India is moving towards a cashless future slowly but steadily. The Digital India campaign launched by the Indian government has given rise to a number of mobile payment apps that look set to revolutionize the economic system of India. The demonetization of Rs.1000 and Rs.500 notes that happened in India last November also resulted in the upward growth of online payment apps. Now there are different types of mobile payment apps. While the objective of all these apps is to make digital payments ubiquitous, they all have some unique features that makes them stand out from the lot. While choosing one from so many great options can be confusing, being spoilt for choices is never a bad thing. So, get to know about all the different types of mobile payment apps and make an informed choice accordingly.
Privately owned E-wallets
Many businesses have come up with wallet apps which strive to make cashless transactions the norm. These are like wallets that you keep in your phone and not in your pocket. Instead of carrying cash in your pockets, you are carrying it in your mobile phone via the app. You have to fill your wallet with cash by using debit and credit cards and net banking service. Even though the apps are owned by private businesses, they follow the terms and conditions laid down by the RBI and are highly secure and encrypted. Paytm, Freecharge, PayPal, Mobikwik are all market leaders in this domain.
E-wallets by Banks
Many banks such as SBI, AXIS, ICICI, HDFC, Yes Bank provide their own e-wallets that can be really useful for people who are skeptical about the credibility and security of e-wallets provided by private companies. The wallets can be loaded with cash by using debut cards, credit cards or the bank's net banking services.
UPI Apps
A UPI app is one of the most useful apps that gets directly linked to your bank account. Unlike e-wallets, you can make a direct payment from your bank account to another bank account. UPI apps run on a system provided by the NPCI (National Payment Corporation of India). UPI works round the clock on a fund-transfer system in real time. Almost all public and private banks including SBI, ICICI, HDFC, AXIS provide UPI services.
Aadhaar Payment App
Get your bank account linked with the Aadhaar card and make easy cashless payments through this app. You have to use your Aadhaar card number for making successful transactions and security is not going to be a concern as every transaction is verified using your fingerprint.
Privately owned E-wallets
Many businesses have come up with wallet apps which strive to make cashless transactions the norm. These are like wallets that you keep in your phone and not in your pocket. Instead of carrying cash in your pockets, you are carrying it in your mobile phone via the app. You have to fill your wallet with cash by using debit and credit cards and net banking service. Even though the apps are owned by private businesses, they follow the terms and conditions laid down by the RBI and are highly secure and encrypted. Paytm, Freecharge, PayPal, Mobikwik are all market leaders in this domain.
E-wallets by Banks
Many banks such as SBI, AXIS, ICICI, HDFC, Yes Bank provide their own e-wallets that can be really useful for people who are skeptical about the credibility and security of e-wallets provided by private companies. The wallets can be loaded with cash by using debut cards, credit cards or the bank's net banking services.
UPI Apps
A UPI app is one of the most useful apps that gets directly linked to your bank account. Unlike e-wallets, you can make a direct payment from your bank account to another bank account. UPI apps run on a system provided by the NPCI (National Payment Corporation of India). UPI works round the clock on a fund-transfer system in real time. Almost all public and private banks including SBI, ICICI, HDFC, AXIS provide UPI services.
Aadhaar Payment App
Get your bank account linked with the Aadhaar card and make easy cashless payments through this app. You have to use your Aadhaar card number for making successful transactions and security is not going to be a concern as every transaction is verified using your fingerprint.
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