With the increase in the number of mobile internet users, many apps based services have seen the world, one of them is digital wallets. Although digital wallets is a relatively new concept in India, yet its growth is impressive. It has already surpassed the number of credit card users in the country. With 24.5 million credit cards circulating in the economy, there are more than 100 million users of Paytm alone.
These handy and user friendly apps are accepted by all, whether its fruit vendor or cobbler. Such great acceptance is not common to see in a country like India. Debit cards hold a massive user base of 661.8 million. But it seems digital wallets will easily cross the mark in near future. The most common reason of using the digital wallets is that they are simple to use and much more secure than credit cards. Also they can be used anywhere, thanks to their penetration in the market. There are some 12 to 15 digital wallet companies in India, right now. Moreover, the sweet spot for start-ups is the digital wallets only. Many mobile app development companies are coming up for this arena.
Here’s a list of most popular and best digital wallets in India that you should try.
Of course, when it comes to digital wallets, the first name that strikes is Paytm. With more than 100 million users, it is the largest app based wallet. One97 Communications operates Paytm and is headed by Vijay Shekhar Sharma the chairman and MD.
Paytm handles more than 75 million transactions every month. Launched in 2014, the company has acquired licence from RBI in the same year.
With 32 million users as of June 2016, MobiKwik is the one of the most popular digital wallet. Based in Gurugram, the wallet offers to send and receive money from friends, and to vendors. It also hosts great offers on Snapdeal, ShopClues and redbus. Started in 2009, the wallet also offers to pay bills and recharge phone and DTH.
Freecharge was brought by Snapdeal for $400 million in April 2015. With 20 million users as of September 2015, the company was named one of the most promising technology start-ups from India by Pluggd.in. Freecharge was established as mobile recharge platform, but later transformed into full-fledged digital wallet. “Chat n pay” and “split bills” are some of unique features of Freecharge. Founded in 2010, it also provides “Data Lifeline” if you are running low on mobile data.
4. Oxigen Wallet
Founded in 2004 by Pramod Saxena, an alumnus of IIT Roorkee, the Oxigen wallet is the oldest competitor in the market. With headquarters in Gurugram, Oxigen Wallet is India’s first non-bank wallet, approved by Reserve Bank of India. According to VCCircle, the app has 20 million users along with 9000 merchant locations and more than 10,000 online sites. It provides users to send and receive money over the social networking sites.
The Flipkart backed, PhonePe has about 10 million users in India. It is strategic partner of Yes Bank and also one of the first UPI based payment apps in India. It lets you send money directly from bank account without cards or OTP’s. offering highly localised content with support of regional languages of India, this digital wallet lets you pay for your bills and daily needs.
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