Digital wallets can be considered to be the best in the world of innovation. However, mobile wallets can be used as the best shield for all monetary transactions. A large of people are using wallets to make easy payments.
Prime Minister Mr. Narendra Modi is hugely encouraging the use of digital payments through online banks and e-wallets. The objective to go “Cashless” has been fully propagated amongst citizens whether through online banks, cards or e-wallets. This little step can make digitization in India, a reality. A large range of cashless wallets can be found in the market, but the choice of digital wallet matters. Payments electronically done or using digital wallets are already extensively accepted.
Digital wallets today are shaping the future of the banking industry. Digital wallets virtually are enabling storage of money for all banking functions. Also, a payment wallet is a virtual place to store money that can perform most banking functions. These digital wallet apps observed huge progress in the way it was perceived.
As shown below are the top mobile wallets in the Indian market to make online payments for quick purchases:
Bharat Interface for Money (BHIM) is a government-backed digital wallet initiative in India. This is entirely based on the UPI (Unified Payment Interface). After downloading this Android App, you can register your details and set up a UPI PIN for the bank account. The same app uses a PIN for all possible transactions.
The digital wallet app allows creating multiple bank accounts within the same wallet. This not only makes everything convenient but also broadens the scope for users. You can use the mobile number, bank account details or Aadhaar number. Aadhaar is generally integrated with BHIM which further solidifies the safety and security features.
2.Google Pay (Tez) –
Google Tez has turned into India’s most favorite payments App as digital payments app for India. It is a fully Google-owned app released in September 2017. Later the name changed to Google Pay, which is quite identical to BHIM. This app works across all banks in our country, of course with the help of UPI. After adding up all accounts, you can make transactions by providing either bank account, IFSC code, mobile number, etc.
With the advent of technology and rapidly rising use of phones, these devices are becoming so popular.