List of e wallet companies in India
Nowadays during demonetization, when our Prime Minister is urging us to use the mobile wallets, we have to check out what options we have. However, even before the advent of the demonetization, many people found e-wallets useful simply because they could be used over networks.
Now more than ever we need that ease to deal with because there are many parts of the country where the 500 rupee notes have not circulated yet. The small amount payments are restricted. This brings us to take a good look at the e-wallet options we have and to use them effectively.
Before you argue about the usage of e-wallets, first let’s make this thing clear – one of the things we always carry with us is our smartphone. Carrying cash may not be always a good idea. Through net banking and e-wallets, you can even pay the auto rickshaws nowadays (although this facility is not widespread yet).
The best part is that using digital wallets you can also get some cash backs and discounts sometimes.
What is a digital wallet?
Before we get to explain the types of digital wallets we have, it is very important to understand what a digital wallet actually is.
A digital wallet is an online platform that helps you to carry out the transactions. You can pay for shopping, for buying services and goods. You can add money here to get some instant access to the services. You can also link it to your bank or credit or debit card to get a fast transaction through it.
So, the basic idea is that, you store money in the e-wallet, just like you store money in your physical wallet and carry out transactions. No worries about running out of budget – you can use exactly the amount of cash that you carry.
Paytm can be called the leading e-wallet in the country at present. It has over a million installs and is one of the most trusted e-wallets we have.
Launched in 2010, Paytm has a mobile market and it works on a semi closed model. It was launched with the intention of providing Indians with a platform to story money and to make quick payments.
In order for a person to make successful transaction with Paytm, the stores should have a tie up with Paytm. This means that you can only use Paytm in stores that have a tie up with them.
Apart from making transactions and purchasing stuff, Paytm also allows you to pay your bills. You can also transfer money to someone else’s Paytm account or savings bank account via Paytm. You can also book tickets to movie shows, pay hotel bills via Paytm.
When we talk about trusted online platforms Paytm is one of them. It has the largest number of registered users and has proven to be quite hassle-free so far.
Recently, capitalizing with the growth in the educational sector, they have also partnered with many educational institutes. So you can pay your fees, bills and other expenses via Paytm in your campus (if it has Paytm services) now.
The PayUMoney portal is one that is growing at a very fast rate and might giver stiff competition to Paytm very soon. This company is based in Gurgaon and it has launched in 2014. Many online payment portals are now using PayUMoney to accept payments. The payments have been regarded as safe and trustworthy.
Since PayUMoney started off late in the industry – when there were already a swarm of payment portals, they had to provide something extra. This is why they provide a wide range of benefits such as discounts, cash backs, one touch check outs, and offers on almost all transactions. It us one of the handful of payment portals that also provides instant refunds if you cancel your orders.
They also have buyer protect to ensure that you have the right purchase and get the best of security with them. Actually, that makes them a high player in the market. Perhaps this is the reason that till now there have been over a hundred thousand installs.
- State Bank Buddy
Launched not too long ago, the State Bank Buddy is rising the ladder almost instantly. One of the key factors here is the brand name “State Bank” – that is synonymous with authenticity and ultimate payment security. Since State Bank is a government owned company, the ones who have an account with the bank are merrily switching to State Bank Buddy apps to make payments and to book tickets.
State Bank Buddy app works just like the other bank e-wallets. It provides you with the facility to transfer your money and to make payments. State Bank app works if you want to transfer money to other banks also. But you have to have some cash in your wallet in case you want to use its features. However, you have extremely secure payment method and you can also block the service instantly if your phone gets stolen.
The app works in 13 languages and even if you have an account in a different bank, you can use this app. This app even allows you to set reminders. This means if you forget to pay your dues or bills, this app can remind you on time, so you never miss the deadline. You can also view mini statements of transactions that have been carried out.
Another familiar name in the market is MobiKwik. According to reports, MobiKwik has about 25 million users and it connects 50,000 retailers with buyers. In fact, MobiKwik is a trusted name in the market. A lot has been said about the interface of the app – it is very user friendly and even the ones with little familiarity with gadgets can easily make payments and purchases through it.
All you have to do is transfer some money via net banking or debit/credit card to this wallet then you can start using it to pay your bills. Since they have tie ups with different merchants, it can be used to make payments through this app.
Since there is an immediate need for the cause MobiKwik has recently tied up with a lot of grocery stores, offline merchants and restaurants. So if you are looking for an online payment portal to pay your grocery bills with, then MobiKwik might come to your rescue.
- HDFC Chillr
Just like State Bank – HDFC has come up with its own app that allows you to transfer instant money. It is a simplified payment process. However, unlike the state Bank Buddy App, you can use the HDFC Chillr app to only transfer money to the wallet through HDFC bank account. This means that if you have a bank account in any other bank, then you might not be able to use the HDFC Chillr account to make payments.
However if you are an HDFC customer, then you do have a lot of options here. You can split bills with others, you can request funds transfer or give people reminders, just like in the State Bank Buddy app. The makers claim that very soon the users will be able to make online and offline store payments as well. Also you can easily recharge your phone with one click with this app. There are almost a hundred thousand installations that have been there so far.
Want to skip the hassles of adding a beneficiary and make instant payments? This app will allow you to do so.
- Oxigen Wallet
Oxigen Wallet is fast gaining popularity. The app itself has been given a 3.7 rating in Google PlayStore. It has been around since 2004 and is one of the oldest e-wallets India has known. Already more than 20 million people are using this platform as an Android App or on desktop. Oxigen wallet boasts of its partnership with 15,000 online and offline merchants. It also has tie ups with 15,000 modern trades and over 170 banks.
It allows you the same features that the other e-wallets provide you – bill payments, transfer of money through POS machines, instant recharges and much more. It is installed in over 5 million devices so far and is used by over 20 million people including desktop users.
They have signed up Sachin Tendulkar in 2015 to be their brand ambassador. The platform itself is very interactive and they have been highly rated for their easy interface.
mRupee is yet another online wallet that that gives you the ease to transfer money from one portal to another via money transfer scheme. All you have to do is add money to this wallet. This part of the service is very basic but there is a unique thing about this payment portal. Here you can send a money order – like the good old days. Through this service any user can transfer money to any account of any bank branch through this app.
Also, this app can be used to transfer money across all banks. This company is owned by Tata Teleservices Limited and is fast growing. The service is brought and presented by ICICI bank – which is the principal bank for this app. There are multiple usages of this app which you can also find on their online portal.
Momoe is an e-wallet company based out of Bengaluru. This company has started just recently and in that aspect it is a new entrant in the market. The app has recently begun giving people ways to make purchase easier storing their credit card details in there.
The initial target of this app was ease of payment at restaurants which is why many people rushed to download this app because of the ease with which they were enabling mobile payments at restaurants.
There have already been over a hundred thousand installs. The company is expanding at a rapid rate. The services of this app are sadly available only at Bengaluru right now. Since the startup is growing at a fast rate, the investment companies will soon fund it to be launched in other cities as well.
Citrus Pay is one of the apps that will be recommended to you after you download apps like MobiKwik and Paytm. Hence, it s also a very poplar e-wallet portal. They have charted their growth plane differently. Apart from being one of the e-wallet services providers, they are also collaborating with a company called WooHoo which is basically a shopping and gifting portal.
- ICICI Pockets
ICICI Pockets is a digital brand that will offer you mobile services. It will give you the opportunity to carry out bank transactions right with a single click. Not just this you will also get exclusive discounts from associated bank branches.
It uses a special VISA cards to help you to carry out any transaction. You can do so either through their website or through their mobile phone app which has a million users already. You can also split your expenses through this app and send gifts and book tickets.
Lime is yet another e-wallet that you can download on your phone. It has been launched by Axis bank which is the third largest private bank in the country. It offers you shopping, payment and banking facilities. It helps you get your payments done on time. With this app, you can have the best experience of online shopping.
It has been launched by Axis bank that does not mean that it is available only to the account holders of Axis bank. It is available to all bank account holders. All you need to do is add money to your account and start using it.
There is also an option to share the wallet with your friends and family. You can collect funds by sharing the wallet where there will be a pool to add the funds. This money can then be used to get gifts and to spend on vacations. This is one of the best usages of this e-wallet. You will not get this feature on any other platform.
List of e Wallet Companies in India
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