Best Payment Apps for Money Transfer and Digital Wallets (September 2023)

By Afrah Khan | Updated on 07-Jun-2023

With the rapid progress in the payment scenario and shopping patterns, people are slowly moving towards digital payment methods. Be it grocery shopping, quick lunch at a restaurant or an urgent purchase at the chemist shop, digital wallets have made transactions super easy and fast. You won’t even have to touch the machine to swipe any card which makes it a blessing in disguise as it reduces physical contact and the risk of spread of Covid 19.

Best of Apps

Google Pay

Despite entering the market quite late, Google has managed to reach up in ranks and make Google Pay one of the most widely used apps in a short time. Be it something as small as paying mobile bills or something as crucial as investing in stock and mutual funds, you can bank on Google Pay as it is one of the top payment apps in India!

PhonePe

Trusted by over 30 crore Indians, PhonePe is bound to be included in every list of payment apps and this one is no exception! With a very easy installation and set-up process, PhonePe has gained a lot of users in a short period despite competing with giants like Google Pay, Amazon Pay and Paytm. While it is extremely easy to sign up and create an account on PhonePe, it’s not so easy to transfer money as the app has all the necessary checks and security measures to make sure the identity of the user is authenticated.

PayTM

PayTM is undoubtedly one of the best money transfer apps out there and is serving more than 20 million merchants and businesses out there while ensuring that more and more individuals can enter the mainstream economy and become financially independent. PayTM started the digital revolution in India and can now help you carry out all kinds of transactions one could think of.

Amazon Pay

Available on Play Store and Apple App Store, Amazon Pay is one of the best payment apps in India. It makes the entire payment process straightforward and quick as it focuses on providing you with an in-built facility for paying for the items you buy.

YONO by SBI

If you are a little hesitant about using payment apps then this one by the State Bank of India (SBI) might be a good start. SBI is trusted by millions of Indians and has been part of the financial and banking sector for decades. YONO (You Only Need One) is a banking app by SBI that allows you to do much more than check your bank balance and transfer money. You can use this app to deposit money, buy insurance, invest in stocks or mutual funds, book tickets or make payments across millions of stores across the country! YONO supports money transfer via UPI, QR codes, mobile numbers and using bank details.

MobiKwik

Launched in 2009 by Bipin Preet Singh and Upasana Taku, MobiKwik started as a mobile wallet that helped users make digital payments with ease. But with the digitisation of the financial sector, it has now emerged as one of the top payment apps in India and is the largest Buy Now Pay Later fintech in India. It empowers individuals to make payments online and focuses on addressing the unmet credit requirements of this developing country.

BHIM

Almost all the digital payment apps these days are supporting UPI so when it comes to ranking the best of the lot, BHIM cannot be left out. If you are worried about creating an account on BHIM, then you don’t need to fret as all you need is a bank account, debit card and a registered mobile number to get started with BHIM! Friends, relatives, stores, e-commerce websites, there’s no exception to the list of people or businesses you can send money to, as long as they support payment via UPI. You can scan the QR code, enter bank details or use their registered mobile number to transfer the money in a matter of seconds.

WhatsApp Payments

The reason why we have included Whatsapp Payments in this list is that even though it is new, it can prove to be very beneficial. Whether it’s lending or borrowing from friends, paying for a service, as long as the recipient is using UPI-based applications you can successfully make transactions. The process to set up your WhatsApp Payments is very simple as you only need to link your bank account and there is no hidden fee to make transactions using the app. You need to make sure that the number using which you create an account on WhatsApp should be the same as the one you linked with your bank account.

My Jio

Ever since its launch, Jio has managed to step foot in every industry and make its mark and this one is no different. The multi-functional My Jio application has a tab for UPI-enabled payments. Like other digital payment apps, My Jio also allows you to link your bank account using the registered mobile number and pay for services without any hassles. You can scan the QR codes available at stores, or pay through Virtual Payment Address (VPA) without any hassles.

10.

BHIM Axis Pay

The last app on the list is BHIM Axis Pay, a UPI-enabled application that enables you to send or receive money online with ease. Axis Bank offers UPI services through this app (peer to peer and peer to merchant payments) so you won’t have to run around for every single transaction or payment you want to make. The BHIM Axis Pay app is compatible with several third-party providers (like Google Pay, CRED, etc) so they can provide their services on other platforms.

Disclaimer: Digit, like all other media houses, gives you links to online stores which contain embedded affiliate information, which allows us to get a tiny percentage of your purchase back from the online store. We urge all our readers to use our Buy button links to make their purchases as a way of supporting our work. If you are a user who already does this, thank you for supporting and keeping unbiased technology journalism alive in India.