Did you ever lose a large amount of money in a crowded market? Mobile wallets are introduced for these reasons. The use of mobile wallets has been on the rise for 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. Meeting a person to give money in cash is time-consuming! But these mobile wallets can come in handy. There are many mobile wallets in India for you to choose from.
The best mobile wallets in India are few, but the benefits they provide to their users are vast, both in terms of direct benefits and the benefits through partners. Some top popular and safe mobile wallets are:
- Paytm
- FreeCharge
- Amazon Pay
In this article, we shall discuss India’s 3 best mobile wallets and some features they have to offer their audience.
Top 3 Mobile Wallets in India
These are the best mobile wallets in India but not in any particular order.
Paytm
Paytm was almost synonymous with the mobile wallet system in India at one point, especially in 2016, when it recorded considerable growth in its user base.
It is one of the best mobile wallets in India and has various features that have been highly beneficial to users. Starting from a small mobile wallet system, it has become a successful e-commerce store, which has been possible with the company’s exciting plans.
The significant features of this mobile wallet include various prepaid and postpaid mobile recharges, DTH recharges, petrol pump payments, grocery store payments, sharing money among friends, paying students’ school fees, paying gas and electricity bills, and using Google Play payments.
Such 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. Digital KYC 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.
FreeCharge
FreeCharge is one of the most significant competitors of Paytm and has a massive 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 the users of FreeCharge stick with the merchant, although there are other reasons, such as the diverse acceptance of the mobile wallet across the country.
The significant features of this mobile wallet include different types of prepaid and postpaid mobile recharge, DTH recharges such as Dish TV and Tata Sky, grocery store payments, local shops payments, restaurant payments, sharing money among friends, electricity bills, and many others. However, the most crucial feature why the users are quick 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.
Amazon Pay
Amazon Pay is another mobile wallet that 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 part of Amazon is the system of auto-reload of balance in the mobile wallet, which ensures 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 payments, broadband payments, gas payments, etc. The major cashback offers are available on various partner platforms such as SWIGGY and Uber. The users can add money to their Amazon mobile wallets and use them anywhere.
The KYC procedure is available in two ways: self-KYC and 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.
See also: 6 Best Clickbank Alternatives to Try
Why Use Mobile Wallets?
There are many reasons to use mobile wallets, and all of those reasons are just and reasonable. The significant benefits of using mobile wallets are:
- You can use these mobile wallets 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 have ₹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 sends money to the wallet after reaching the threshold amount.
- You can pay anyone at any time without making a real-time transaction.
- You can help your friends quickly and instantly with money by using mobile wallets.
FAQs
What is a mobile wallet?
A mobile wallet is known to be a digital way to store credit, debit, and gift cards. With this, you can make payments through the phone rather than using any ATM card.
Is mobile wallet safe?
Most of wallets are safe as they take precautions to ensure your information and the device remain secure. But you also must secure your phone and the wallet app with a password.
Which bank UPI is best?
Paytm Payments Bank Ltd has made more transactions than most banking players.
What is the most secure mobile wallet?
There are many digital wallets available to choose from right now. But Paytm and Amazon Pay are considered the most secure methods.
Conclusion
These were India’s three best mobile wallets, with a vast user base and commendable service. However, the list is incomplete, as many players and the ranks change now and then.
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