Best e-wallet Digital Applications in India 2020
As technological advancement is continuously changing and with the campaign of Digital India. India has become familiar with the digital exchange of money. Since the demonetization took place on November 8, 2016. The increase in electronic transactions has grown rapidly. Today, we can see most of the shops are using E-wallet for the transactions. So, in this article, we will be discussing all e-wallet and the best e-wallet out there.
E-wallet is an online service where you can pay as well as make purchases with digital transactions through your smartphone and computer. It is linked to your bank account to do the payments. It helps the users to send or receive money in any part of the world and at any time. Moreover, for the security measures e-wallet has a specific password. For example – E-wallet can make online purchases, book hotels or flight tickets, buy you groceries, etc.
For using the E-wallet service all you have to do is –
- Firstly, download the E-wallet software application onto your smartphone or computer devices.
- Secondly, sign up for an account with username and password. Next, fill all the necessary details that are required.
- After making an account, link your E-wallet with your bank account.
- Lastly, create a unique pin to make online transactions.
Read more: Digital Currencies
- Go to the E-wallet application on your device.
- Click the Login option.
- Enter your username and password.
- Now you are eligible to access your account.
Best e-wallet Applications in India
Today most of the software applications come up with an E-wallet service. Rather be its an e-commerce site, or application like Truecaller, Airtel, etc. These applications also provide an E-wallet service. To use the E-wallet application, you must provide your Know Your Customer (KYC) documents (Aadhar card, Pan Card, etc,). So, the best E-wallet application in India are –
There is no doubt that Paytm is India’s most popular e-commerce payment application. It has over 300 million downloads. Paytm offers several services for its users such as digital wallets, mobile payments, banking, etc. It provides you with many features like online recharge, metro, paying the electricity bills, school/college fees, book flights, etc. To use Paytm you have to download it and then sign up with the relevant information. Moreover, some other features of Paytm are –
- You can do online shopping for clothes, electronic devices, shoes, etc from the Paytm mall.
- It also offers you to open a savings account or a fixed deposit account. There are no opening charges for opening savings accounts in the Paytm Payment Banks. Moreover, you can break your fixed deposit account anytime you want with no extra charges.
- Paytm provides you with many discounts and cashback offers when you complete a payment.
- You can pay for your FASTag with your Paytm wallet.
- It provides unlimited free transactions between Paytm Payments Bank and Paytm wallet. However, transactions from Paytm Wallet to your Bank account are chargeable.
It is also an Indian based digital payment service. Freecharge offers several services like insurance, investments, lending, mutual funds, etc. This E-wallet application offers many discounts and cashback offers to the users. It was founded in 2010. Moreover, in 2017, Axis Banks acquired the company for $60 million. Some of the basic features of Freecharge are –
- You can pay for electricity or gas bills, recharge broadband, DTH, mobile, as well as metro cards.
- You can easily invest in mutual funds.
- With UPI, payments are faster allowing users to send or receive money instantly.
- Book online tickets for entertainment, flight, etc. to receive discounts and coupons.
- It offers you to purchase insurance products.
It is an online payments service that is owned by the most popular e-commerce site Amazon. Amazon Pay is faster and convenient to make online transactions. It is easy to add balance in the account of Amazon Pay. It is based on Unified Payments Interface (UPI) hence you can add up to Rs.1 lakh in your wallet. All you have to do is click on the add balance option, then enter the amount and continue. It’s done. Isn’t that fast! It provides us with features like faster refunds, balance tracking, and instant checkout.
- You can add gift cards as well as view your statements as it monitors your spending.
- It manages all your debit or credit cards in the wallet.
- It can credit refunds to your account within 24 hours.
- Like most of the E-wallet services, it can also be used to recharge mobile, book tickets, pay bills, etc.
It is an India based online payment service. It provides you with simple, fast, and secure money transfer. The app is also based on excellent UPI and is available in 11 Indian languages. It has 100+ million users. It is a Semi-closed payment system under the Reserve Bank of India. PhonePe users can recharge mobile, DTH, pay at grocery stores, etc. Some of the other PhonePe features are –
- PhonePe allows you to invest in tax funds.
- You can purchase gold, insurance, and mutual funds.
- You can book tickets for flights, ola rides, order food, etc. and gain several discounts as well as cashback.
Mobikwik is also an Indian company founded in 2009. Hence it is the oldest online payment system application. It provides services like mobile recharge, DTH, and pay electricity or gas bills. It comes with a brilliant user interface having 55 million users. The users can add money to the wallet and make payments. Some of the Mobikwik features are –
- You can book tickets for flights, movie, etc
- Mobikwik wallet allows you to earn and redeem points.
- Several discounts and cashback on money transactions.
- Allow you to invest in mutual funds and other investments.
These are some of the best E-wallet applications in India. You can use them for easy and secure transactions from anywhere at any time. It is necessary to do the KYC verification in every wallet application. Recently, Govt. has issued an order to do the video KYC verification. Therefore, Amazon Pay started it via Google Duo-video calling app.