Top 5 Mobile wallets in India

by Bizopedia · Published October 15, 2021 · Updated December 24, 2021

In this article, we would look into top 5 payment wallets in india. A mobile wallet is a way to carry cash in digital format. You can link your credit card or debit card information in mobile device to mobile wallet application or you can transfer money online to mobile wallet.

Instead of using your physical plastic card to make purchases, you can pay with your smartphone, tablet, or smart watch. An individual’s account is required to be linked to the digital wallet to load money in it. Most banks have their e-wallets and some private companies. e.g. Paytm, Freecharge, Mobikwik, Oxigen, mRuppee, Airtel Money, Jio Money, SBI Buddy, itz Cash, Citrus Pay, Vodafone M-Pesa, Axis Bank Lime, ICICI Pockets, SpeedPay etc.

Let us look at each of them one by one-

Paytm – Paytm (a partial abbreviation for “pay through mobile”) is an Indian multinationaltechnology company that specializes in digital payment system, e-commerce and finance, based in Noida. Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code. As of 2020, Paytm is valued at $16 billion.

Google Pay – Google Pay (stylized as G Pay; formerly Android Pay) is a digital wallet platform and online payment system developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users in the United States and India can also use an iOS device, albeit with limited functionality. In addition to this, the service also supports passes such as coupons, boarding passes, campus ID cards, car keys, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.

PhonePe – PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India, PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016

Mobikwik – MobiKwik is an Indian digital payment company, founded in 2009 that provides a mobile phone based payment system and digital wallet. Customers add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company’s use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service

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