When we were younger, the only form of payment was the traditional cash method. You bought something, and you handed over cash to the vendor. But how we transact has changed drastically in this new digital era, thanks to money transfer apps.
Sending or receiving money is easier, quicker, and safer now. You don’t need to wait in long queues in a bank or a post office to transfer money, even though that’s also an option. You can use one of India’s top 10 reliable money transfer apps instead of transacting digitally. “Go Cashless” is the new slogan sweeping Digital India and simplifying our lives.
For a hassle-free money transaction, let’s find out the best money-transaction apps that you can find on Google Play or App Store. But before that, let’s discuss what money transfer apps are and why they matter, if at all.
10 Best Money Transfer apps in India
What Are Money Transfer Apps?
Digital money transfer apps, or e-wallets, help you to process cashless transactions from your smartphone, tabs, and PCs. But some e-wallets support web transactions as well, such as PayPal. These wallets or money transfer apps allow you to transfer money from one place to another through the internet. And the process is also effortless. Just link your mobile number with the wallet and start transacting. Here’s why these apps are so popular.
- Cashless transactions: You won’t have to carry cash or coins wherever you go. A small tap on your phone can help you send the accurate balance effortlessly.
- Cashback: Often, digital money transaction apps provide instant cashback after you complete a transaction. The cashback will be added to your bank account through the same wallet you initiated. Sometimes you also get coupons and vouchers from brands after completing several transactions.
- Payments are secure: All money-transfer apps provide instant transactions via a secured payment getaway so that your money is always secured. However, if you encounter any problem, feel free to ask for technical support through phone or chat.
Now that you know what money transfer apps are and their best benefits, let’s dive into the list of Top 10 Reliable Money Transfer Apps in India.
PayTM is undeniably the most popular e-wallet in India and probably the oldest. Paytm allows you to store your money in a digital wallet, but apart from that, you can do online shopping, pay bills, transfer money, check your bank balance, and more. Paytm has more than 160 million downloads in Google Play Store and has a 2.6M Rating in App Store.
The app instantly lets you pay merchants, retail agencies, travel agencies, and more. And, most use it as the basic digital transaction solution all over India. Recently, Paytm has launched its UPI solution that allows you to transfer funds to a customer or vendor through your Paytm app linked to your bank account.
2. Google Pay
Google Pay is comparatively a new kid on the block but has made serious inroads into the market. It offers more payment facilities with the assurance of Google. Initially, it was known as Tez, but later, the name was changed to Google Pay after being taken over by Google. Post the takeover; the money transfer app gained popularity and customer trust.
Google Pay is one of India’s largest and best digital wallets. It is a hassle-free digital payment solution that allows you to link your bank account to the app so that you can process transactions through UPI, effortlessly. You can recharge your phone numbers, pay bills, shop online, and more with Google Pay. One thing we like about this app is it gives real cashback and vouchers/coupons after completing transactions. Google Pay has more than 100 million users in India and is available in Play Store and iOS.
PhonePe, another highly-rated money transfer app in India, was recently overtaken by an e-commerce retail giant, Flipkart. It was launched in 2015 and instantly struck a chord with ordinary folks. Like Paytm and Google Pay, it offers bill payments, easy mobile or DTH recharge, scanning QR codes for completing payments, and more.
PhonePe has an easy and user-friendly interface, making it easy to transfer up to 1 lakh rupees per transaction. Also, you can check your bank balance, add multiple bank accounts, and add a beneficiary account. PhonePe also offers cashback and refunds after completing payments. If you want a secure digital payment app in India, try PhonePe.
4. Amazon Pay
Amazon is the world’s most recognized e-commerce store. Even though Amazon’s digital wallet Amazon Pay has been around since 2007, it has entered India after a decade. Amazon only accepts payments through Amazon Pay unless you have a credit or debit card. Unlike other e-commerce stores in India like Myntra, Flipkart, etc. Amazon does not allow you to pay using PhonePe or Google Pay UPI.
Instead, you must own an Amazon Pay account if you want to buy something from Amazon without using your credit card. But in general, you can use Amazon Pay like any other digital payment app to initiate transactions, book tickets, watch movies, listen to music, etc. Besides, Amazon Pay also provides cashback offers and various discounts. You can download Amazon Pay from the iOS and Android app stores.
Mobikwik is a Gurgaon-based Indian digital app that stores money and processes payments to merchants and other Mobikwik users. It is safe, free, and fast digital payment app that allows you to transfer money within a few seconds.
Mobikwik is available in Android, iOS, and Windows. Feel free to use it to recharge your mobile, make EMI payments, buy tickets, pay your bills, etc. Mobikwik currently has 25 million users, making it one of India’s leading money transfer apps. And like any good digital payment app, Movikwik provides cashback and discounts after each transaction.
With Freecharge, you can pay bills, recharge your phones, make mutual fund investments, and donate. It lets you send payments to merchants, including Crosswords, Shoppers Stop, Cinepolis, McDonald’s, and many more.
When I first saw Freecharge, I thought it would allow you to recharge your phone for free. But it works like any other digital payment app mentioned in the list. The app also offers discounts and cashback depending on the transacted amount. Download Freecharge from Google Play Store or App Store.
7. HDFC PayZapp
HDFC’s PayZapp is another digital money transfer app that has become quite popular. This app is mainly for HDFC customers to allow them to initiate transactions with other PayZapp users.
Even though it does not offer monetary benefits like other apps, you can manage your beneficiary accounts, pay bills, book hotel rooms, buy flight tickets, check account balances, and more. Normally, PayZapp offers discounts on purchases from select merchants. You can expect extra discounts for purchasing a range of digital products with the SmartBuy feature.
8. Jio Money
Jio Money allows you to recharge your prepaid and postpaid connections and transfer money to other Jio Wallet users. Jio Money links your bank account to the app through your phone number so that whenever you are processing a payment, the app will deposit or withdraw the amount directly from your bank account. Rest assured of real cashback, discounts, and coupons, when you pay bills and shop online using Jio Money.
9. Ola Money
Ola Money and Jio Money have certain similarities. Both come with an easy-to-use interface and multiple mobile wallet options. You will have to transfer your money to your Ola Money account, which will then be used to transfer to your friends or merchants. Ola Money also uses the balance when you pay for your Ola rides. But even when you don’t take Ola rides, you can still use Ola money to pay bills, recharge your accounts, and more.
10. Airtel Money
Airtel Money is the only app on our list that creates a Virtual Payment Address (VPA) and MPIN to allow you to process a transaction safely. Online transactions cannot get any safer than this. This app does not require you to add beneficiary accounts to initiate payments. But once the VPA is available, you must register it using your bank account and provide your name and phone number as usual.
That was our list of India’s top 10 reliable money transfer apps. But other notable options are also readily available, such as ICICI Pockets, Yono (By SBI), PayPal, and more. However, you won’t require many digital payment options because PhonePe, Paytm, and Google Pay are the most trusted digital money transfer apps. Use Paypal, the world’s largest payment platform, to process international payments.
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