Online payment now has become a part of our daily life. But there are a lot of scams also going on when it comes to online payment using mobile applications. As time is changing so fast and with this digital era the use of applications for online payment is also increasing. With risk there are also some major rewards of choosing digital payment option such as carry less cash, reducing additional charges, cashback, special discounts and many more. Hence, online payment has been a preference by millions of users and is a quick and easy method to use.
In 2016-17, the number of location for digital payment acceptance was close to 1.5 million as the number of merchants adopting digital payments, which is increasing significantly. In India, the digital payment era is in boom and according to sources, the compound annual growth rate (CAGR) of digital payments in India is 12.7%.
The best payments app should include Internet security, reliability, flexibility, easy of convertibility as their qualities. Based on these qualities, we've listed some of the best online payment apps to choose from.
Also check out our list of top Fintech Startups in India.
Best Mobile App for Online Payment
GooglePay
Total Installs: 100,000,000+
Google Pay is a very popular app for payment. It is a digital wallet platform and an online system developed by Google. GooglePay allows the users to make payments with android phones, tablets or any devices. It has no card limit and is compatible with both iOS and Android. It takes advantage of physical authentications like fingerprint ID, for the security of the payments. Google Pay supports major Debit cards like Visa, Visa Debit, Visa Electron, MasterCard, etc. It is also popular for providing cashback on payments.
Paytm
Total Installs: 100,000,000+
Paytm one of the biggest platform for online transaction in India. Users love Paytm because the app is super easy to use and extremely convenient. Paytm is a product of Paytm - One97 Communications Ltd. which is based in Noida and the application was launched in 2010. As per sources, Paytm has around 120 million monthly active users. Paytm app is available in 11 Indian languages and offers online payments for bill payments, travel, movies, events bookings,in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, toll, pharmacies, etc. Over 7 million merchants in India uses the QR codes feature of Paytm for online payment by the user. If you are a fan of discounts, then try paying your bills through PayTm as it provide many discount offers which you can use to buy things from PayTm Mall. It is one of the best and vastly used online payment app in India.
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PhonePe
Total Installs: 100,000,000+
PhonePe is an Indian ecommerce payment system and digital wallet company. Launched in 2015, it has its headquarter in Bangalore, India and is one of the most popular payment apps. PhonePe is a multi-lingual app, available in more than 11 Indian languages. Founded by Sameer Nigam and Rahul Chari, it allows users to send and receive money, DTH, recharge mobile, data cards, make utility payments, shop offline and online and other online payments services. Not only this, but it also allows travel bookings like OLA rides, Redbus tickets, book Goibibo flights, and book hotels.
PhonePe is now has been accepted by more than 5 million offline and online merchant outlets including food, travel, shopping, groceries, etc. As of 2019, it has crossed over 2 billion transactions and has been licensed by RBI for issuance and operation of a semi-closed Prepaid payments system. PhonePe is also popular for providing cashback on paying at shops, restaurants, etc.
PayPal
Total Installs: 100,000,000+
PayPal is considered as the safest online payment app for the online transaction. It is also compatible with Android, iOS and Windows too. PayPal is a commonly used platform for online payment transfer worldwide. CoFounded by Elon Musk, it is a very popular financial platform, especially for a secured transaction. As of 2019, it has over 286 million users worldwide. PayPal allows the users to send, receive and hold funds in 25 currencies worldwide and can be used in more than 200 countries, that is what makes it a very versatile app for payment. The company allows the users to make financial transactions online by granting the ability to transfer funds online between the individuals and the businesses. PayPal is mostly used by the freelancers to send and accept payments outside India. However, PayPal is also securing its place in the market as an online payment app in India for daily use.
BHIM (Bharat Interface for Money)
Total Installs: 15,25,000+
BHIM (Bharat Interface for Money) is a Indian mobile payment App developed by the National Payments Corporation of India (NPCI). BHIM is based on the Unified Payments Interface (UPI). The app supports all Indian banks which use UPI. BHIM allows the user to instantly transfer money between bank accounts of any two parties. Unlike other mobile wallets which hold money, the BHIM app is only a mechanism which transfers money between different bank accounts. Transactions on BHIM are nearly instantaneous and can be done 24/7 including weekends and bank holidays.
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Samsung Pay
Total Installs: 100,000,000+
Samsung Pay is specially designed for Samsung users, are a mobile payment and digital wallet services. It allows contactless payments using near-field communications, and in countries like India, it also supports bill payments. Users can use this app on Samsung Galaxy Smartphones and Gear Smart Watches. It supports both NFC-based mobile payment systems as well as magnetic stripes. Samsung Pay supports all major credit, debit and loyalty cards. The app is secured to use as the payment security is ensured by authentication using a fingerprints scan or passcode. Samsung Pay is the most innovative app in this list of Payment Apps in India.
MobiKwik
Total Installs: 10,000,000+
MobiKwik is another Indian payment app, which is known for its mobile-based payment system which can be used as a digital wallet. MobiKwik was launched in 2009 and was founded by Bipin Preet Singh and Upasana Taku, with its headquarters in Gurgaon. The services include mobile and online payments, phone and DTH recharges, money transfers and shopping, as it features. It has partnered with Uber in July 2015, allowing UBER and its drivers to utilize MobiKwik to process debit and credit card payments.
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Yono by SBI
Total Installs: 10,000,000+
This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts. Yono by SBI can also be used to pay bills, recharge, book for movies, hotels, shopping as well as travel. Yono is prepaid wallet whcih offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.
HDFC PayZapp
Total Installs: 10,000,000+
PayZapp a Mobile Payment App by HDFC Bank which offers quickest & secured online payment experience in India. PayZapp is a complete payment solution giving you the power to pay in just One Click. PayZapp lets you recharge your mobile, DTH and data card, pay utility bills, compare and book flight tickets, bus and hotels, shop, buy movie tickets, music and groceries, avail great offers at SmartBuy, and send money to anyone in your phone book. You can link your Debit and Credit Card, of any Bank, to PayZapp and enjoy the most convenient and secure way of payment.
ICICI Pockets
Total Installs: 5,000,000+
Pockets by ICICI is a mobile wallet for its customers. You can fund your mobile wallet with any bank account in India. With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands. You may also use the mVisa or touch & pay option on Pockets to pay directly from your mobile at the shops. With Pockets Bank e-wallet, not only you send money to bank accounts from your mobile phone, but you can also tap and pay for your mates and even request money from them.
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Future Payment Apps in India:
Apple Pay
Total Installs: 30,300,000+
Apple Pay is designed only for Apple users, it is a mobile payment and digital wallet service. It allows the users to transfer and receive funds and is supported by iPhone, Apple Watch, iPad, and Mac. Apple Pay has two-factor authentication via Touch ID, Face ID, PIN or Passcode for the security of the payments. It supports all the major credit and debit cards. The app also can digitize and can replace a credit or debit card chip and PIN transaction at a contactless-capable credit card terminal. Although, Apple Pay is yet to be launched in India, it is expected to enter the country soon.
Conclusion
This is our list of the best online payment apps. We will try to update this list with some more popular digital payment apps. If you are using any other app for online payment let us know in the comment below. Hope you liked this post. Share this with your friends. Thank you!!
Author: Ashwini
Source : https://startuptalky.com/online-payment-apps/
Date : 2020-06-02T11:04:00.000Z