In January 2024, UPI transactions touched a new record with 12.02 crore transactions amounting to ₹18.41 trillion. Thus, it doesn’t come as a surprise that we are at the forefront of digital transactions in terms of both value and volume.
As India manages to dominate the digital payment landscape, the nation has also witnessed a magnificent transformation in the number of online payment apps available today. These mobile-based applications allow users to initiate or receive payments through a 100% digital mode without the need to use paper currency.
Backed by the robust UPI or Unified Payments Interface, you can send or receive money instantly. You may even scan the QR or Quick Response code to pay a merchant when you purchase products. All it takes is a single tap and you can execute cashless transactions from your smartphone instantly.
Check out a few popular payment apps in India, along with their features, to choose the best one.
Here are the most-used UPI apps:
One of the leading payment apps in India, Google Pay, helps you initiate quick transactions. The app has a user-friendly interface and offers a plethora of additional services that can help you execute bank transactions instantly. Backed by multiple security features, this payment app is supported by a diverse range of banks, increasing its versatility.
Here are some stand-out features of this online payment app:
Bharat Interface for Money (BHIM) is backed by the National Payments Corporation of India (NCPI). It offers similar features as other online payment apps like Google Pay and Paytm. With the app supporting more than 15 languages, people from various geographical regions can use this app with ease.
Here are a few distinctive features of this payment app:
Using this app, you can pay for all your purchases based on the account information stored in your Amazon account. This way, you can complete transactions conveniently, eliminating the need to re-enter the payment details for each transaction.
Check out a few other advantages of using this app:
Yet another successful online payment app, Paytm, offers umpteen services ranging from recharging your mobile bills to paying your municipal tax. Since its launch, Paytm has become one of the most trusted and reliable apps for online payment, be it your local grocer or an electronics store. While you can even pay your kid’s school fees using the app, there are several other applications of this app.
Check them out here:
However, note that the RBI has barred Paytm Payments Bank from offering services from March 2024. So, you will not be able to make deposits, withdrawals, top-ups, or credit transactions. However, you will be able to utilize the balance in your wallet and continue using other services not mentioned in the RBI circular, such as fund transfers, UPI and BBPOU facilities.
With the increasing number of online payment apps in India, choosing the right one can be difficult. However, using a combination of apps rather than relying on a single one is ideal. Act smart and choose those that best suit your needs. The same holds true even when you are scouting the market for credit.
Doing your research and comparing various loan offers is critical before zeroing in on a lender. That said, you can always get competitive loan offers at Fibe. No matter what you need the funds for, you can get an Instant Personal Loan of up to ₹5 lakhs instantly. Register on our website or get our Personal Loan App to enjoy hassle-free access to funds.
The list of some of the most popular payment apps in India includes:
There is no single app that can be termed as the best online payment app. You can use an app that best suits your needs, such as:
UPI refers to United Payment Interface and refers to the system that allows you to transfer money from your bank account to another. Many payment apps use UPI to help you make digital payments. However, PhonePe had the largest number of transactions and users in 2023.
All UPI apps strive to ensure safe and secure transactions, such as:
There are various apps with a strong foothold in the digital payment landscape. Some of these include:
The top 5 banks for UPI remittances in 2023 include:
As such, there is no specific bank termed best for initiating UPI transactions and you can rely on all banking institutions for online payment transfers.