Tuesday, 29 November 2016

Top 10 trending and best mobile wallet apps in India

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Digital wallets have been gaining popularity in India. Cashless payment systems could play a significant role in achieving targeted GDP growth by eliminating illegal way of cash flow and that’s why, Indian government emphasises on the use of cashless payment systems. Apart from fund transfer, nowadays, you can use your electronic wallet to pay for your hotel bills, grocery bills, supermarket-shopping bills, and even to pay for auto rickshaw or taxi fare. Moreover, many roadside food stalls also started accepting payments electronically. These things certainly insist an individual to use e-wallets.

After making a search related to mobile wallets on your mobile’s app store, you can find a number of mobile wallet applications for your smartphone but this thing might put you in dilemma that which one should you install. Bearing in this our mind, we have listed best mobile wallet apps in this post.
Top mobile wallets in India
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 principle and security features which is why majority of users prefer to use apps that offer more user experience and, of course, lucrative cash backs.
Are mobile wallets safe?
Of course, they’re. Even many people believe them safer than physical wallets. Electronic wallets use highest level of security to make sure users’ financial and personal information 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 this cashless payment system more reliable.
However, like all other financial transactions, electronic wallets are also subject to some risks such as 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.
Advantages of Mobile wallets
  • 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 get lucrative cash back offers for purchasing and making payments. 
  • No need to stand in bank or ATM queues to perform a banking activity. 
  • Quick grievance redressal team available most of the time to resolve unsuccessful transactions issues. Many wallet apps pay you interest on your balances as banks pay on saving accounts.

Top 10 Digital Wallets in India -

Mobikwik is an Indian mobile wallet that allows its users to send/receive money electronically, and it offers cashless payment facility for shopping, recharge, and ticket booking etc. Mobikwik is enduring to expand its business by allowing its customers to pay income tax returns. It offers cashless payments options to everyone ranging from an individual to a medium firm. After demonetisation of higher currency notes, the company has noticed huge hike in its users, about 5 million.
If we talk about its mobile application then it’s quite user friendly and fast. Mobikwik lures new customers by offering full cash back offers. And also, it offers periodic cash back opportunities to existing users.
It’s one of the top ranked mobile wallet apps in India. To reach Non-English customers, Paytm has included eight Indian languages in its app and web channels. Paytm has emerged as a very strong mobile wallet company in India 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.
It offers real-time money transfer along with all other stuffs like recharges, bill payments, ticket booking, shopping, and the like. Its app is secure, fast, and quite simple to use. Paytm offers full cash backs offers for its new and existing customers.
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). Like other e-wallet apps, Freecharge lets you add money through internet banking/debit card/credit card etc and then you can use that money to avail facilities offered by the company. Mind blowing cash back 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.
It is one of the best apps to send or receive money internationally. You can send money anywhere and anytime in the world; because Paypal allows you send/receive money in over 100 countries.
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 one who is in abroad.
JioMoney Wallet:
JioMoney is a new digital wallet that gained remarkable popularity among e-wallet users. JioMoney provides a fast, easy, and secure solution to do everyday’s transactions. It can be used to do online recharges, send/receive money, pay premiums,and  to get huge offers and cash backs. It gives nail-biting cash back offers on first recharge or payment and also provides periodic discount coupons. Many physical stores and shops across India accept JioMoney transfer.
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. The app belongs to renowned bank ICICI and gives you flexibility to pay for everything. 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.
Chillr, mobile wallet has been accepted by many users delightfully. But only thing that hindering its popularity is currently its multi-bank payment services are available for few renowned banks (list of banks can be seen on chillr app) only. Chillr offers free money transfer facility to every individual. Before installing the app, make sure it’s available for your bank.
State Bank Buddy:
It’s launched by State bank of India and it allows users to load money in their wallets using debit card/credit card/internet banking etc, and then that money can be used for recharges, bill payments, and transfers. The app is available in 13 Indian languages.
Airtel Money:
It comes with a bundle of options. You can use it to make online payments and to transfer funds to other bank accounts. It frequently provides you discount coupons for shopping online. It contains all features that a mobile wallet should have.
Final Words:
India is evolving as a cashless economy; therefore, you can give your contribution to speed up the process by opting cashless payment options. If you do so then 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 (not seriously). We are not associated with any of the above apps therefore we do not hold any responsibility for any dispute.

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