According to a recent survey conducted by Applied Communication Incorporation (ACI) India ranks second highest in Asia Pacific for digital payment adoption. More than 40% of respondents used a Smartphone wallet in India, 60% of the people used digital payments for online recharges; 52% used the digital mode for travel services while 58% of the people used the digital method for utility payments and online shopping.
The reach of UPI payments is seamless, so much so that mobile wallets and digital payment apps have surpassed credit card and debit card usage. This mode of payment is now becoming popular even in the rural areas as most of the people now own a Smartphone, thus it makes it easy for them to conduct transactions online. Moreover, this mode of payment gives them a sense of security that their money is safe and transactions are being conducted safely and securely.
Here are 5 major platforms that would help make cashless transactions even more easy for users:
1. Mego Pay App
Mego Pay App is a platform completely focused on providing digital services in the payment sector. The company RBP Finivis connects businesses with their B2B APIs and has emerged as the best B2B API provider company in India. The company has 20+ years of establishment in international finance and provides basic financial inclusion services to unbanked individuals and improves their lives. RBP Finivis recently came up with the Mego Pay App. It is equipped with a micro ATM device which allows cash withdrawals and deposits. The Mego ATM is also enabled with AEPS biometric where people can check their balance and transfer money directly from one source to another. This is an innovation under the PMJD Yojna and Atma Nirbhar Bharat Yojna, an initiative by the RBI, which has allowed white label ATMs to Fintechs.
Paytm is one of the largest online payment platforms used in India. It makes instant mobile recharge, bill payment, utility payments and recharges very easy. They also launched Paytm Wallet app where the money is added to the Paytm wallet and payments can be made to merchants having a tie-up with the company concerned. After UPI payment became popular, Paytm has now enabled the UPI payment method.
3. Google Pay
Google play is the No1 digital wallet and the most used app for online payments in India. It is a UPI payment app that helps send money to friends, pay bills, do mobile recharges and buy online. Though Google pay entered the market quite late, it has made a customer base of its own. Google pay can be linked to your personal bank account without the hassle of adding KYC, which is generally required for such apps. It also provides gift and loyalty rewards to its existing customers, which makes the app even more popular among people.
Mobikwik is a mobile wallet that enables users to make online payments. Users add money to their mobikwik wallet using their debit or credit card or net banking. It also provides a doorstep cash collection service, which can be used to pay utility bills and also shop at markets. They have an expense tracker that helps set budgets for your daily expenses. It uses data from SMS to analyse and control spends.
Paypal is a fast and quick way to send and receive money to friends, family and make online payments. It also helps in setting up a merchant account. All you have to do is install the paypal app and ease payments. Paypal is now also pitching for in-store payments for ease in use for its customers.
The Fintech industry in India is growing very fast. With the digital mode of payment becoming popular among millennial all major sectors are moving to the cashless mode of payment which would help boost the digital payment market in our country.