As more and more Indians shift towards digital payment systems, the online payment industries have seen massive changes. For the past two decades, the Point of Sales (PoS) machines have been ruling for payments in the small business as well as individuals. With an increase in mobile internet connectivity and the drive to cashless payment systems, mobile wallets are fast catching up
Also referred to as mobile payment apps, these are fast overtaking credit/debit card usage and are slowly changing traditional payment methods. Here, in this article, we will provide you with some of the best payment apps in India that suit best for your small business as well as individuals.
Top Indian Payment Apps
Before moving one, let us understand what mobile payment apps are?
Mobile payment apps are also referred to as a mobile wallet where you will be able to store cash. You can use this stored cash online as well as offline payments. Due to the increase in the cashless transactions, more and more mobile wallets are being launched in the country. These mobile payments are divided as closed, semi-closed, semi-open, and open, depending on the underlying technology.
BHIM (Bharat Interface for Money) tops in this list, it is a mobile payment app that is backed by the government of India. It supports the UPI (Unified Payment Interface). After you download and install this application on your Android/iPhone, you’ll register for a UPI ID for your checking account, if you do not have already got one. you’ll use this UPI pin to receive payments from customers, which is credited on to your checking account .
2. Google Pay
Previously referred to as Tez, it’s a digital payment app from Google. Tt was rebranded in September 2017 and is an alternative to the BHIM app. It works across all bank accounts that support UPI. Once you download and install the app, you’ve got to attach your checking account . Once your checking account is connected, you’ll send and receive money.
PayTM is one among the best mobile payment apps in India. Established in 2010, it works on a semi-closed model. Customers will be able to easily load money into their PayTM mobile wallet and pay merchants using the QR code.
PhonePe was launched in 2016, it had been the primary UPI mobile payment app in India. It’s now backed by e-commerce giant Flipkart. PhonePe is powered by YesBank, and as of August 2019, it had a market share of 37.3% altogether UPI transaction volumes. you’ll link other mobile wallets like Airtel Money, Freecharge and Jio Money with PhonePe.
Freecharge is another renowned mobile payment app and provides customers generous cashback and discounts for every transaction. As a user, you can link multiple bank accounts in the Freecharge app. The Fintech startup was recently acquired by Axis Bank.
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