India has now crossed more than 1200 millions active mobile users and mobile Payments apps getting huge impetus after India Govt initiated several measures to boost digital payment solutions.
With the implementation of the Unified Payment Interface or UPI platform, several Indian Banks and third-party company introduced numerous mobile payment apps in India. You can easily find the list of such UPI payments app in Google Play Store or iOS app store. These UPI payment apps integrate UPI platform to send and receive money between the UPI linked bank accounts.
In this article, you will find the list of some unique and innovative UPI payments app which you can install from the Android App store.
After the launch of NPCI ‘s UPI Payment platform, almost all Indian Banks introduced their own UPI payments App integrating the BHIM-UPI platform. Not only the Indian Banks, but several other third-party companies have also created their own UPI payments app using UPI’s API and partnering with any Indian Bank.
Before getting into the actual topic, let’s have some idea about UPI and How it Works?
What is UPI?
UPI or Unified Payment interface is a payment solution developed by National Payments Corporation of India(NPCI) under the guidelines of Reserve Bank of India(RBI). UPI payment allows the users to send and receive money between the Bank Accounts linked with the mobile number. The BHIM-UPI app enables the users to link the app with the accounts where they have already linked the same mobile number. The sending and receiving of money are done on a real-time basis and it does not require the IFSC code. Instead of IFSC Code, both the sender and receiver need a VPA or Virtual Payment Address. The VPA is something like this [email protected] or [email protected] etc.
You can create several VPA using BHIM-UPI official android app or using any of the Indian Banks UPI apps and linked more than one Bank Account, only you have to link the same mobile number or SIM which you are using in your smartphone with your Bank Account. Because before creating VPA, the UPI payments app will verify your SIM by sending an SMS, to authenticate the linked Bank Account.
By integrating the UPI-API, several digital payment apps have already launched in India. Even the social media sites like Twitter or Facebook and several popular messaging applications also integrating the UPI platform for sending and receiving quick money in real time basis.
How UPI Works?
UPI Payments works by following the Six different methods
1. # QR Code: By scanning QR code displayed at various merchant stores and confirming the amount by entering the MPIN in your UPI payments app.
2.# VPA id: You have to share your VPA id, the store then initiate the payment process. You will receive a notification in your mobile, you have to confirm the transaction by entering your MPIN in UPI App. This type of method, you will find in online shopping stores like Amazon or Flipkart.
3.#Mobile Number: You can send money to a mobile number linked to any Bank Account by sharing MMID.
4. #Adhaar Number: You can send and receive money by sharing the Adhaar Number linked Bank Account. You have to scan fingerprint for transferring money by this process.
5.#Sharing account Number & IFSC: This is a very common method of transferring money between the account numbers of different Banks.
6.#Contact Less or Audio NFC Technology: The contactless method is the most futuristic and innovative method, introduced by NPCI for transferring money using the Audio NFC Technology. Here, you do not have to share any VPA id or have to confirm any two factors authentication. Instead, an ultrasonic wave(Near Field Communication sensor) communicates between the two UPI enabled devices (now available only in high-end smartphones) and matching the wavelength of two devices can authenticate the money transfer. Google Pay mobile payments app Cash Mode works using this method. Several other UPI payments app like Phone Pe or HDFC Bank PayZapp UPI payments app may launch the Proximity payment very soon.
Can anyone create UPI App?
Any third party organizations or entity can create UPI SDK integrating its API. To enable UPI, a sponsored Bank or Payment service Bank is required. Because without any sponsored or partner Bank, UPI transaction will not be possible.
Facts & Features of UPI
- Maximum upper limit of UPI decided by the NPCI is Rs.1.00 Lacs.
- You can initiate a maximum 20 transactions in 24 hours.
- All the UPI transactions will complete on a real-time basis.
- UPI and IMPS work on the same platforms, but UPI is more user-friendly and easy to understand.
- More than 40 Banks in India now participate in UPI transactions.
- Anyone can add any numbers of Bank account using any Bank’s UPI payments app
- Anyone can have multiple UPI VPA ID.
List of Top 5 Best UPI payments app in India
More than 40 India Govt and Private Banks now participate in UPI Payments platforms. Almost all Banks have their own UPI Payment app in Google Play or iOS App Store. Some third-party companies also have their own UPI app partnering with any Indian Bank. Some Banks have integrated UPI Payments with their existing mobile banking app or have created new BHIM UPI app.
You can find hundreds of UPI Payments apps if you search in Google Play. Here I try to cover a list of top 5 UPI payments app in India based on User Interface, Rewards Programs, and Uniqueness.
1.# Google Pay:
Google Pay (formerly known as Tez) is number one in this list. Google Pay is the most innovative and unique UPI payments app in India launched by Google.
Google Pay is the first UPI app enables Proximity feature (NFC Technology) in its platform. Google Pay simplified the NFC Technology and introduce a Technology which can capture the ultrasonic wavelength in the Phone’s Mic and speaker. Therefore, any smartphone can be enabled to communicate using the Audio NFC Technology. Currently, only CashMode works using this method.
Features:
- Proximity features (Audio NFC Technology) in Cash Mode Transactions.
- No Wallet option, money can be directly debited from linked Bank Account.
- Best reward programs and offers amongst the all UPI payments app in India.
- In-App Google Play and Google Ad Payment option.
- Add any UPI participating Bank Accounts in India.
- Google Pay Safe shield.
- Excellent UI and user-friendly navigation.
- Transfer money between UPI id or QR Code
- In-app payments for hundreds of partnered merchant.
Download Google Pay. (Referral Link, Use Code: b4x88w)
2.# Phone Pe
Phone Pe is Bangalore based UPI payments App launched in 2016. This payments App now acquired by e-commerce giant Flipkart.
Phone Pe is partnered with YesBank to provide UPI Payments service in India.
Features:
- Most popular UPI payments app in India
- Purchase Gold using Phone Pe Wallets
- Excellent Cash Back and reward programs across several merchant websites
- You can use Phone Pe Wallet option in most of Indian E-commerce websites Payment gateway.
- Money transfer using UPI limit up to Rs.1.00 Lacs.
- Can integrate Jio Money with Phone Pe Wallet.
- Excellent UI
- A user can access multiple Bank Accounts using Phone Pe UPI App
Download Phone Pe. (Use Referral Code: SubhFHGbY)
3.# PayZapp by HDFC Bank
Another UPI payments app cum digital wallet offered by HDFC Bank in India. This mobile Payments app also very popular in India due to its numerous cashback offers across different merchant sites.
Features:
- In-App virtual Visa Debit card for online transactions.
- Proximity Payments (Soundwave communication similar to G Pay) Soon to be launched.
- Huge Cashback and rewards programs across different merchant sites. Visit here for details.
- PayZapp wallet option on all e-commerce sites in India.
- Option for PayZapp business Account.
- VPA ID and QR code money transfer option.
Download PayZapp for Android. (Use Referral Code soleblog)
4.# Pockets by ICICI Bank
Digital wallet cum UPI payments app offered by ICICI Bank.
ICICI Bank so far is the most innovative Bank amongst the Indian Banks and Pockets Digital wallet is one such innovation, first launched by ICICI Bank in India.
Features:
- Virtual digital wallet with an option to convert into a savings account.
- Free virtual Visa Debit Card, users can also get a physical debit card. (Domestic Card)
- Pockets wallet can also be accessed with ICICI Bank NetBanking.
- Easy interface with one click add fund option.
- VPA ID and QR code money transfer option.
- NFC Technology or contactless payments.
- Numerous deals and discounts with various merchants. For details visit here.
Download Pockets for Android.
5.#UltraCash UPI Payments App
UltraCash UPI Payments App uses the Audio NFC Technology. You can pay your bills by simply connecting your smartphone with another NFC device.
This UPI Apps currently works on the selected city in India.
Features:
- Pay Bill and transfer money offline using NFC Technology.
- No wallet option, money can be directly debited from linked Bank Account.
- In-App deals and discount.
- Add BHIM UPI Bank Account with Six popular Banks in India.
Download UltraCash UPI App for Android.
Conclusion:
With the revolutionization of mobile payments Technology in India, numerous new and old UPI payments app in India introducing several new innovations in the digital payment system. Now the mobile users have different option to transfer money between the accounts using the latest and innovative technology. Recently Popular messaging service WhatsApp introduce WhatsApp Pay using the UPI platform. Though this Payment option is in the nascent stage, only WhatsApp Pay activated user can activate another user’s in-app payment option. That means only you can see the WhatsApp Payment option if someone sends you money using Whatsapp.
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