Top payment wallets that can help you pay with ease
Post demonetisation of 500 and 1,000 currency notes in India, mobile wallets took centre stage for transactions
A few years ago, nobody knew about the mobile wallets in India. But following the demonetisation of ` 500 and ` 1,000 currency notes in India, the new concept of stacking money online witnessed immense popularity. And with the transaction limit on digital wallets raised to ` 20,000, it keeps attracting new users, while offering timely discounts and cashback points. Here are few mobile wallets that received an overwhelming response in 2017.
Paytm: Launched back in 2010, Paytm is currently ruling the mobile wallet space. According to a report from DQIndia, Paytm has a user base of 20 million. With payments via Paytm being accepted almost everywhere; it’s really easy to completely shift on the platform.
FreeCharge: FreeCharge is another big name in the mobile wallet segment. Founded in 2010, the service targets the youth of the country with all their promotions. With equivalent amount of coupons offered on every recharge, it’s a good option to save money as well as pay your bills easily.
Mobikwik: Launched in 2009, the wallet allows users to recharge, pay bills, and make third- party purchases with ease. It connects more than 30 million users with over 100,000 retailers. The service also offers information about retailers ( ecom websites, telcos, brick and mortar stores, m- com apps, and billers).
Samsung Pay: Samsung Pay is a mobile payment service to make smart, quick, easy and secure payments from mobile everywhere. It allows users to pull from their PayPal balance just as they can with a standard debit card. Its proprietary magnetic secure transactions ( MST) technology means users will be able to use the funds stored in your Wallet at legacy payment terminals that lack NFC functionality.
Airtel Money: With the Airtel Money app, users can easily recharge prepaid accounts or pay postpaid bills. They can also make payments while shopping online if the wallet is loaded with cash. On the security front, the wallet requires a secret 4- digit mPin for every transaction made by the user.
Ola Money: Ola Money was launched in 2015, is a digital wallet offered by the cab aggregator OLA. While most of the users make do with this wallet to make cab ride payments, it can also be used to buy groceries, flight tickets and much more.
While all these cashless payment wallets reached a new high, there were other wallets as well that witnessed growth post demonetisation: JioMoney, Oxigen Wallet, Vodafone M- paise PayUMoney, and Citrus Pay Mswipe.