Today there are almost every type of branded wallets in the market, including global to Indian, from tech company to telecom player and bank.
The time to pay cashless depends entirely on us. Today WhatsApp is occupied by instant messaging, then Paytm is the largest mobile wallet in the country with the biggest userbase. According to Paytm’s claim, its user base is more than 100 million.
Say directly, this is the era of mobile wallets that are building a cashless society with a change in the economy. Almost all major tech companies have their own wallets. Apple Pay, Google Wallet and Samsung P on are important names. But apart from all this, all the wallets are different from each other, for example if you use Ola cab or grocery store, you will need an Ola money wallet and you cannot even recharge it with Paytm balance. You can add money to mobile wallets.
Many e-commerce and ticket booking sites such as bookmasho, Group, Redbus, McMistrip, Snapdeal, Flipkart, Amazon etc. offer the option to pay online customers through mobile wallets at the time of checkout. You can pay safe online by using the mobile wallet of your choice. Along with this, most mobile wallets also offer cashback offers on online payment. You can also take advantage of mobile wallets using the relevant promo or coupon code.
Before we talk about some popular mobile wallets available in India, we will tell you some ways to use mobile wallets to make online payment.
- You can be signed up for free using your email ID and password on a mobile wallet app.
- Once you login to your account, you can choose options like net banking transfer, debit card, credit card, ATM transfer at your convenience.
- After this, you can put money in the wallet for online prepaid mobile payment (postpaid), DTH recharge, data card bill payment, electricity bill payment, gal bill payment, landline phone bill payment.
So, do you need to install many different wallets in your phone or will you work only with a few apps? Today we will tell you about some popular mobile wallets which we find very useful.
There are three types of mobile wallets
According to RBI, there are three different types of mobile wallets in the country. These include close wallets, semi-close wallets and open wallets.
Closed wallets can be used only for a particular company (or online merchant) goods and service. No cash can be deposited from such a wallet. McMitrip, Jabong etc. are examples of such close wallets. If a refund comes back in your account when a return of a product on the Mekamatrip or Jabong or any Ord cancellation, then you can use it only for purchases on the same merchant.
No cash can be withdrawn from a semi-close wallet. Such wallets can pay goods and payment for service at many different places (merchant locations). Provided that the mobile wallet company has a tie-up with other companies. Paytm, Mobikwik, Payoomi, Oxygen etc. are some examples of such wallets. Similar wallets are the most used in India.
Cash can be withdrawn from open wallet. Apart from this, they can also be used as a semi-closed wallet. M-Paisa of Vodafone is the best example of this.
1) Paytm
At the start of Paytm, only mobile recharge, DTH plan and bill payment could be made. Subsequently, in February 2014, the company entered the e-commerce sector. Paytm’s wallet partner consists of several companies including Uber, Bookmocha and Mekamitrip. Apart from this, Paytm has a partnership with many companies in shopping, travel, entertainment and food sector.
It is worth noting, Paytm is the only mobile wallet that supports booking on IRCTC and has an RBI license for payment bank setup. This license offers Paytm current and savings account deposits, issuing debit cards and internet banking service.
Like most other mobile wallets, you can send money to anyone from Paytm through mobile number or bank account. Paytm Wallets can be recharged through debit card, credit card, net banking and IMPS merchant payment.
Paytm is a good app to download in your phone and it is easy to use it because of its partner spread across the country. Whether you want to book a Uber cab or order food from foodpanda, Paytm is not. Paytm is now attracting customers’ attention with good offers on its e-commerce site. Apart from this, you can also buy all kinds of electronic, home appliances, footwear on Paytm with a cashback offer.
Recently the facility of metro card recharge has also started on Paytm. Passengers of Delhi and Mumbai Metro can now easily recharge the metro card from Paytm without line. On every weekend, Paytm also gives a huge discount to the user on many other products including the weekend market.
Paytm has gained a lot of popularity with the #Paytmkaro tag on Twitter. Apart from this, for any kind of complaint, for 24 × 7 customer care, you can email on care@paytm.com anytime.
download: Android | IOS | Windows Phone | Blackberry | OVI
2) Freecharge
With freecharge, you can recharge any prepaid mobile phone, postpaid mobile, electricity bill payment, DTH and data card in India. Metro cards can also be recharged by freecharge. Freecharge wallet can be recharged through debit card, credit card and net banking. This wallet can be used by both app and web browser.
Freecharge was acquired by Snapdeal in April 2015. In September 2015, Freecharge launched its digital wallet for freecharge and transactions on Snapdeal. At that time the company claimed that it had more than 5 million wallet user base.
If you use free Snapdeal or its new venture Shopo, Findmaistail, you can use freecharge. Also it is an easy way to recharge quickly and fill the bill.
download: Android | IOS | Windows Phone
3) Mobikwik
Mobikwik Systems Private Limited’s mobile wallet Mobikwik is also used for mobile recharge and bill payment. But Bookmodo, Mekamitrip, Domino Pizza, EBay and other merchants also accept payment through Mobikwik. Mobikwik’s website has a section of cashback offer for both online and offline partners. The most important is Mobikwik’s offline partnership with an offline partner like Cafe Coffee Day, if you do not have a cash, then you can pay through Mobikwik.
Mobikwik claimed to have more than 25 million user base and more than 4,00,000 everyday transactions on its website in October last year. Mobikwik can also be topped up through net banking, debit cards and credit cards. Apart from this, along with the use of mobile number or email ID, you can also transact money between your friends and family.
Apart from this, another reason to download this app is that Mobikwik Dorstep offers cash collection service under which it is the most beneficial for the user who does not have any bank account or credit card. Currently cash collection is available in Delhi, Mumbai, Gurgaon and Jaipur. Mobikwik Wallet can add a maximum of Rs 10,000 in a calendar month. If you are looking for a mobile wallet that makes an offline strong appearance, then it is definitely the best option.
download: Android | IOS | Windows Phone
4) Airtel Money
Airtel Money is a semi-kelosed wallet that cannot be withdrawn and provides any discount. Airtel can be recharged with money. Apart from this, money is transferred to contacts, and bank accounts. Bill payment can be made and online shopping can also be paid. Airtel money can also be used to book tickets but it does not give a great user experience.
Requests can be sent with NFC-based payment from this app and transactions can be done through debit/credit card or net banking without putting money in the wallet.
Cash can be poured from an Airtel Money Outlet or an Airtel Relationship Center in Airtel Money Wallet. This app is more useful for those who recharge their Airtel Prepaid SIM. Airtel is also partnership with another partner like Money Uber. Airtel Money is also included in the select wallets who have got licenses from RBI. This means that Airtel can offer interest. Along with this, it can also issue its debit card.
download: Android | IOS
5) Vodafone M-Paisa
Vodafone M-Paisa claims to be India’s largest cash out network. Wallet claims that it has more than 85,000 M-Paisa agents across the country. Along with sending money to someone from this service, prepaid recharge, DTH connection, postpaid vodafone number, water-electricity bill and online shopping can be done. Money can be transferred to a bank or any mobile number through its inbuilt IMPS service. But there is a forward charge for different slabs like- If you transfer 2000 rupees to a bank account or M-fat account, then you have to pay a fee of Rs 38. DTH and pre-paid recharge can be done for free from M-Paisa.
M-money is very useful for business correspondents as it can transform your virtual balance into cash without any more difficulty. Apart from this, M-Paisa is also an option for one who does not have any bank account.
download: Android | IOS
6) Oxygen wallet
From oxygen wallets, users can top-up mobile data recharge, DTH and data card recharge. Apart from this, mobile, landline and electricity bills can also be paid. Users can directly transact money in a bank account using oxygen wallet.
With this app, the user also gets reward points on using a service, which they can use for shopping on the partner website. Oxygen wallet is licensed from RBI and claims that it is India’s first non-bank whirlpool that has partnered with NPCI (National Payments Corporation of India) for instant money transfer. According to the company, oxygen wallets may have a balance of up to Rs 10,000. A maximum of Rs 5,000 can be done in a day while up to Rs 10,000 in a month.
download: Android | IOS | Windows Phone
7) Chillar
With Chillar, you can send any contact in your phonebook without waiting for their account number, IFSC code and OTP in a few seconds. Only HDFC Bank and Bank of Baroda customers can use this service to send money while other bank customers can get money using this app. For this, the account is required to be enabled through net banking or mobile banking, for this MMID request can be sent and MPIN can also be generated.
If you are an HDAFi or Bank of Baroda customer, then this app is perfect for filling, mobile, DTA and data card recharge. This wallet directly transactions from your bank account and does not require any third-party wallet. Chillar can also be used by a merchant or user to lane or give money using the QR code.
If you are an HDFC customer then you can use the Chillar app because then you will not have to keep your money in different places. There are very few due to downloading chillar for other people.
download: Android | IOS | Windows Phone
7) Payment
Payu launched its e-wallet service drink in India. With this wallet, online payment can be made through credit card, netbanking, debit card. Apart from this, user can also earn reward points on the use of every transaction. The use of drinks can be safe transactions on many websites and merchants.
Download: Android
It may be noted that Paytm founder Vijay Shekhar Sharma’s One 97 company has invested in Gadgets 360.
