Top 10 Digital Wallets In India & UPI Payment App – 2021 Edition

  • Krithika Ramani
  • |
  • Published Date : 22 January , 2021
  • |
  • Updated Date : 24 May , 2021
  • |
    • 6 min read

As shopping patterns continue to evolve thanks to Covid 19, even mobile and digital wallets in India small-time have evolved with it. With UPI making payments seamless, mobile wallets and digital payment apps have been surpassing credit card usage and are slowly beginning to replace the traditional payment methods.

A mobile wallet or digital wallet, in simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online or offline payments. There are various types of mobile wallets in India, such as open, semi-open, semi-closed and closed - depending on the type of usage and payments that can be made. Wallets are growing rapidly as they help in increasing the speed of transaction, especially for e-commerce companies and all e-commerce marketplaces have integrated with such mobile wallets too. With the launch of UPI, it has become even easier, as the transfer happens directly from the bank account rather than from a wallet.

Here are some of the top 10 digital wallet and the top online payments apps in India and what they offer to their customers. Our top pick is Google Pay, which is also the No.1 digital wallet and UPI payment app right now

1. Google Pay (formerly known as Tez)

As its part of the Google ecosystem, they have scaled up their user base quickly, despite being a late entrant. It is currently the No.1 digital wallet and one of the top online payments apps in India. With Google Pay you can send money to friends, pay bills and buy online, recharge your phone - all via UPI and directly from your bank account. Since Google Pay works with your existing bank account, which means your money is safe with your bank. There's no need to worry about reloading wallets and you don't need to do additional KYC - which is required for all the other apps. You can also earn scratch cards and other rewards, with the cashback directly being transferred into your bank account. Now you can also recharge your mobile or monthly utility bills. Since the introduction of UPI, wallets have become passé with users preferring account to account transfer via UPI.

Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store

2. PhonePe (earlier part of Flipkart)

Next in the list of top online payment apps in India is PhonePe. PhonePe started in 2015 and in just 4 years it has been able to cross the 100 million download mark. From UPI payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. Its got a very good user interface and is one of the safest and fastest online payment experience in India.

Number of installs: 100,000,000+ (100 Million or 10 crore) on Android Play Store

3. Dhani

Dhani App is part of the Indiabulls group and has multiple features. It is not only a regular e-wallet app but it can also be combined with Dhani SuperSaver Card. Dhani also has a reward & loyalty program for Dhani customers wherein customers can play games and win cash to pay for mobile recharge, EMI payments, Insurance, and also for new Dhani products. This can be combined with Dhani Super Saver Rupay (physical and virtual card) which has assured 5% cashback on all purchases done via the card and its completely free for the first month.

Number of installs: 20,000,000+ (20 Million or 2 crores) on Android Play Store and iOS

4. BHIM Axis Pay

BHIM Axis Pay is a UPI banking app that lets you transfer money instantly to anyone using just your smartphone. Make online recharges to your prepaid mobile and DTH set-top boxes directly from the app.

Number of installs: 1,000,000+ (1 Million or 0.1 crore) on Android Play Store

5. PayTM

PayTM is one of the largest mobile commerce platforms and one of the top online payments apps in India, offering its customers a digital wallet to store money and make quick payments. Launched in 2010, this e-wallet app works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. It was originally the No.1 digital wallet in India before UPI being introduced. Apart from making e-commerce transactions, this e-wallet app can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. They also have UPI enabled payments now.

Number of installs: 100 Million (or 10 crores) on Android Play Store.

6. Mobikwik

MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This e-wallet app lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can, in turn, be used to recharge, pay utility bills and shop at marketplaces. Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small-time grocery, restaurants and other offline merchants.

Another unique feature they have is their expense tracker which allows setting budget for your expenses across all payment instruments and it uses your SMS data to analyse and control spends. No wonder it made to the list of top online payment apps in India.

Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store

7. Yono by SBI

This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel. This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out.

Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store

8. ICICI Pockets

Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions.

With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands.

Number of installs: 5,000,000+ (5 Million or 0.5 crore) on Android Play Store

9. HDFC PayZapp

PayZapp is a complete payment solution giving you the power to pay in just One Click. PayZapp lets you recharge your mobile, DTH and data card, pay utility bills, compare and book flight tickets, bus and hotels, shop, buy movie tickets, music and groceries, avail great offers at SmartBuy, and send money to anyone in your phone book.

Number of installs: 10,000,000+ (10 Million or 1 crore) on Android Play Store

10. Amazon Pay

Amazon Pay is an online payments processing service that is owned by Amazon. It is also a top online payment app in India and the global market. Launched in 2007 globally and India in 2017, Amazon Pay uses the consumer base of Amazon and focuses on giving users the option to pay with their Amazon accounts on external merchant websites, including apps like BigBazaar etc. You also get to shop on Amazon using Amazon Pay. Amazon Pay has also tied up with fintech companies such as ZestMoney to enable no-cost EMI payment options on its platform. This makes it easy for consumers to purchase products on Amazon and pay for it through affordable monthly instalments.

Number of installs: Undisclosed

Data on digital payments in India

And here are some interesting findings on digital payment adoption from the recent ACI Survey:

While these numbers indicate the growing need for secure, faster and efficient payment methods for the online marketplace, efforts to make payments to an individual or brick & mortar stores are also increasing. Start-ups and huge corporates are constantly on the lookout for customer-friendly technology, thereby giving more power to the customer.

Need a few financial tips to handle your money wisely? Follow our YouTube channel Paisa Pujari for more insights. Here's a video to help you understand the smart ways to use a credit card:

Thus, the day you will walk around without a physical wallet and pay your local dhobi and Kirana store uncle using a mobile wallet is not so far. Do you use any of these e-wallets apps? Have we missed out on any information in this list of top online payment apps in India? Write to us in the 'Comments' section below.

Thank you for submitting your form!

Amol2019-08-10 < Reply

In my opinion Google Pay is one of the best as compared to others...

Vineet Kayal2019-06-27 < Reply

Nice Article! When compared to IMPS and NEFT, UPI is much cheaper. NEFT charges Rs 2.5 for each transaction and Rs 5/transaction for IMPS. When compared to both, UPI charges just 50 paise/transaction.

thomas2019-01-07 < Reply

will like a business wallet for my customer to pay money to me via credit card , which type of wallet can i use for accepting credit card as mean of payment in to my wallet

Saket2018-12-16 < Reply

I recently tried vodafone Mpesa Limited. It's very smooth and convenient wallet.

Krispy Patel2018-11-20 < Reply

Thanks for Great List!! i suggest Cubber Merchant wallet for recharge, payment & money transfer in India. It provide highest commissions, cashbacks on each and every services.

Jenny2018-06-21 < Reply

Are there any wallets or Apps that support or have a possible prospects on including Cross Border transfers as well in India ?

Shankar jadhav2018-06-09 < Reply

I seen paytm wallet to other bank money transfer be late

Dr. Emanuel2018-01-27 < Reply

I suggest that below wallets :- 1. PayTM 2. FreeCharge 3. Mobikwik 4. PhonePe 5. PayZapp

Rushikesh2018-01-17 < Reply

Is investment in Easy Pay Cash(EPC) wallet safe???

Rudra2017-12-19 < Reply

Hi Friends please let us know which is the application get wallet refill from credit card and e wallet to bank account transfer with no cost pl

Ganeshmoorthy2017-11-14 < Reply

Recently I have noticed that Payzapp is charging 2% of service charge with GST 18 % for the amount which you transfer from Payzapp to your bank account. Example, If you send Rs. 5000 to your bank, then you will be charged Rs.100 service charge and Rs.18 as GST totally Rs 118. So it is waste of using this payzapp. Please be aware about this. Date 14 Nov 2017

sumedha2017-09-07 < Reply

can i trasfer my paym money to any app and then my bank acc with out cutting extra charge ?? or directly to HDFC bank ? how ?

Sumaira2017-01-02 < Reply

Oxigen wallet is also good with brilliant feautures

Ashok2016-12-20 < Reply

What if I have PayTM and the shopkeeper uses mobikwik?

Raghu2016-12-19 < Reply

Then please use ICICI, HDFC or SBI e wallet - then no question of using application which are based outside India.

Pankaj Singh2016-12-14 < Reply

You left zeta wallet, a popular wallet with master card. Most of the merchants accept zeta now a days.

DILIP M NANAVATI2016-12-13 < Reply

Nice to know so many cashless wallets, country going cashless very fast, youngsters are taking lead

BM Choudhary2016-12-06 < Reply

In my views, the Paytm (Semi Open Wallet) is the most popular e-Wallet now in India. But I am also in opinion not to have e-Wallet having business relationship with China. Paytm has with Alibaba, which is from China, as per my knowledge. M-pesa of Vodafone is the only Open/Semi-Closed wallet to my knowledge. But this is also not Indian. I support Mr Ganesh's view to deal with pure Indian wallet, but with all the features of Open as well as Semi-closed e-Wallets with extremely convenience in operational features like Paytm, or any other.

Abhilash PS2016-12-05 < Reply

I think you have missed Xpay cash wallet from UAE Exchange India,

Philbius Barla2016-12-03 < Reply

i went through & found the information good.I am using SBI's App State Bank Anywhere for all my purchase such as Mobile Recharge,Flight Ticket Booking, DTH Recharge etc.Thnx for such information.

RAVINDRA2016-11-28 < Reply

Iam using SBI Wallet. Can i transfer amount from SBI Wallet to other bank wallet.

G. R. Vora2016-11-26 < Reply

I endorse the views expressed by Ganesh Watve above. I request Social Beat to answer his queries. Thanks.

Gypsy772016-11-24 < Reply

Oxigen and payZapp are the ones you left out here. Oxigen even let's you transfer money to bank and not just another wallet. Payzapp sometimes offers great discounts and cash back offers.

Ganesh Watve2016-11-23 < Reply

Overall info is good. You may add following things 1. What is open, semi open, semi closed, closed is not explained. 2. Who is funding each one of them (I would prefer Indian or else non-chinese companies) 3. Charges applied 4. Comparison based on different features 5. Transaction, transfer limits etc 6. If they are adding any unwanted promotional advertises

John Gordan2016-11-13 < Reply

Hello Guys, can you help me how should i get a wallet gateway from bank, I have my own application ready , help how should i get the wallet which i can integrate with my application.

Kunal Soi2016-10-19 < Reply

Even Payza, an Upcoming wallet had a great and fresh interface and was easy to use and extremely useful for both getting money from outside India as well as for local transfers.

Makesh kumar S2016-04-27 < Reply

Airtel Money left out

social_beat2016-04-28 < Reply

Thanks for the feedback Makesh. We shall add it to the revised list when we make one.

Sam2016-02-12 < Reply

Still I think that most of the Indian market using prepaid wallet is because companies give tempting offers and that is what causes organisation to fall in a long run. Correct me if I am wrong.

Advertising company in Indore2016-01-04 < Reply

Yes true post! mobile wallets are increasing day by day and will keep uprising in the market. I have used paytm the most! overall nice post I like it. :)

Oynkapp2015-12-23 < Reply

Good list. Mobile Wallets are uprising in markets where payments are made at ease. We have launched a new app too - Its called OYNK, where you can collect change instantly on your mobile and use it for shopping , cafe's or share it to your friend.

Shankar2015-12-01 < Reply

Looks like mobile wallets are finally here to stay. But are they expanding to stores? I've only used them online.

yogi2015-11-18 < Reply

wonderful list Thanks for providing Also please check why Tamilnadu electricity bill payment is not added in none of the mobile wallet under utility payments

Rohit2015-09-30 < Reply

Nice list. I've used momoe and paytm. Both are really useful in faster checkout..