Know The Best Mobile Wallets In India

by Arjit Chalmela Finance Student

As shopping behaviour continues to develop, so does the former's payment platform and payment gateway industry. Mobile wallet is a new model in India that has surpassed credit card usage and is slowly replacing traditional payment methods.

Simply put, a mobile wallet is a virtual bank wallet where cash gets deposited for making mobile, online, or offline recharge. There are diverse types of mobile wallets in India, such as open, semi-open, semi-closed, and closed, depending on the kind of use and payments that can be made.

Wallets are increasing as they help to increase transaction speed, particularly for e-commerce firms, and all e-commerce marketplaces have also incorporated these mobile wallets. UPI's introduction has become even simpler, as the transfer takes place directly from the bank account instead of from a wallet. Here are some of India's top mobile wallet and payment apps and their offering to their clients.

· Google Pay

They have very quickly scaled up their user base as part of the Google ecosystem, despite being a late entrant. You can send money to friends with Google Pay, pay bills, and buy it online, an easy payment solution for grocery stores, recharge your phone-all via UPI, and directly from your bank account. Because Google Pay works with your existing bank account, that means your bank's money is safe.

There is no need to reload wallets and do any additional KYC-that for all other apps. You can also win scratch cards and other rewards, with the cashback transferred directly to your bank account.

· HDFC PayZapp

PayZapp is a complete payment solution that gives you the ability to pay in one click. PayZapp helps you to do mobile recharge, DTH, and data card, pay energy bills, compare and book flight tickets, hotels, and buses, shop, purchase movie tickets, music and payment solution for grocery, take advantage of great deals at SmartBuy and send money to everyone in your phone book.

· Mobikwik

MobiKwik is a self-reliant mobile payment network that reportedly links 25 million users to 50,000 and more retailers. This mobile wallet allows its users to deposit, pay utility bills, and shop in the market. MobiKwik has recently joined up with big and small-time grocery stores, restaurants, and other offline retailers, due to the increasing need for convenience.