A mobile wallet or digital wallet

A digital wallet

A mobile wallet or digital wallet is required to make purchases without handling cash. In a digital wallet, cash is stored through cash deposit in a bank, or transfer from one account to another. 

Digital Wallets are growing rapidly as they increase the speed of transactions while making mobile, online payments.

Debit and credit cards are used to make purchases but now with the launch of UPI, it has become much easier, through mobile applications as the transfer happens directly through the bank's payment gateway.

 e-commerce companies and all e-commerce marketplaces have integrated mobile wallets for speedy transactions.

Most banks provide their mobile applications, as digital payments can be directly done through these applications.

Third-party applications like phone pe, google pay provide direct payment through the bank's gateway or wallet.

The leading online wallets in India.

1. Mobikwik

Mobikwik is an online payment network used by retailers and users. This app is used to recharge, pay utility bills and shop at marketplaces. They can add money using debit, credit card, net banking, and doorstep cash collection services.

2. Yono by SBI

Yono is a mobile application launched by the State Bank of India. The user of this application can transfer money to other users and bank accounts, it also allows them to pay bills, recharge, and book movie tickets, and hotels, this app can be used at ATM counters to connect with ATM machines, without inserting your debit card.

3. Amazon Pay

Amazon, the world’s largest online store offers a digital payment wallet for users in India. if you have an amazon store app, you can avail yourself of features like a mobile wallet,  bank transfers, and offers like shop now pay later. It can be used for making purchases and getting discounts and cashback. if you return a product you can get your refund in your Amazon Pay balance, this balance can be used for other transactions.

4. Paytm

Paytm is one of the leading digital wallets in India. Paytm is accepted by most merchants across India, as well as in rural parts of the country. Most of the shopping sites are offered discounts during the sale periods by Paytm. Other services people use are for recharging their mobile phone accounts and transferring cash to banks and other mobile wallets. you can open a Paytm Payments Bank account. Paytm Mall is the other option that offers discounts when ordering products online.

5. Oxigen

Oxigen is a quite popular wallet among retailers and shoppers for a decade. With Oxigen wallet you can log in on the web as well as mobile applications. They also offer a virtual debit card for online and offline shopping.

6. Airtel Money

Airtel has launched a wallet known as Airtel Money. having the reputation of popular network Airtel Money allows money transfer, bills payments, recharge your mobile phones, with shopping online. various schemes and discounts are launched for making payments by Airtel Money.

Payment can be done through SMS  without an internet connection, or from your mobile main balance without a bank account.

Extra talk time is provided as an offer for recharges done through the airtel money application.