Before the demonetization, the Indian Financial system was basically a cash-based economy. But after demonetization of older currency notes in the year 2016, the total concept of the cash-based transaction system has changed. The demand for mobile wallet app like Paytm was got hugely popular during this time due to the shortage of physical cash. Now you will find several mobile top wallet apps in the Google Play Store with so many offers and features to choose from.
In this article, You will find some best mobile wallet app for Android in India based on in-App Offers, discounts, innovative feature, and User Interface.
What is Mobile wallet or digital E-wallet App in India?
Mobile wallet or digital e-wallet is nothing but a digitized version of the virtual bank account with limited transaction facilities. Anyone can open mobile e-wallet easily just by downloading the app from the Android Play Store or the Apple App Store. The mobile wallet can be integrated with UPI payment service for P2P money transfer or NFC technology for contactless payment service. Some mobile wallet app in India provides a virtual Debit card, which you can use for any e-commerce website across India.
Features of Mobile Wallet or e-wallet App:
- Anyone can open a mobile wallet by installing the app.
- As per RBI guidelines, minimum mandatory KYC documents will require to operate any mobile wallet in a smartphone.
- Mobile wallet Interoperability for full KYC Accounts. (Allows transaction between mobile wallet)
- Maximum balance Rs.10000 (Nil KYC) and Rs.100000.00 at any point in time. (Updates: As per RBI latest guidelines, all Mobile Wallet Apps service providers in India need to complete full KYC compliance within February 2019 to continue the e-Wallet Service, though this deadline has been extended for another six months)
- Daily transaction limits Rs.10000.00.
- Fund Transfer limit (Varies with the different mobile wallet app provider)
- Mode of Fund transfer – UPI Transfer, Scan & Pay QR Code or Contactless with NFC Technology. (Uses a specific RFID frequency to communicate between two devices)
- Virtual Visa or Rupay Debit card with an option to convert into the physical card with ATM withdrawal facility.
- Various online offers and cash back option.
- Store your Debit card or credit card details or your social identification details for future online transactions.
More than 55 mobile e-wallet app operational now in India, among them 50 are from full-fledged Govt. and Private Banks. Some non-Bank operated mobile wallet app also very popular in India.
Several eCommerce websites in India, also have their own mobile wallet service for instant cash back for their customers.
In our previous article, we have already discussed some best UPI payment apps in India. The basic difference between the mobile Payment apps and mobile wallet app is that the mobile payment app only facilitates money transactions between merchant websites and your bank accounts, whereas, in mobile wallet app, you can keep some money in digitalized form. The digitalized money can be transferred to your linked Bank Account or utilized for future online transactions.
Types of e-wallet in India?
There are two types of e-wallet you will find in the App Store, one is Semi closed e-wallet and other is the open e-wallet in India.
Semi-Closed e-wallet: This type of e-wallets mainly operate by the Non-banking companies in India. In this type of e-wallet, the only online transaction for merchant payment is possible. Cash transactions like ATM withdrawals are strictly disallowed for this type of e-wallet. As per RBI directives, you can not transfer e-wallet balance to your bank account, if you have semi-closed e-wallet. Some examples of this type of e-wallet are the Mobiwik wallet, FreeCharge e-wallet, Oxygen wallet, BookmyShow digital wallet, Amazon Pay e-wallet, etc.
Open e-wallet: This type of e-wallet app offered by Banking companies in India with no restrictions on transactions. It’s a kind of virtual payment app with all banking facilities. Money can be transferred to your Bank Account without any restriction. ICICI Bank Pocket, Kotak 811, SBI YONO are few examples of this kind of e-wallet.
Best mobile Wallet App for Android in India
Here is the list of Best Mobile Wallet App for Android Phone users in India
- Pockets Digital Wallet App by ICICI Bank
- PhonePe e-Wallet
- PayZapp by HDFC Bank
- Mobikwik Mobile Wallet App
- Amazon Pay
- FreeCharge Mobile Wallet
When it comes to a mobile wallet, PayTM will always come first. Paytm was the first Indian company who has revolutionized the concept of e-wallet in India. Paytm was first launched as a simple mobile recharge App, now transformed into a Payment Bank with its innovative approach.
PayTM has a huge customer base in India, 90% of Indian smartphone users have Paytm installed in their mobile. Paytm recently launched PayTM AI Cloud for developers.
PayTM undoubtedly the best mobile wallet App for Android in India and ranked first in this list.
PayTM Mobile Wallet Features:
- Highly secure virtual mobile wallet app
- Option to convert PayTM Payment Bank Account after Full KYC through Aadhaar Verification or Paper-based verification.
- Virtual RuPay Debit Card with an option to convert into a Physical Debit Card. (Chargeable) International Transaction facility not enabled.
- Unlimited Free money transfer between PayTM wallet to Payment Bank Account. Money transfer from PayTM wallet to Bank Account is Chargeable.
- In-app direct mutual fund investment.
- Recharge Google Play using a Paytm e-wallet app.
- Integrated with UPI, unlimited money transfer between Bank Account through VPA id.
- in-App Online e-commerce store (PayTM Mall) with numerous offers, discounts, and cash back offers. For details, visit here.
Download the PayTM Mobile Wallet App for Android.
2. Pockets Digital Wallet App By ICICI Bank:
ICICI Banks’s Pockets e-wallet app ranked 2nd in the list as the best mobile wallet app for Android in India.
ICICI Bank was the first Indian Bank pioneered the concept of NFC technology in India and launched the first Contactless debit card.
Pockets mobile wallet app is an open type e-wallet with complete Banking facilities. You can log in to your Pockets e-wallet app by your existing ICICI Bank’s user id and Password or you can create new Pockets e-wallet account by downloading the app from Play Store.
Features of Pockets e-wallet App:
- A complete virtual bank account with the option to convert into full-fledged zero balance bank account.
- Contactless payment with NFC technology.
- Option to convert Pockets Digital Wallet to zero balance Digital Bank Account.
- Visa powered virtual debit card for online transaction across various e-commerce websites.
- Various offers with merchant websites.
- You can transfer funds to bank accounts, mobile number, email id, Whatsapp contacts, Google+ or Facebook ID.
- Recharge Google Play.
- Pay directly using mVisa and Touch & Pay option.
- Send money using UPI, IMPS or NEFT.
- Various offers with merchant websites. See details of offers of Pockets e-wallet app here.
Download Pockets by ICICI Bank for Android.
3. PhonePe e-wallet:
PhonePe is also a very popular e-wallet app in India now acquired by Flipkart. PhonePe is the first money transfer App in India, will be integrated as a payment option in Walmart India’s “B2B Cash&Carryy Stores”.
PhonePe is a BHIM UPI based app also offers digital e-wallet service. PhonePe is the official mobile wallet integrated with the Flipkart App.
Features of the PhonePe e-wallet app:
- Very popular e-wallet app in India and integrated with every payment gateway service providers.
- Semi-closed type e-wallet app.
- You can book OLA using the PhonePe App.
- Referral Program.
- Utility Bill Payments through e-wallet.
- Various offers, discounts, and cash back with merchant partners. See details of offers here.
Download PhonePe Mobile wallet for Android.
4. PayZapp e-wallet app by HDFC Bank:
A very popular mobile wallet app for Android in India by HDFC Bank. PayZapp is a semi-closed type e-wallet, you can not transfer wallet balance to Bank Account.
Features of PayZapp Mobile App:
- In-App Virtual Visa Debit card for the online transaction. (Not International Enabled)
- Up to Rs.250 cash back on the purchase of movie tickets on BookMyShow.
- Money Transfer through UPI or Scan & Pay.
- Utility Bill Payments through e-wallet.
- Discounts and Money Back Offer with several online stores. For details visit here.
Download PayZapp Mobile Wallet App for Android. (Use Promo Code SoleBlog)
5. Mobikwik Mobile Wallet App:
One of the best Mobile Wallet App for Android in India, one of the oldest e-wallet app in India. You can pay your utility Bills with Bharat Bill Pay, integrated with the Mobikwik wallet.
Features of Mobikwik E-Wallet App for Android:
- Earn PayBack Points from mobile recharge or online payments.
- You can integrate Mobikwik Payment Gateway service to your websites or blog for accepting online payment. For details visit here.
- Numerous discounts and money back offer on Bill Payments, Mobile recharge or Movie Ticket Booking. Visit Mobikwik offer & Deals page for details.
- In-app direct mutual fund investment option.
- Instant credit up to Rs.60000 in Mobikwik Wallet.
- Pay with Mobikwik wallet option available with every payment gateway providers in India.
Download Mobikwik wallet for Android.
6. Amazon Pay Mobile Wallet:
Amazon Pay mobile wallet integrated with Amazon India Official Mobile App. It is a Semi-closed type mobile e-wallet service only available for Amazon India Customers. You can add up to Rs.1 lakh if your Amazon Pay wallet full KYC verified.
Amazon also has recently integrated UPI with its mobile wallet App in India which you can find at Amazon Pay section for an instant online payment solution. In the future, Amazon Pay may also integrate Buy Now Pay Later option for its App users.
Your Amazon Pay Digital Wallet has to be in person KYC Verified to use the Amazon Pay Wallet service.
Amazon Pay Mobile Wallet Features:
- You can use Amazon Pay Balance for payment to various merchants outside the Amazon platform.
- Use Amazon Pay Balance for mobile recharge, utility bill payments, movie ticket booking. For more details on the Amazon Pay Balance offer visit here.
- You can create Amazon Pay ICICI Bank co-branded Credit card for exclusive Cash Back Offers and Payback reward points.
- Option for creating UPI VPA id from Amazon Pay App.
Download Amazon App for Android.
7. FreeCharge Mobile Wallet
Another excellent and very popular Mobile Wallet cum money transfer App in India. This mobile wallet app has numerous in-app cashback and discount offers for users. FreeCharge Mobile app is one of the oldest Mobile recharge apps in India.
This Gurgaon based Fintech company now has been acquired by Axis Bank.
Features of FreeCharge Wallet App:
- Fast and convenient payment for Utility bills, mobile recharge, gas or landline bill payments, Electricity payment, etc.
- Separate Deals and Coupon section.
- Best wallet Cash Back offers amongst the e-wallet providers in India.
- UPI money transfer and one-touch QR code Payment.
- Mutual Fund Direct investment.
- Buy insurance products from 6 popular Insurance Providers in India.
To create FreeCharge Mobile Wallet, you have to provide any KYC documents like Aadhaar Card, PAN Card or Passport.
Download FreeCharge Digital wallet for Android.
These are some best mobile Wallet App for Android in India. If you want to add more Digital wallet app for Android, then please share your views below.
If you like the article, then please like our Facebook Official Page and share the post with your friends.