India is facing a cash currency crunch, and until the gap is met by new currency, situation will remain for most of the population. Nonetheless, thanks to the evolution of digital payments there are several ways to skip the paper currency with the help of our smartphones. Here is a list of mobile apps that can be used to making payments online, at certain offline merchants, P2P transfers, bank transfers etc. You can take your pick, and also promote the usage of such apps to help others who are dependent on making or receiving cash payments.
|App||Wallet||UPI||Bank Transfer||Send On Mobile #||Android App||Rating||iOS App||Rating|
|Axis Bank Lime||Yes||No||No||No||Link||3.5||N/A||N/A|
Some pointers to note
- If you are new to payments via mobile apps, then you can mostly look at going either with mobile wallets or apps supporting UPI payments, depending upon your requirement.
- Mobile wallets are digital instruments where you can store money for instant payments. You load money by transferring from your bank account via credit/debit cards or net banking. Most of the wallets listed here are semi-closed wallets, i.e. you can transfer money to people who have the same wallet, or make payments at merchants who are authorised to accept from that particular instrument.
- RBI has increased the monthly balance limits for mobile wallets to Rs 20000.
- UPI or Unified Payment Interface, is an electronic funds transfer instrument that enables all bank account holders to send and receive money from their smartphones without the need to enter bank account information or net banking userid/ password. This requires only the recipient’s mobile number or Virtual Payment Address(VPA).
- Apart from the above mentioned apps, banks like SBI & HDFC have launched their own UPI apps. 31 banks are on UPI platform. You can read all about UPI here, and see if your bank has launched one too.
- Most wallets also allow making payments by entering credit/debit card information, i.e. without first adding money. This would be time consuming if you have to make payments often. UPI is faster, if you are not comfortable storing your money in a 3rd party app.
- Apps like Paytm, SBI Buddy, The Mobile Wallet are available in multiple languages. Mobikwik allows users to add cash to their wallets by visiting any of the nearby outlets.
In case we missed out any prominent app, please share in the comments below. And if you found this list useful, do share in your network to assist others too.
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Image Source – Networked India