app to make payments and earn cashback.
Try Amazon Pay and get ₹50 cashback on your first payment
Paypal is one of the best digital wallets in India and across the globe. It enables you send or receive money internationally too. Users can send money anywhere and anytime in the world. Paypal allows you send/receive money in over 100 countries. It’s a huge user base of over 250 million.
For safe, secure and easy payments for online shopping, fund transfer in the country or around the world, one can install Paypal app.
The wallet is universally acclaimed and has been extending its roots across the country too.
Many international merchants accepts payments only through credit cards and Paypal. Those who don’t have credit card can use Paypal to make payments.
Please note there are some charges applicable if you transfer money using this app. However, this could be very beneficial if you instantly need to send money to a loved ones who are in abroad.
Pockets digital wallet from ICICI Bank is one of the safest mobile wallet in the country. Users can rest assured that their funds and information are safe due to the brand name it carries. This VISA-powered e wallet enables customers of all banks pay bills, send money, make payments and much more.
Users can also get physical Pockets card for making payments which makes this wallet stand apart from the crowd.
Simple and elegant layout of the app gives you easy access to every feature; however, it needs to fix some bugs because many users mentioned usability issues.
Besides all electronic wallet facilities, you can request a physical card that can be used at many stores. Using Unified Payment Interface, you can send or receive money instantly.
FreeCharge from Axis Bank
FreeCharge is a subsidiary of renowned bank, Axis Bank. This mobile wallet has a large user base and has been providing good cashback offers with highest level of security to its users since inception.
Initially it’s owned by Snapdeal but now Freecharge has become wholly-owned subsidiary of Axis Bank.
An instant payment solution that allows users to pay for anything ranging from fund transfer to donations (latest feature added in the app that allows you donate money to registered NGOs).
Mind blowing cashback and discount offers don’t let customers go anywhere else.
The app is loaded with online shopping facility and as expected, it has easy and user-friendly layout.
Oxigen Wallet from Oxigen Services India Pvt Ltd. has 20 million users, according to its website. The wallet is approved by RBI and has 9am-6pm support team to resolve customer queries. It is indeed a safe and secure e wallet in India.
The company has been in business since 2004. As of now, it has 5 million plus downloads on Google Play Store. Though wallet is not that famous among Indian users but it’s worth considering.
India is evolving as a cashless economy; therefore, you can give your contribution to speed up the process by opting cashless payment options. By doing so, you directly participate in achieving corruption free India dream; because most of the black money flows through physical channels.
Disclaimer: Above list of apps does not represent any official ranking and it is simply a list that we suggest you to choose from. To make this list we have considered following parameters: number of downloads, rating, and user reviews. We are not associated with any of the above mentioned apps therefore we do not hold any responsibility for any dispute.