Pay and Exchange Money Anywhere and Anytime with These Applications

The future of the banking industry is shaping with the increasing use of mobile wallet apps. Digital payment wallet is a system which securely stores your card details, passwords, virtual money, and details of transactions through which you can carry out most baking function with ease. These digital payment apps are mainly adopted in India especially after demonetization. During demonetization, customers felt the need of these digital payment apps to simplify their complexities. They are available at the Google Play store. The advent of technology and increasing use of smartphones and tablet devices made these apps so popular.

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Here are a few wallets apps specifically for India that helps you to perform secure online payments right from the device.

Wallets Apps to Perform Secure Online Payments

BHIM

Bharat Interface for Money (BHIM) is government backed digital payment app for India. BHIM is based on Unified Payment Interface (UPI). As it uses UPI PIN for all transactions, you have to register and set up one for the bank account. You can even access multiple bank accounts from one app to make payment easier. You can pay to any user by using either mobile number, bank account, IFSC code, QR code, or Aadhaar number.

Google Pay (Tez) – Digital Payments App for India

Google-owned digital payment app has been renamed from Tez to Google Pay. This payment app is similar to BHIM. After successfully adding existing bank account using UPI PIN, you can pay and receive money by providing either bank account, IFSC code, mobile number, audio QR code, or Tez UPI ID. Google Wallet app’s cash mode payment option allows to securely transfer money to anyone nearby without sharing users’ private details. Google’s security tool, Tez Shield, preserves each field of bank details to counter hacking and identity theft. Apart from convenient payment of bills and cash mode payment, Tex Google Payment App offers cash-backs and rewards for every transaction. The daily transaction limit is more than Rs. 1,00,000 per day 20 times across all UPI apps.

PayTm

Paytm is the e-payment brand of India’s leading mobile internet company One97 Communications. The most significant feature of this mobile wallet app – is it comes with an option of opening a savings account with Paytm Payments Bank. After opening saving account PayTm will offer all the services like no minimum balance requirement, free digital transaction, and free virtual debit card. You can also keep up to Rs. 1 lakh of deposits and earn 4% interest every month on it. Shopping on Paytm is effortless. You can find items on Paytm by either searching or window-shopping on Paytm Marketplace. Additionally, Paytm provides an option to bargain for each item. Like most of all apps here, you can add money to Paytm wallet.

PhonePe

PhonePe is one of the wallet apps in India supported by YES Bank which uses a mobile number or a unique payment identity for payments. Currently, it is working across 40 UPI enabled banks. It consists of multiple payment options and each possessing its own different limits. A customer can transact up to Rs.1 lakh per transaction. The phone pay wallet app offers facility such as refunds and cash back to your bank account. PhonePe payment app helps a user to redeem cash back for mobile recharges, bill payments, and merchant payments.

There are lot more apps providing e-wallets and money exchange to users for the easy and secured transactions in just a click.

Also, Read More: 7 Ways to Keep you and your Money Safe