Popular Mobile wallets in India

There was a time when people used to carry many debit & credit cards in their wallet. Technology eased our wallets of that burden, thanks to mobile wallets. Load the cash and do anything from your mobile.

MOBILE WALLET CREATIVITY 🙂

Oh! Wait, install that mobile wallet first.
Which one?
Check out yourself from our list of popular e-wallets :

PAYTM

When demonetization stuck India in Nov 2016, everyone had just one word on their lips #PaytmKaro. Launched in August 2010,the name being an acronym for “Pay Through Mobile”. It had recorded 1 billion transaction and 147 million wallet users in 2016. Just load the cash into your paytm wallet and you can do the following:

  •  Pay the money to shopkeepers grocery stores by scanning the QR code or entering their mobile number.
  • Paytm also provides platform for online shopping, you can avail services from merchants hailing from retail, travel, and entertainment industry.
  • It has introduced feature to transfer cash to your or your friends’ bank account as well.
  • You can make various bill payments of gas, DTH, etc.
  • Pay for your Uber, book movie on BookMyShow and enjoy the evening with Domino’s Pizza, #PaytmKAro
FREECHARGE

PreviewFreecharge is the king of speed. Freecharge is one of the fastest mobile wallets in India. It also has an impressive set of features including recharges, bill payments, hotel bookings and ticket bookings. It makes your transactions completely cashless, allowing you to transfer money to your bank account as well.
Freecharge has expressive UI, something called L design. FreeCharge coupons offers are as high as compared to payTM. Snapdeal currently holds Freecharge. One catch that appears in Freecharge wallet is that any offers/coupons are not applicable if you are using wallet money. To use any offer, you must pay full amount by card or net banking.

Freecharge is accepted at various online & offline stores:

  • Cafes/Restaurants – Mc Donalds, Beer Cafe, Barista, Cafe Coffee Day, Tiny Owl, FreshMenu
  • For Shopping – Shoppers Stop, LimeTray, YEPME, Voonik, HyperCity, flaberry, Snapdeal, Jabong, Zivame
  • Movies/Entertainment – FUN Cinemas, BookMyShow, Cinepolis
  • Hotels – OYO Rooms
MOBIKWIK

MobiKwik has partners like, Grofers, Big Basket, Lemontree, Makemytrip, IndiGo, Cleartrip, and Yatra etc. Pros and cons of Mobikwik wallet are:

Pros – The advantages of Mobikwik

  • The offline payments are a big draw of using MobiKwik though. For instance, Cafe Coffee Day accepts payments via MobiKwik, and the process is fairly simple.
  • I love the feature that you can redeem payback and max points through this app and convert it into money.
  • You can also get recharges through SMS and Call.
  • One of its great features is cash pickup feature. You can request for cash pickup using mobikwik wallet. Within 30 minutes mobikwik agent will come to you and load your cash in the mobikwik wallet by taking hard cash from you. Currently, this service is available only in Delhi/NCR, Mumbai. Jaipur and surat. But they are planning to expand it to more cities.

Cons

  • Mobikwik take long times to reply for its customer care complaints and queries.
  •  Bank transfer through Mobikwik is costly with 4 % transfer fee as compared to other wallets that provide this service for free, so actually it is not usable for day to day transections.
  • App is full of ads and service is not reliable sometimes as OTP takes times to reach. Also, most features are limited to selected cities only making the use restricted.

STATE BANK BUDDY

State bank buddy lets you pay your electricity, water, gas and landline bills. You can also use it to pay your insurance premium of many insurance companies. With the help of this app, you can set reminders for your dues and money transfers. It can also be used for sending money to another state bank buddy user using mobile number only. You can use the app to pay for your movie, train, flight and bus tickets. Hotel and car booking features are also there. Buddy encourages the customers to make most of their transactions through the Mobile Wallet. However, if the customer wishes to transfer money from the Mobile Wallet back to the Bank account a charge of 1% + service tax is applicable.

ICICI POCKETS

Pockets app has perhaps most eye-catchy and easy to use interface. Pockets has all the basic mobile wallet features along with some unique features. These features include recharge, pay bills, send and request money, Pockets savings account, Pockets VISA card, UPI integration and much more. ICICI Pockets app also has QR code and NFC features to make payments. If I name ICICI Pockets a full package of financial apps it won’t be a hyperbole. It has all the features which make almost all transactions cashless.

HDFC PAYZAPP

HDFC PayZapp, making digital payment in India simplified with one click payments, is one of the top online wallets in India. Users can easily compare flight and hotel tickets and even buy music or pay bills with the app. Simple connect your debit/credit card once and forget to worry about making payments.

OLA MONEY

Ola Money started off as a way to pay for your Ola rides, but they quickly realized that there were a lot of other ways in which it could be useful. The wallet is accepted across a variety of partners, both online and offline, as well as for recharges and P2P transfers to your contacts.

In general, the range of partnerships available for Ola is less than that with the other entries in the list, but it’s ahead of most other options, and if you also use Ola a lot, then it’s very convenient to keep your Ola Money topped up. Previously Ola money charges 6% for bank transfers, Now Ola Money Charges 0% for bank transfers. “Ola Money to bank Account” in 1 minute, yes you can now transfer your all Ola Money to Bank Account Via ‘IMPS ‘ it usually takes seconds or minutes to transfer your amount to directly in to our Bank Account. They have partnered with various merchants, Dominos, Pizza HUT, Mumbai Metro and Voonik being some of them.

VODAFONE M-PESA

This is a unique mobile payment service (mobile-based money transfer and micro-financing service) in the sense that it is made available by Vodafone as a semi-closed wallet as well as an open mobile wallet. Due to this, M-pesa supports cash withdrawal or redemption by the user. VMPL has the required RBI authorization to setup as well as operate a payment system in India. Having been launched in Kenya and Tanzania in 2007 for mobile operators Safaricom and Vodacom by Vodafone, M-pesa has emerged as a highly advanced mobile payment system (a branch-less banking service) in the world. The Vodafone M-pesa mobile app is one of the quickest and secure ways to conduct mobile transactions, especially to send money to your friends and family. They can then withdraw or receive the money at any of the 85,000+ m-pesa agents across India.
If you wish to transfer money using M-pesa app, all you have to do is enter the recipient’s number, amount to be transferred, 4-digit secret pin and then press ‘Send’. The recipient of your money will get a SMS which they can show to their nearest M-pesa agent along with an ID proof to withdraw / collect the money.
You can also use this app for other mobile wallet functions like online prepaid recharge, postpaid recharge (only Vodafone), DTH recharge (for Dish TV, Airtel, Tata Sky, Big TV, Sun Direct and Videocon), utility bill payment, broadband internet recharge, quick money transfer to any bank account or M-pesa wallet, online shopping, etc.

AIRTEL MONEY

You don’T Need A Bank Account for airtel money wallet. This service is primarily for those who can’t transfer or pay money online. It also means visiting Airtel Money agent to load cash in your account. So,this can be a big deterrent. You need to locate the agent in your area. Further, you have to go to him and pay cash for recharging Airtel Money account. I don’t think that Airtel Money user would like to block a big amount in Airtel Money account. So, they have to visit the agent frequently.

Airtel money wallet is costly. There are so many charges for almost everything, charges for cash withdrawal and transfer to Mobile Account, charges for Money Transfer to Airtel Money and bank account.Also, Airtel Money transaction charge is higher than banking transactions.I would say if you operate the internet banking account then you don’t need Airtel Money account.

It Gives You Interest, this is the good part of the service. Your money does not lie idle in Airtel Money account. The Airtel gives you the interest at the rate of 4% per annum. This is the minimum interest rate for saving account.

JIO MONEY

It is the latest entry in the list of mobile wallets. You get to enjoy cash free living with Jio Money. It is a simple, secure, and convenient way of carrying out your daily transactions on the go. You get to pay in a cash-free way. Jio Money helps you to make your DTH recharges, send and receive money, make everyday payments, manage your finances.

 

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