Shopping patterns have significantly changed over the past couple of years. With more and more online retailers rising there’s a need to store paper currency in digital format and this is where mobile wallets come in handy. Today most e-commerce sites allow users to complete the transaction using mobile wallets. Be it Flipkart or Amazon, all of them are accepting some or other mobile wallet.
Mobile Wallets allow users to send and receive money without any hassle. All you have to is add money using credit/debit card and then spend at your favorite retailer. But wait, there are so many mobile wallets there, so which one should you use? Don’t worry, Savvydroid is about to list top 5 Mobile Wallets in India.
PayTM is one of the largest mobile commerce platforms in India. It allows user to store money digitally and make quick payments. PayTM was launched in 2010, since then the company has added and improved a lot of features. Besides payments, PayTM even allows you to send money to anyone who has a PayTM account. Recently, PayTM added BHIM and now anyone can link their bank account with PayTM and send and receive money from the bank itself.
Other features include, PayTM Payment bank, Mobile Recharge, DTH Recharge, Coupons, Gold, Metro, Gas, Loan, Electricity, Education fees and much more. This Mobile Wallet is popular because of its cashback feature. If you use the correct coupon code then you might get a good cashback.
Launched in 2015, PhonePe has managed to emerge as one of the best mobile wallet after PayTM. PhonePe was a success when demonetization was witnessed in 2016. The main feature why it became popular is because of UPI payment. PhonePe has features similar to PayTM with great cashback offers. On first UPI transaction users get cashback of Rs 75. Moreover you can pay landline bills, recharge DTH/ Mobile and buy third party brand coupons.
PhonePe comes second in our list as it doesn’t have Payment Bank feature. Another feature is refer and share. Whenever any user downloads and registers an account on PhonePe through your referral link, you get Rs 100 cashback after they perform first transaction.
Mobikwik is a Gurgaon based e-wallet payment system in India that helps its users store their money. Founded in 2009 by Bipin Singh and Upasana Taku, this digital wallet enables users to recharge, pay bills, and make third-party purchases with one tap. Users can even purchase insurance, pay traffic chalans, book travel tickets etc.
If that’s not enough, Mobikwik gives you SuperCash for every recharge. A minimum of 10% of your total SuperCash amount is automatically deducted from the payment that you make using MobiKwik, basis the specific offer on the category. However for mobile/ DTH recharges 5% of SuperCash balance will be used. Unfortunately, it is not possible to convert SuperCash to normal Mobikwik wallet balance.
4. Airtel Money
Airtel recently ventured into Mobile wallet by launching Airtel Money. Anyone can register for Airtel Money wallet and pay various utility bills. Recently, Airtel added BHIM UPI support to transfer money from wallet to bank and vice versa. Airtel Money also offers payment bank with high interest rate of 5.5%. To create an account you must get your Aadhar verified from nearest Airtel store.
The Airtel Money feature is integrated in My Airtel App so you don’t have to download multiple apps in case you are a Airtel user. Payment bank users get online Master Card which can be used at any shopping websites.
Finally we have FreeCharge that was once popular for online mobile recharge. It now offers slew of features which include electricity and landline bills, gas and water bill, metro and google play recharge etc. FreeCharge offers 25% cashback on train tickets booked through IRCTC.
A new feature that recently got added was “Chat and Pay”. The Chat & Pay is an intuitive features that enables two Freecharge users to transfer and receive money among themselves instantly on their FreeCharge wallet.This feature is built on top of the new chat based communication method introduced in the latest version of the FreeCharge APP. This feature is intended to make money transfer easier and effortless among the FreeCharge users.
Didn’t like our suggestions? Before choosing, make sure your favorite mobile wallet offers the following features.
- Transfer money from bank to wallet and vice versa
- Customer care support
- Basic utility bills
- Travel ( bus, train, flight)
- Access to coupons
Some additional features might also be helpful
- Payment Bank
- Buying Gold
- Automatic bill payment
- Linking other wallets ( like PhonePe with Jio Wallet)
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