Digital Wallets - Payment options in India's ‘less-cash’ economy
| App | Wallet | UPI | Bank Transfer | Send On Mobile # | Android App | Remarks |
|---|---|---|---|---|---|---|
| Airtel Money | Yes | No | Yes | Yes | Link | Built in collaboration with Infosys and SmartTrust, the platform was launched on 5 April 2012 |
| Axis Bank Lime | Yes | No | No | No | Link | |
| BHIM App | No | Yes | Yes | Yes | Link | Transaction Limits: Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours. |
| Chillr | No | Yes | Yes | Yes | Link | |
| Citi MasterPass | Yes | |||||
| Citrus Pay | Yes | No | No | Yes | Link | |
| Freecharge | Yes | No | No | No | Link | Most features on native mobile app are also available through mobile & desktop browser versions. Terms & Conditions of offers often have a catch |
| FTcash | No | Yes | No | Yes | Link | |
| HDFC PayZapp | No | No | No | Yes | Link | Offers |
| ICICI Pockets | Yes | Yes | Yes | Yes | Link | Offers |
| Itzcash | Yes | No | Yes | Yes | Link | |
| Jio Money | Yes | No | No | No | Link | launched in 2016. Offers |
| Mobikwik | Yes | Yes | Yes | Yes | Link | Founded in 2009. Maximum outstanding balance must not exceed INR 10,000/- (Indian Rupees Ten Thousand only) per month. Watch out for wording of offers |
| mRupee | Yes | No | No | Yes | Link | |
| Ola Money | Yes | Link | launched in 2015. Favored by relatively fewer merchants & promotions. App offers bill payment facility but not for all service providers like Airtel. Limited features on desktop browser version. | |||
| Oxigen Wallet | Yes | No | Yes | Yes | Link | launched in 2010 |
| Paytm | Yes | No | Yes | Yes | Link | |
| PhonePe | No | Yes | Yes | Yes | Link | Transact up to Rs.1 lakh per transaction, 24*7 Offers |
| SBI Buddy | Yes | No | No | Yes | Link | available in 13 languages. 3% + Service Tax on transfer from Buddy to Bank Account using IMPS. |
| Trupay | No | Yes | Yes | Yes | Link | |
| Vodafone M-Pesa | Yes | Yes | Yes | Yes | Link | launched in April 2014 |
Notes:
- Wallets are useful when you don't to expose your bank and card details on the Internet for online transactions.
- Semi-closed wallets - you can transfer money to people who have the same wallet. A prepaid payment instrument that is redeemable at a group of clearly-identified merchant locations/ establishments, which contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the customer. Popular wallets are semi-closed.
- Closed-loop wallets work with a single merchant and are used more often for reward points and loyalty.
- Open-loop wallets belong to banks and users can also withdraw money at ATMs. But idle money doesn't earn interest.
- UPI or Unified Payment Interface, is an electronic funds transfer instrument that enables all bank account holders to send and receive money from their smartphones without the need to enter bank account information or net banking userid/ password. This requires only the recipient’s mobile number or Virtual Payment Address(VPA such as xyz@pockets or xyz@icici). UPI can be used to send and receive money from individuals or to pay directly to merchants.
- For using UPI, users need to create a Virtual Payment Address (VPA) of their choice and link it to any bank account. The VPA acts as their financial address and users need not remember beneficiary account number, IFSC codes or net banking user id/password for sending or receiving money.
- A payments bank's offerings are much wider, while wallets are restrictive
Other offers:
work in progress...Last updated: 25-Feb-17
Related:
iamwire's list of Mobile Wallets & UPI Payment Apps in India
Living dangerously in the hacker’s shadow in a ‘less-cash’ economy
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