Ola Money is another app that offers digital wallet services to its users. It is a money transfer app that allows its users to transfer the funds in your Jio wallet. It is a robust e-commerce platform for transferring money directly to the other person’s bank account.
Top 20 Money Transfer Apps & Wallets in India
One of the drawbacks of BHIM is that it is only available for Android users but not on iOS. This app was launched by Narendra Modi in 2016 after the demonetization and is consistently playing a significant role to make our economy cashless. BHIM (Bharat Interface for Money) app is launched by The National Payments Corporation of India and is backed by The Reserve Bank of India. Moreover, it is a multilingual app available in Hindi, English, Marathi, Tamil, Bengali, and some other languages. PhonePe allows you to transfer or receive up to 1 lakh INR per transaction. You can experience one of India’s fastest fund transfer experiences through PhonePe as it has a user-friendly interface.
#11 Desktop Platform Wallet
Yono app is used for transferring money, paying bills, recharges, booking a movie ticket, online shopping, and booking flight tickets. Through this app, you can carry out fund transfers very smoothly by using your digital wallet option. Once you become a registered user of PayPal after linking your bank account to PayPal’s account, you can easily make and receive payments in India and abroad.
- Your phone carefully encrypts your account information (not your bank, card or other payment information), which point of sale (POS) software reads through near-field communication (NFC).
- A centralized wallet is an electronic wallet that is managed and controlled by a single institution, such as a bank or financial company.
- With over 15 years of global experience and 100+ launches, our team delivers high-impact products in banking, payments, lending, investment, and embedded finance.
With the UltraCash app, users can link their bank accounts or credit cards to easily transfer money, pay bills, make online purchases, and even split expenses with friends. As proof of our proficiency in creating digital wallets, take a look at our success story — the development of MuchBetter, an e-wallet payment app. Prepaid card wallets are digital wallets that allow users to store and manage prepaid debit and gift cards. It enables users to conduct various banking transactions digitally, such as transferring money, paying bills, and managing accounts. Mobile wallets give a bigger audience access to online payments than credit cards and bank-based payments.
Digital Wallets by Currency Availability
Since a digital wallet is a payment method, it’s involved in the full payment processing flow. Take a look at the webinar of DashDevs CEO — Igor Tomych, on the topic of how to build digital wallets. Basically, just like your real wallet holds your cash, credit cards, and IDs, a digital wallet stores all of that information electronically on your smartphone or computer. Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. Besides, you will find out about 15 different types of digital wallets and review their specificities, tasks they fulfill, and world-famous examples of such wallets.
What Is a Digital Wallet?
BHIM does not hold the money but instantly transfer it into one’s account. It ensures that need not worry about reloading wallets and doing additional KYC, unlike all other apps. One of the best things about Google Pay is that it works with your existing bank account assuring that your money is safe and secure. There are more than 160 million (16 crores) downloads of this app which is the highest as compared to any other money transfer apps.
The money from your Jio wallet can further be transferred to other Jio customer’s wallets and bank accounts as well. It is one of India’s free payment gateways that provides an opportunity to its users to avail of digital wallet services. If you are using MobiKwik, you can also opt for a doorstep cash collection option and shop/pay bills through their digital wallets in India. By embracing these innovative platforms, users can experience the convenience, speed and flexibility of digital payments.
#1 Centralized Wallet
You can not only carry out fund transfer, but also do shopping, buy flight/railway, and access themselves with other features. PayU uses state-of-the-art technology due to which it has also been awarded as one of the best payment gateway solutions as it gives PayU buyer protection. Thus, this app provides a seamless experience to all kinds of users in any part of India. It also lets you manage multiple bank accounts, beneficiaries, and check account balance.
It is intended for users who do most of their transactions in a single currency. Discover more about how to build a payment gateway, one of the integral components of transaction processing. A centralized wallet is an electronic wallet that is managed and controlled by a single institution, such as a bank or financial company. Looking for expert e-wallet app development services? IOL Pay is Global hospitality payment solution supporting 250+ payment methods Simply hold your device near the payment terminal and authenticate the transaction using your preferred method (e.g., fingerprint, facial recognition or PIN) and tap to pay.
Furthermore, MobiKwik offers its users to earn a huge cashback, and great discount offers on making bill payments, recharges, booking tickets, etc. Funs can also be transferred by scanning a QR code which is created by the users at the time they install the app for making transactions. It lets you receive and transfer money directly to bank accounts by using your smartphone. It has also partnered with some educational institutes to facilitate cashless payments of fees for the users.
Interested to discover how to create a digital wallet? It provides a standard computer-based interface for managing digital assets and credit card transactions. A multicurrency wallet is a digital wallet that accepts various currencies, including fiat and cryptocurrencies. A single currency wallet is a digital wallet that only accepts one sort of currency, whether it fiat or cryptocurrency. A decentralized wallet, also known as decentralized finance (DeFi), is a sort of digital wallet examples that operates on the blockchain network.
Consider DashDevs your primary choice of tech provider for your digital wallet project. In only 4 months, our team delivered a fully-fledged wallet solution intended for the UK market, providing an alternative to wallets like Neteller, Skrill, Entropay, and Ecopayz It enables users to securely store their private keys, which are required for accessing and transacting their digital assets. A cryptocurrency wallet is a digital wallet program that is particularly built for storing, managing, and transacting bitcoin.
Freecharge was founded in 2010; it has made it easier for all the users across India to transact through e-wallets. It will let you transfer and receive the funds in the same bank account hassle-free. Freecharge is an old app used for paying water, gas, electricity bills, DTH, Phone, Google Play, Metro recharges, investing in mutual funds, and making charitable donations online.
You can make payment through freecharge digital wallet at big merchants like HomeStop, McDonald’s, Hypercity, Cinepolis, Shoppers Stop, Crosswords, etc. It is a Gurgaon based company that also helps users to store their money and facilitates the entire payment system by connecting more than 25 million users and offline avenues. MobiKwik is another digital wallet app for making monetary transactions in India. Besides transferring funds, you can also make mobile, or DTH recharges, bill payments, etc. However, when it is taken over by Google, it has become widely known and has become one of India’s best digital wallets. In this article, we will explore some of the best money transfer apps and wallets in India.
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Mobile wallets go beyond just payments—they can also store digital versions of loyalty cards, coupons, and even event tickets, making them a versatile tool for managing your financial life. A mobile wallet is a digital application on your smartphone or tablet that stores your payment information, such as credit or debit card details. PayPal also allows you to transfer the money from its digital wallet to your bank account easily and do not charge any fee, unlike other apps. Furthermore, there are bountiful Paytm wallet users who keep their money to carry out daily transactions such as bill payments, DTH recharge, booking tickets, online shopping, etc.
- Visa® Zero Liability Policy covers U.S.-issued cards only.
- That’s why there’s no simple answer to the question of how to actually get your e wallet app up and running.
- Partnering with a trusted team specializing in fintech development is half the battle.
- It simplifies the payment process in B2B transactions by providing features such as bulk payments, invoicing, and payment tracking.
- One of the drawbacks of BHIM is that it is only available for Android users but not on iOS.
- Freecharge is an old app used for paying water, gas, electricity bills, DTH, Phone, Google Play, Metro recharges, investing in mutual funds, and making charitable donations online.
Mobile wallets come in various forms, each offering unique features and benefits. In today’s fast-paced world, convenience and security are paramount for making payments. If you’re someone who values convenience, security, and efficiency in managing your finances, a mobile wallet could be a great addition to your digital toolkit. Instead of reaching for your wallet at the checkout counter, you simply tap or scan your phone to make a payment.
These technologies offer enhanced security features and unparalleled ease of use, making them the preferred choice for modern consumers. This technology leverages Near Field Communication (NFC) or QR codes to facilitate contactless transactions, offering both convenience and security. Western Union chicken game download app has access to Apple and Android operating systems.
#15 Prepaid Cards Wallet
With Paysend, users can easily transfer funds to family, friends, or businesses across borders in a fast, secure, and cost-effective manner. Mswipe is compatible with smartphones, iPads, tablets, computers and laptops, once it is linked to your bank account. Once VPA is created, you need to register your VPA with the designated bank account using the My Airtel App. This app requires you to create a Virtual Payment Address (VPA) and MPIN to complete the transactions.
If you don’t have an account, you can enroll here. Visa® cards also utilize chip technology and biometric authentication methods, such as fingerprint and facial recognition to enhance security. One of the key features is Visa’s Zero Liability Policy2, which ensures you are not held responsible for unauthorized charges. Tokenization replaces your card details with a unique token for each transaction, reducing the risk of fraud and unauthorized access.