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Top 6 Indian mobile wallet companies with their brief profiles

Top 6 Indian mobile wallet companies with their brief profiles

Payment apps are the best ways to quickly pay your bills and carry out other transactions without using physical cash or going through an inconvenient bank account transfer process. All you have to do is to use your mobile and with a few taps, you can quickly pay the bills. The use of payment apps experienced a great surge especially during the time of demonetization that encourages even the small-time offline vendors and grocery stores to start accepting digital payments. In this post we are going to discuss some of the most popular payment apps of India:

PayTM
PayTM is a leading mobile wallet company of the country that facilitates savings, spending and even investment via mobile.

Founded by Vijay Shekhar Sharma 9 years ago, PayTM is among the oldest payment app of India. Following a few intuitive steps, you can safely add the desired amount to your PayTM account that enables you to digitally pay the vendors who are registered with PayTM. You can use PayTM for online purchases, buying groceries, paying monthly bills, mobile recharge, travel, hotel booking and even paying to any person.

PayTM is now actively looking for enhancing it is lending vertical and may buy some stake in Yes Bank for the same objective.

Image result for icici pocketsICICI Pockets
If you are specific about using an app that is directly associated with a leading bank then ICICI Pockets could be a good option for you. If you are an existing ICICI customer you can use your bank account to top up your mobile and convert it into a digital tool to carry out different transactions anywhere anytime.
It facilitates cashless spending on different activities like paying for a hotel, food, bus/train/air tickets and book a cinema show. With its virtual VISA card feature you can carry diverse transactions on various websites or apps and win some awesome deals depending upon the amount spent or the specific brand association.

AmazonPay
A subsidiary of Amazon, the largest internet company, Amazon has been in the operation for over a decade now but it came to India around 2 years back in 2017. It is mainly focused on facilitating digital payments on different e-commerce sites and offers discounts on Amazon purchases depending upon the usage and frequent promo schemes. Along with Amazon you can pay for purchases through other apps as well like Big Bazaar etc.

Mobikwik
Mobikwik is an ideal option for or the users who would love to get a good amount of cashback on their payments. Recently it has significantly increased its user base. There are different ways to add cash to Mobikwik- bank account, payment card, or even physical cash. The best thing is that it also offers doorstep collection services.

Along with paying various types of utility bills, you can also use it to pay in restaurants, lifestyle services/products, leading supermarkets, and healthcare services. The company has collaborated with several brands and allows you to enjoy good offers on purchasing their services/products. The best thing is that you can also set s limit to your spending using its powerful expense control management options. 

PhonePe

If you prefer safety over the features then PhonePay is the best option for you. It might not be overcrowded with massive features but it certainly adheres to the highest security standards.

PhonePe also enables you to enjoy very good savings especially on electricity bill payments; you can also perform different transactions like transferring to other accounts and paying at your nearby shop. Its user interface is free from unnecessary clutter.

Image result for google payGoogle Pay
Capitalizing on the growing market of payment apps the internet giant Google also introduced Google Pay in . Just like any other Google products, it comes with a simple and neat interface with quick, purpose-specific features. Its well-organized interface enables smooth operations while the simple steps make things easier for nontechnical users.

Google pay safely integrates with your bank account and one of its USPs is that you don’t have to go through loading the wallet periodically due to its seamless integration with your bank account- meaning your wallet amount automatically increases whenever the money is credited to your bank account. It also gets you frees you from time-consuming KYC formalities. Just install it, link your account and start using it.  

 

Conclusion
With the help of payment apps, you can quickly pay your bills, buy lifestyle items from eCommerce stores and even digitally pay for your grocery shopping. The Indian customers and merchants are seriously adapting to digital payments as it is a more convenient, quicker and in some aspects- even safer method to carry out different transactions like payment, transfer and even investment.

Image Credits:

Commons.Wikimedia.org

https://www.techrounder.com/finance/icici-pockets-review-best-e-wallet-virtual-debit-card/

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