Now you are required to go digital as far as possible. Keeping this in view, so many digital apps have been launched recently, which can be downloaded from the Google Play Store and Apple iTunes. However, while the main aim of these digital apps is to help you make digital payments, their features differ from one app to another and you should choose one depending on your requirement.
Here we are taking a look at some of these apps and their features:
E-wallets from private companies
What is it about: These are wallet apps provided by private companies for making easy cashless transactions. Instead of keeping cash in your trouser’s pocket, keep that on your mobile phone by downloading the wallet from app marketplace. Easy transfer of fund can be done from one wallet to another of the same company. You, however, cannot transfer money from Paytm to Mobikwik app. Although the apps are provided to you by a private company, but as far as security is a concern, they are the highly encrypted wallets in terms of technology and follow the RBI rules and regulations.
How to fill: You can load your wallet with cash by using net banking service, credit card and debit card.
Market players: Paytm, Mobikwik, Freecharge, Oxigen, Reliance Money, Paypal, etc.
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E-wallets from banks
What is it about: Similar to digital wallets, these are bank-based mobile wallets. All features remain the same as per the guidelines. Customers who are very conservative while using digital platform, that too of a private company, can use these bank-based mobile wallets. Transfer of funds from these prepaid wallets is limited, which varies from KYC to Non-KYC customers.
How to fill: You can load your wallet with cash by using net banking service of the same bank branch which can ease out refilling the wallet. Moreover, transactional issues will be less because of the usage of the same platform. Credit and debit cards can also be used for loading cash in your wallet.
Market players: SBI, HDFC, AXIS, ICICI, YES Bank have also launched their e-wallets apps, like Buddy, Payzapp, Lime, Pocket, Yes Pay, among others.
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What is it about: It is one of the useful apps which provides you for linking your bank account with any of the bank’s UPI app. You can directly pay from your bank account to any other person’s bank account. It is an infrastructure provided by NPCI’s (National payment Corporation of India) to all the sector banks. For transfer payments, you need to create a virtual address. It will ease the e-commerce payment gateway where we do not have to share your bank account details or any sensitive information between person to person. Moreover, UPI works 24×7 on real-time fund transfer system.
How to fill: The app directly links with your bank account. Therefore, you can directly access your account via UPI app.
Market players: SBI UPI, HDFC UPI, AXIS UPI, ICICI UPI and almost all other private and public banks.
Aadhaar payment app
What is it about: The app is made for merchants who need to download the app and take payments from end consumers. The customers need to use their Aadhaar number for making transactions. Before that, your Aadhaar should be linked to your bank account to make necessary payments. As far as security is concerned, each of the transactions will be authenticated by the fingerprint of a customer.
How to fill: No need to fill, as your Aadhaar card number is sufficient enough for making necessary transactions which will be directly linked to your multiple bank accounts through Aadhaar Payment Bridge (APB) platform.
Market players: UIDAI’s Aadhaar card
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What is it about: The USSD feature helps you to do the transaction without using internet facility through any of your basic phones. It is GSM-based technology where transactions take place via messages. It is a platform which collaborates the telecommunication and banking financial services altogether.
How to fill: No need to fill it again. The services can be utilised by dialling *99# from your phone and through your registered mobile number and bank account you can directly make the payments.
Market players: It can be accessed by any featured phone having a connectivity from telecom server like Airtel, Vodafone, Idea, Reliance, etc.