By: Ashutosh Asthana
PM Modi led BJP government has always encouraged a cashless economy. After demonetization, E-wallets or digital wallets have become part of every individual's life. For the past 1 week, the problem of cash availability is arising which has caused scarcity of currency in many ATMs of different states of the country.
Finance minister Arun Jaitley and Reserve Bank of India has assured that the problem of cash is temporary and 80 percent of the ATMs will be functional within 2 - 3 days. So, here is a list of best E-wallets or digital wallets which will not let you depend upon the empty ATM machines.
1. Paytm
Founded by Vijay Shekhar Sharma in the year 2010, Paytm is simply the most used digital wallet in India today. From roadside vendors to large retail stores, from households to multi-star hotels, a large majority of people are using Paytm for transaction purpose. They had crossed 200 million installs in early 2017 and marching towards their target of growing to 500 million users. They have the largest network of offline merchants.
- MobiKwik
Bipin Preet Singh and Upasana Taku founded MobiKwik in the year 2009. Since then, MobiKwik has become the 2nd largest digital wallet by its strength of user-experience and online merchant integrations. They keep growing and give a strong competition to Paytm.
BHIM
Released in the year 2016, Bharat Interface for Money (BHIM) is a Payments app that uses Unified Payments Interface (UPI) to make transactions. BHIM is giving tough competition to other digital wallets. It has been developed by National Payments Corporation of India.
Install BHIM
4. PhonePe
- FreeCharge
Freecharge in itself is a great story in the Digital Wallet world due to the transformation journey it has covered. It was started by Kunal Shah and Sandeep Tandon as a service to provide physical coupons for online mobile recharges. Later it was acquired by Snapdeal and also pivoted to a complete digital payments platform.
Install Freecharge
6. Airtel Money
Being the daughter company of Bharti Airtel, Airtel Money has accessed
Install Airtel Money
7. JioMoney
When Jio was launched in the year 2016, it created a huge user base and Jio Money is now getting the advantage of it just like Airtel. They still have a long way to go in terms of integrations and offers.
Install Jio Money
8. Ola Money
Ola Money is the payment wallet of OLA cab booking app which has a large user base but most people use it for paying Ola bills or keeping the money for cab rides. The part of Ola Money is that we can share passes on it and credit clearance can easily be done on it.
Install Ola Money
9. Amazon Pay
Amazon Pay is one of the newest entrants in digital wallet space. It is growing quickly due to the popularity of Amazon. Like PhonePe, which is used for Flipkart, this wallet is a must-try if you use Amazon for shopping. It provides cashback offers across popular platforms like Amazon, BookMyShow, AbhiBus.
Install Amazon Pay
10. Buddy by SBI
State Bank of India, which is the largest bank in the country has started its online payment app, Buddy. The app is great for payments and transfers. This wallet is also available to users without an SBI account which makes it easy to register.
Install SBI Buddy
11. PayZapp
PayZapp is a digital wallet by HDFC bank which like SBI is a major player. They focus on simplified one-click payments which make using it extremely simple. It is a great app for repeated transactions like bill payments.
Install PayZapp
The author is the Assistant Editor of Thinking Aloud.
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