There couldn’t be more appropriate time for writing this article.
After demonetization people are facing huge problems because of acute shortage of Rs 500 and Rs 1000 notes.
Moreover in coming days our PM will be taking more steps that is going to push this country towards becoming a cashless economy.
So what do you do when you have money in your bank account but you can’t withdraw it because there is no hard cash?
Well you have an option. Instead of paying using physical notes you can pay through your mobile wallet / digital wallet.
You can open an account with a mobile wallet and connect your bank account to it. Whenever you want to buy a product you can pay through the mobile wallet if the merchant accepts that particular wallet.
In this article we are giving you a list of top 20 mobile wallets that you can leverage to make your payments.
The best part of these wallets is that you can not only shop on ecommerce sites, buy tickets, pay bills but also you can transfer and receive money from one account to another.
After these mobile wallets you really don’t need to have any cash in your pocket.
Top 20 Mobile Wallets in India
So welcome to the cashless world! Here are 20 best digital wallets available in India & some of the main features you can find in these wallets.
This won’t come as a surprise to you because PayTM is number one mobile wallet app in India. PayTM has over 70 million users right now and anytime it is going to reach 100 million users.
PayTM performs over 40 to 50 million orders every day.
But the thing that separates PayTM from rest of the wallets is PayTM is first one to receive a license from Reserve Bank of India for starting India’s first payments bank.
Find below all the activities you can do on PayTM-
- Send & receive money to anyone like your friends & relatives, small vendors like vegetable wala, milkman, saloon, local shop keeper etc.
- Shop millions of products across thousands of categories
- Mobile recharge
- Bill payment for mobile, electricity, DTH, school fee, broadband, landline, gas, insurance and more.
- Book tickets for movies, bus, train, flights, car, hotel etc.
Apart from offering these regular services, PayTM is also offering services like debit cards, saving accounts, online banking, transfers etc.
One of the best thing people like about PayTM is Cashback. You can find cashback for almost all orders, recharges, ticket booking or even for paying electricity bills.
Some other great benefits of PayTM are smooth and easy transactions plus no failed transactions.
But above all PayTM is ubiquitous in India right now.
Recently MobiKwik also got the license for the payments bank just like PayTM. You can do all things like paying bills for electricity, water, gas, phone internet, recharging mobile, data card, DTH and off course ecommerce.
Now you can also accept or pay money using Mobikwik app. They have got cash pickup facility which you can use to add money to your wallet.
MobiKwik has tied up with all the major businesses and it has over 35 million wallet users right now.
However MobiKwik is still not preferred for paying and receiving money because it is really good for mobile recharge and paying your electricity bills.
Although I have listed FreeCharge on number 3 but I don’t personally like it. One of the main reason is support issues.
FreeCharge is one of the best mobile app when it comes to mobile recharge, DTH, electricity bills etc.
One of the good feature of FreeCharge over PayTM & Mobiqwik is its virtual Master Card from Yes Bank which allow you to shop online on any shopping website.
Now following mobile wallets in the list are offered by big banks unlike previous one which were not extension of big banks.
4. SBI Buddy
State Bank of India is the largest bank in India so we would like to mention their mobile wallet first.
With SBI buddy you can do all the things like send & receive money, pay bills, recharge mobile phone, buy tickets, ecommerce etc.
The unique feature about SBI buddy mobile wallet is it is available in 13 different languages.
The transaction is also pretty much secured however there is a 3% charge (+service tax) for fund transfer from SBI buddy to a bank account.
ICICI Pockets is the most popular mobile wallet offered by a bank.
Recently I downloaded its app on my mobile and tried to signup. The signup process involves verifying your mobile by sending an SMS from your own mobile.
I tried 3 times & it deducts Rs 1.5 each time but verification was unsuccessful.
With ICICI pockets you can also send and receive money from your friends with one tap.
Its touch and pay service allows you to shop with over 60,000 merchants right now.
You can open a saving account from your app, book and FD/RD and even apply for a Free Pocket card.
You can also get advantage of their refer and earn feature to earn Rs 50 for each 3 referral.
You can upload your wallet with up to Rs 20,000/- daily. There is a limit of Rs 2000/- for maximum amount of transaction.
LIME is offered by axis bank. It offers both wallet and banking.
You can upload money from any bank account to the wallet and use it for recharge, ecommerce shopping, bill payments etc.
You can also send and receive money with LIME. You don’t have to have an account with Axis bank.
LIME allows Axis bank account holders to upload a maximum amount of Rs 100,000/- and non axis bank account holders can upload up to Rs 10,000/- every month.
There is nothing special about LIME.
Citi Bank and MasterCard launched Citi MasterPass digital wallet for India.
It has got all the features of above mention mobile wallets. But where Citi MasterPass stands out from the rest is ecommerce merchants.
With Citi MasterPass you can shop for over 250,000 e commerce merchants. Moreover the wallet is very ubiquitous and good for people who like to travel a lot.
PayUMoney is accepted over 100,000 websites and business in the country. But what sets PayUMoney apart from PayTM? May be it is the fast checkout with security.
It has got OneTap payment feature. It requires not remembering your card details and bank passwords. PayUMoney’s OneTap feature takes care of everything without compromising security. You just have to remember once for your first ever transaction.
Right now you also get 1% extra reward points if you are paying through saved cards or wallet on PayUMoney.
Other features like refunds, quick resolution between merchants and customers, faster checkouts can be found in PayTM also.
These were mobile wallets offered by major banks in India. Now let us see other mobile wallets which are not subsidiary of any bank.
After the demonetization Vodafone announced m pesa app for cash withdrawal. So earlier you were able to do all things like pay bills, recharge mobile phone etc. But now you can also send and withdraw money from the Vodafone m Pesa mobile wallet.
The withdrawal facility is only available to full KYC customers. You can withdraw money in just 5 easy steps.
Right now Vodafone m Pesa has over 120,000 outlets across the country from where you can withdraw money from.
If you open an account with m Pesa worth Rs 1000 then there is zero activation fee.
Oxigen wallet has over 1 million outlets across India for the money transactions. Right now over 40 million transactions are being conducted using Oxigen Mobile Wallet every month.
Oxigen is India’s first non bank wallet for instant fund transfer.
With Oxigen you can do everything from sending and asking money to paying bills. You can transfer money to any mobile number of any cellular networks to any bank account.
Oxigen is pretty safe and reliable wallet as compared to others given below.
11. Money on Mobile
With MoneyOnMobile App you can send money to a bank account via SMS. To activate SMS services you just have to send a SMS to register and you can use the service.
For sending money you just have to register with the MoneyOnMobile, create an account, enter the mobile number of the beneficiary, enter his bank details, enter the amount and send.
You can send money anywhere in India on your mobile.
Money on Mobile has over 188 million mobile users and has 326,000+ merchants in its network.
JioMoney has tied up with over 50,000 ecommerce websites in India.
It offers account for two types. One is basic account with transaction limit of Rs 10,000 per month and other is advanced account with transaction limit up to Rs 100,000 per month.
Jio charges zero transaction fees. You can send and receive money with it. However JioMoney is best suited for the online transaction and shopping.
Rest of the features are similar to other mobile wallets.
13. Ola Money
Ola Money is another option. However it is not for sending or receiving money to a bank account.
But you can use the mobile wallet for few merchants that Ola Money has partnered with. The list is very small.
There is nothing special about this mobile wallet. If you like using Ola app for cabs then you can also use it for shopping purposes.
Frankly no one uses Ola Money app.
14. PhonePe Wallet
PhonePe is new mobile wallet in the market. However it is getting popular day by day after the demonetization.
You will be surprised to know that PhonePe is launched by Flipkart.
One of the main feature of PhonePe is that it will fetch your bank account details automatically based on your mobile number as soon as you signup PhonePe.
But one of the problem with PhonePe is that it’s not available with iOS so you can’t install this app on your iPhone.
If you have account with one of 19 banks listed in UPI then you can use PhonePe app for receiving and sending money through mobile phones.
You can also pay bills, shop online, recharge mobile, DTH etc.
In PhonePe, users do not have to load any money to the wallet because they use money directly from their bank account (as with any UPI).
Moreover there are no transaction charges and you can transact up to Rs 1 lac.
People are still not sure when it comes to security because the app is very new.
mRupee is another option for sending and receiving money on your mobile phone.
You can add over 8 beneficiaries to your account.
There is a transaction fee for every time you send money. It is over 1% if the amount is around Rs 20,000/-. The charges are even higher if the amount is less. For example for Rs 5000/- you have to pay Rs 76 as a transaction fee.
So the mobile banking is not free.
You can also do all other stuffs like ecommerce, pay bills etc.
I do not find anything new about Novopay. It offers features and facilities like all other mobile wallets.
You can send and receive money using this mobile wallet. There is a transaction fee and limit on withdrawal amount.
You can do all other things like paying bills, shopping, ecommerce etc. If you like then you can try this mobile wallet.
Next two mobile wallets do not offer core banking.
HDFC Bank's new digital initiative Chillr is just offering mobile wallet for ecommerce shopping, tickets for movies, flights, deals etc.
18. Citrus Pay
Citrus Pay has over 21 million registered users with over 8000 merchants and businesses.
You can do all the things like money transfer, pay bills, buy movie tickets, ecommerce shopping etc with Citrus Pay.
PayUMoney and Citrus Pay are quite similar when it comes to One Tap checkout. Both of them offer smooth transactions with just one tap without compromising security.
Like any other mobile wallet Citrus Pay also has limits for each transaction amount and the amount you can load to and withdraw from an account.
The last two mobile wallets are for merchants and not users.
MSwipe digital wallet is mainly for merchants and not for users like you and me. If you are a merchant and want to receive money from the customers then you can use Mswipe.
It accepts all credit and debit card payment.
If you are a merchant then you can open an account with Mswipe by paying initial set up fees depending upon the plan you are choosing.
Some of the most popular merchants using Mswipe are Asian Paints, Apollo Munich, Bajaj Allianz, HDFC Life etc.
EzeTap is just like Mswipe suited for the merchants and not for the customers. If you are a merchant and looking for a payment gateway then EzeTap is one of the best options.
It allows transactions through all the modes like credit card, debit card, UPI, check, cash, mobile wallet app etc.
If you are interested in EzeTap then you can visit their website and find out more information about pricing.
EzeTap is a merchant oriented mobile wallet.
There are many other mobile wallet apps available in the market. But if you are an user then I recommend you to use first 4 or 5 mobile wallets mentioned in this article.