Top 5 e-wallets for a cashless India

In the last few years it is self-evident that India is well on its way to a cashless society. You only have to see how the number of smartphone users have increased and how app development has seen a sharp rise especially in the fintech industry.

Growth in the fintech industry has allowed for a number of digital wallets to appear on the Indian commerce market. In a mobile or digital wallet, you can store cash and make online payments with it. Mobile wallets vary in their functionality from being open, closed or semi open or closed. It all depends on what model the company is working with. 

The rise in e-wallets in India is directly proportional to growth in e-commerce companies and online marketplaces, because as they grew, they sought faster and more secure transactions. When UPI was launched it allowed mobile wallets to easily integrate into the Indian banking system, which helped the online commerce market to take advantage of mobile wallets. Here are top five digital wallets in India:

Paytm

When we talk about digital wallets in India, discussion always starts with Paytm. Launched in 2010, with its 300 million users it is one of the oldest and the largest e-wallet in India. No matter where you go in India you will find both online and offline vendors providing their customers the ability to pay with Paytm. It is especially preferred by social media influencers and online entertainers in India, who prefer to take donations via Paytm.

Amazon Pay 

In any growing economy it is only a matter of time before international giants step in. In India’s fine tech industry, Amazon pay was the first international player to enter in 2017. It mainly focused on its own consumer base which is growing exponentially in India and gave them an easier alternative for payment through Amazon pay.

Not only can consumers buy products with Amazon pay but by partnering up with local company ZestMoney they have allowed their customers to pay for their products through monthly instalments. 

Google Pay

If one tech giant has entered the Indian commerce market, others are not behind and that was the case for Google. Of all the international companies Google Pay has the greatest number of users and is one of the top payments apps in both India and the world. Not only Indian customers buy stuff online but they can also pay their bills etc via UPI.

Google Pay allows its users to make payments through their bank accounts or debit or credit cards. This means the users know that their money is secure in their bank accounts.

PhonePe

Launched in 2015 PhonePe has seen immense success and has gathered over 100 million users in five years. It owes its success to its easy-to-use interface and being a fast and safe mode of payment. Users can not only send or receive payments but pay their bills etc as well, thanks to PhonePe.

Spay India

Compared to other mobile wallets, SpayIndia is relatively new as it was launched in 2018. But in a short span of time, it has seen exponential growth as it targeted the underdeveloped and underserved sections of Indian society. Spay India has tried to provide a platform which even the less educated and digitally illiterate people can also use. It allows them to not only make payments but also pay their bills etc and even buy transport tickets or recharge their mobile data and more.

Conclusion

These digital wallets are only but a few mentioned here. There are many more which are successfully operating in India. Considering India’s large population, they all have millions of users. So, it only goes to show that it won’t be long when India will truly become a cashless society.

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