Gone those days when people use to carry cash with them to exchange good and services. At present, instead of physical wallet people used to pay through mobile wallets. Mobile Wallets are known as virtual wallets which act as a container that stores your credit card or debit card information on your mobile device. Instead of using cash or debit card for any payment, you can just pay through your Smartphone, smartwatch or tablet. Using m-wallets, you can do the online and offline transaction to merchant registered with the mobile wallet service provider. Millions of users in India are doing their daily transaction from small to big amount through virtual wallets – as they are getting discounts on purchase provided by the mobile wallet service provider.
How to Use Mobile Wallets – Read Below
The Digital Wallets are one of the best innovation in the field of technology. Millions of people making payment from these virtual wallets. These e-wallets are easy to use, and readers who are not familiar with this wallet can follow these quick steps:
- Download the respective mobile wallet app from the app store on the mobile device.
- Register for free using an email id & password.
- After logging to your account, choose the payment method from various options like – credit/debit card, net banking transfer, ATM transfer, etc.
- Now add money simply to your e-wallet for making online mobile recharge, DTH recharge, send/receive money, etc.
Numerous ticket booking sites and e-commerce sites like – Redbus, Bookmyshow, Groupon, Flipkart, Snapdeal, Myntra, etc. gives access to use mobile wallets for making payment. Most popular cab rental services like – Uber, Ola, etc. allow their customers to pay online using mobile wallets. In spite, anyone can enjoy the secure online payment method using any of the m-wallet apps. Moreover, most digital wallets offer some discount or cashback for making payment online.
Type of M- Wallets in India
According to RBI, there is three kinds of mobile wallets – closed wallets, semi-closed & open wallets.
Closed mobile wallet doesn’t provide services like redemption or cash withdrawal – only can be used for goods and services for that specific company. Online merchants like MakeMyTrip, Jabong, etc. are some examples of closed wallets. In case of any cancellation or to return product your registered MakeMyTrip or Jabong accounts credited with the refund amount. This can only use with that merchant itself.
Semi-closed wallets are also similar like closed wallets. It also doesn’t permit to redeem or withdraw cash. But allows users to purchase goods and services with listed merchants who have a contract with Wallet Company to receive payment. Paytm, PayUMoney, MobiKwik, Oxigen, etc. are examples of semi-closed e-wallets. Moreover, they are the most downloaded and trending mobile wallets in India.
The wallets that allow users to redeem plus withdraw cash name as Open Wallets. Vodafone Powered M-Pesa wallets is the perfect example.
Here are the most trending Mobile Wallets Companies of India
Paytm is one of the most popular mobile wallet in India which offers their users an online payment platform for secure transaction. In 2010, Mr. Vijay Shekhar Sharma founded Paytm in India – start with a dream and now known as the most prominent mobile wallet company in India. According to www.dqindia.com, Paytm is the one which has the most massive user base of 20 million. In India banners, hoarding, advertisement of Paytm can easily see on the grocery stores and shops. Small Shopkeepers to auto-rickshaw drivers are accepting payment through Paytm.
Paytm is user-friendly application and easy to use. Just download the form from your respective app store and signup and load money in your Paytm wallet. Use that digital money and make payment for any online or offline shopping. You can do e-commerce transactions using Paytm for mobile recharge, bill payments, transferring money and much more.
- Apart from a mobile wallet, Paytm is an online shopping store. More than 3 million of products to shop and pay online from Paytm Mall.
- Paytm added a chat box feature, that enables user to bargain with the real person regarding product virtually.
- Transfer money directly to your bank account or others bank account easily and receive instant notification of successful transaction.
- Benefits for KYC customers – verify with your Aadhar card and become the KYC customer of Paytm. Get exclusive offers and cashbacks, no spending limit & access to Paytm Payment Bank.
- Cabs like Uber support Paytm payment method – now ride with uber & pay using Paytm Wallet and get some cashback on every ride.
- Paytm tie up with various branded merchants like – Lenovo, Sony, Oppo, HP, LG, Hair, Nike, Onida, Panasonic & more.
- Paytm is available for both platforms – Android & iOs.
Oxigen Wallet preferred as the online shop for all online and offline payment transactions & powered by Oxigen Services India Private Ltd. Founded in 2004 by Mr. Parmod Saxena in contract with Blue Label Telecom. Oxigen runs with the time and now known as one of most significant payment solution company in India. Users feel safe and secure with Oxigen while doing transaction as every time six-digit one-time password (OTP) send to the registered mobile number. Although, RBI approved mobile wallet as well as united with NPCI – for instant money transfer. The user can make a payment or transfer money from the wallet to near about 50 plus bank.
- Oxigen allows users to transfer money to bank account from mobile wallet. It covers almost all major bank in India.
- It provides two stores to its users – Online & Offline Store. Online store you can shop and pay instantly. While in Offline store you buy & pay from the physical stores like Big Bazaar, CCD, Croma, etc.
- Upgrade the wallet space from 10,000 to 50,000 rupees as being Know your client (KYC).
- Oxigen tie-up with popular merchants like – eBay, Goibibo, Shopclues, Indiatimes, KFC, Jabong, Justdial & more.
- On every transaction, the user will get the payback points & the user can request for money and buy gift cards as well.
- Oxigen wallet app is available only for Android Users.
Powered by MobiKwik Systems Private Limited, another leading mobile wallet in India – founded in 2009. The founder & CEO of MobiKwik Bipin Preet Singh who contributes to bringing Digital transaction in India. This m-wallet has the user base of 40 million along 2 Lakhs retailers. This mobile wallet allows users to load money using credit, debit card, net banking & door to door cash collection services.
Make payment for the electricity bill, recharge your mobile, shop online and get the discount on various deals. Easy to use and 24*7 customer support for its users, the company has it headquarter in Gurgaon. No interruption of any third party while doing the transaction- the payment mode is 100% secure and safe.
- Allow users to send money from wallet to their bank accounts or family and friends.
- MobiKwik refunds the money instantly in case you cancel any ticket or booking in your mobile wallet.
- It offers various discounts and cash backs on purchasing from their referral e-commerce & online ticket booking sites.
- More than 2 Lakhs merchant online & offline tie-up with MobiKwik and has 40 million plus consumers.
- Approximately 25 plus payment transaction per second.
- MobiKwik is available for iOS, Android, and Window Phone users.
The PayUMoney is the safe and secure platform for making online payment all over India. PayU introduced PayUMoney mobile wallet service in India. This e-wallet allows its users to make the online transaction via debit cards, credit cards, net banking, etc. This mobile wallet offers rewards point on every transaction that can be used also. The best thing about this wallet, it gives PayUMoney Buyer Protection which assures that the purchased product reaches your door. If there is any dispute regarding product or service, their support team will figure out the case with the concerned merchant to refund your money.
People who are looking for the fast, convenient, and secure medium for making the mobile transaction then this is for you. This e-wallet is approved or passed by the RBI. It’s is wholly reserved subsidiary Vodafone M-Pesa Limited [VMPL] joint with ICICI bank. Because of this, this wallet permits redemption or cash withdrawal by its users. This mobile wallet considered the advance mode of mobile payment in the world. Vodafone M-Pesa is simple to use just download the application and make the mobile transactions to send money to friends and family. Everything designed and maintained the ease of the user, but if there is any dispute or query then contact to dispute team for immediate resolution.
With 20 millions of registered users this mobile wallet successfully providing the mobile payment solution in India. Freecharge endowed in 2010 by Kunal Shah and Sandeep Tandon, headquartered in Mumbai. The current CEO of the MobiKwik is Jason Kothari. This e-wallet becomes the most popular app among youth, which allows you to make prepaid, postpaid, DTH, bill payment and more in few clicks. Freecharge added one unique feature in the app from where you can donate money to the registered NGO’s. Rest features are similar to other m-wallets apps like add money using net banking, credit card, debit card, etc. and make payment instantly sitting at home. Freecharge provides discounts to their users on transactions to make their customer interest. Simple user interface lets you make your mobile payment immediately.
Reliance Jio is one of the most popular and trending telecom company in India. Introduce by the wealthiest businessman of India – Mukesh Ambani. With a lot of customer response Reliance, Jio shook the other big telecom companies of India ( Airtel, Idea, Vodafone & more). It becomes the largest internet service provider company in India with subscribers (6 million plus). Jio always cares about their users and provides best offers and discounts every time.
Jio introduces the JioMoney – the digital wallet that earned popularity among mobile wallet users. This wallet offers fast, secure, and easy mobile transactions service. Using JioMoney one can make online recharge, transfer/receive money, online book tickets, or pay for their cabs. It offers massive discounts and deals on making the first transaction- and provides time to time promotion coupons.
State Bank Buddy
This mobile wallet introduced by State Bank of India to make their user’s mobile transaction instantly. Now users can make payment to other users or bank accounts by adding money to their wallets using debit/credit card or net banking. Book online tickets, send money to your family and friends with few clicks. This wallet app is available in 13 languages and allows to set reminders for money transfer, dues, etc. Download the application from the app store to experience a new way of making payment.
Chillr is also running in the race of best mobile wallets in this year. It is getting being popular among people and engaging many users. This e-wallet tie-up with 52 Bank all over India and provides multi-bank connectivity. Now it’s easy to manage all the account at one place. Through chillr user can make instant payment make mobile recharge, book movie ticket, send/receive money, book flight, hotels and get the discount on transactions. Trusted and secure way of online payment.
ICICI bank launched Pocket wallet for its customers. This e-wallet allows users to connect with their respective bank account in India for the mobile transaction using wallet. Using Pockets, one can send/receive money, make online recharge, book tickets, shop and pay online, and share gifts with friends. Near about 1 million users download this app and making transaction every day. It’s fast, convenient, secure for the mobile transaction.
This is the quick tour of India’s best ten mobile wallets, which are highly downloaded and used by the people. With the increasing popularity of e-wallets among users, there are numerous digital wallets present in the stores like – mRupee, Citrus Pay, etc. There are some wallets used globally such as PayPal, Apple Pay, Google Wallets, etc. People feel comfortable and secure while using these virtual wallets and satisfied with the services. Despite there are millions of people who still used physical wallets in India. If you are one of them, then try once one of these wallets to experience a new way of making payment & be the part of Digital India. People who are using any digital mobile wallet app can share their experience with us.