The use of mobile wallets has been on the rise since the past few years and India, in particular, has seen the growth of certain mobile wallet companies which are the giants of the industry now. The best mobile wallets in India are although few in number but the benefits they provide to their users is vast, both in terms of direct benefits as well as the benefits through partners. Hence, in this article, we shall talk about the 3 best mobile wallets in India.
Why Use Mobile Wallets?
There are a lot of reasons to use mobile wallets and all of those reasons are just and reasonable. The significant benefits of using mobile wallets are:
- The mobile wallets can be used directly on the smartphone, which makes them very easy to use.
- The mobile wallets can hold money as per your wish. If you want to hold ₹1, you can put that amount and if you need ₹1000, you can use that amount.
- There is no risk of robbery or theft while using the mobile wallet as the money is in the mobile wallet, which is accessible only via a password.
- You can never run out of cash as many mobile wallets allow the auto reload of wallets which send money in the wallet after the threshold amount is reached.
- You can pay anyone at any time without having to make a real-time transaction.
- You can help your friends quickly and instantly with money, by the use of mobile wallets.
Top 3 Mobile Wallets in India
The best mobile wallets in India are listed below but they are not in any particular order.
Paytm is almost synonymous with the mobile wallet system in India at one point of time, especially in the year 2016 when it recorded considerable growth in its user base. It is one of the best mobile wallets in India and has a variety of features which have been highly beneficial to the users. Starting from a small mobile wallet system, it has now become a successful e-commerce store and this has been possible with the exciting plans of the company.
The major features of this mobile wallet include various prepaid and postpaid mobile recharges; the DTH recharges, petrol pump payment, grocery stores payment, sharing the money among the friends, paying school fees of students, paying gas and electricity bills and also the use of Google Play payments. Such an extensive usage of this platform has made the users stick to this platform even after a few hassles that have crept in due to bulk users.
The DigitalKYC is available for Paytm as the company is registered at the Reserved Bank of India and requires authorization and proof of identity to stop fraud funding among the users. Also, the users can have an account in the Paytm Bank which gives many benefits as the regular banks, via smartphone. Overall, the entire mobile wallet system is an excellent choice for users.
2. FreeCharge
FreeCharge is one of the most important competitors of Paytm and has a huge count of users to its name. In terms of popularity, this is one of the best mobile wallets in India ranking just after Paytm. Over the last couple of years, this mobile wallet has seen a vast rise in the number of users and this can be easily traced to the various cashback and loyalty offers to the users of FreeCharge.
This is the main reason why the users of FreeCharge stick with the merchant, although there are other reasons as well such has diverse acceptance of the mobile wallet across the country.
The significant features of this mobile wallet include different types of prepaid and postpaid mobile recharges, DTH recharges such as Dish TV and Tata Sky, grocery stores payment, local shops payment, restaurant payment, sharing the money among the friends, electricity bills and many others. However, the most important features why the users don't hesitate to use the FreeCharge mobile wallet is the cashback offers provided by the company. The users can get up to 50 percent of their money as cashback in their wallets.
3. Amazon Pay
Amazon Pay is another mobile wallet which is highly useful if you're a regular user of Amazon. Once you have signed up for a mobile wallet of Amazon Pay, you would never think of letting it go due to its excellent features available to its users. The most commendable feature of Amazon is the system of auto-reload of balance in the mobile wallet, which makes sure that you are never out of money in crucial times.
The various features available for the users are exclusive and include different types of recharges, electricity bill payment, broadband payment, and gas payment, etc. The major cashback offers are available on various partner platforms such as SWIGGY and Uber. The users can add money in their Amazon mobile wallets and use them anywhere as they please.
The KYC procedure is available in two different ways that is, self KYC and that in the presence of an agent from Amazon. After the KYC is complete, you can easily use up to ₹100000 of money in the mobile wallet of Amazon and also use the Scan and Pay option given by Amazon.
Conclusion
These were the 3 best mobile wallets in India which have a vast user base and very commendable service. However, the list is not exhaustive as there are a lot many players and the ranks change now and then.
