3 e-wallets promoting a cashless economy in India

By Leandra Monteiro

India is slowly but surely paving its way to a cashless society. The rise in mobile app development technology and the easy availability of mobile devices has changed the way the payment gateway industry is transforming.

This has given rise to a number of mobile wallets or digital wallets. A mobile-based wallet where one can store cash for making online payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed, and closed – depending on the type of usage and payments that can be made.

The use of e-wallets are growing rapidly as they help in increasing the speed of transaction, for e-commerce companies and all online marketplaces have integrated with such mobile wallets to make transactions seamless. With the launch of UPI, it has become even easier, as the transfer happens directly from the bank account rather than from a wallet. Here are 3 e-wallets that are making waves in the Indian industry:

• Google Pay

Despite being late to the scene, Google has scaled up its user base quickly. It is currently among the most used digital wallets and one of the top online payment apps in India. With Google Pay one can send money to friends, pay bills and buy online, and recharge your phone – all via UPI and directly from the users bank account.

Since Google Pay works with your existing bank account, its means the users money is safe in their bank account and is debited or credited directly from the account. There’s no need to worry about reloading wallets and no need for additional KYC.

• Paytm

Paytm is India’s payment Super App offering consumers and merchants most comprehensive payment services. Pioneer of mobile QR payments revolution in India, Paytm’s mission is to bring half a billion Indians into the mainstream economy through technology-led financial services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

• PhonePe

Another e-wallet that makes the top online payment apps in India is PhonePe. Started in 2015, PhonePe has in just 4 years been able to cross the 100 million download mark. From UPI payments to recharges, money transfers to online bill payments, users can do it all on PhonePe. Users claims the app has got a very good user interface and is one of the safest and fastest online payment experience in India.